Three-bedroom rental in Kelburn sells for $500,000 over RV to Auckland investor

  • Wellington’s real estate market keeps surging upwards, with a rental property in Kelburn Parade selling for $1.4 million – $500,000 above its rateable value – to an Auckland investor.

Agent Adam Cockburn, of Lowe & Co, sold the three-bedroom property, which includes a two-bedroom flat, and said the sale price reflected investors’ willingness to pay more, and to take a lower rent yield in the hope of capturing some of the capital growth that has returned to Wellington after a flat eight years since the global financial crisis.

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Kelburn

PHILIP ARMITAGE
An Auckland investor bought this Kelburn rental for $1.4m – $500,000 over its ratebale value.

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