Would you pay $320k for a 42 m2 LEAKY apartment in West Auckland?
The Ray White agent is asking $49k + estimated $270k share of the rebuild. It is just a one-bedroom unit (1C/30 Westward Ho, Glen Eden).
Since it is a leaky building then you'd have to stump up with a lot of cash. Don't people have better investment ideas for that much cash?
The ground-floor apartment is part of a large Glen Eden complex with a gym and has plans for a refurbished swimming pool (another "no-no" for an investor!)
The current build cost estimates were made by a quantity surveyor - a professional, whose job is to figure out construction costs. I hope it is a different QS, not the one that estimated the original costs of the SkyCity Convention Center :)
While the apartments currently have tenants, they may be forced to vacate during the rebuild (very likely!), meaning potential buyers could endure a period without rental income (roughly extra $20k per year of lost rental income).
That unit wasn't the only one for sale in the complex. Barfoot & Thompson were selling apartment 19E for $65,000 and apartment 7D for $81,000. Last November, the agency also sold 5E for $75,000.
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