A six-bedroom do-up on a large section in one of Auckland’s most after suburbs sold under the hammer for $2.35 million – a phenomenal result that was $450,000 above the 2017 CV.
Four bidders fought it out to secure the near-100-year-old house at 115 West End Road, in Westmere, in a further sign that the city’s development market is thriving post-Covid-19.
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Bayleys agent Matt O'Brien, who was marketing the property, says it's a big project to take on.
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The house is sore in need of a renovation, but the main drawcards are the 720sqm site it sits on and the favourable zoning - mixed housing urban.
"The purchaser sees value in this property. It's premium area and if you wanted to build town houses with sea views, you'd get prime prices for them," O'Brien said.
He said it had taken people some time to figure out the Unitary Plan and what the different zonings meant, but development properties were now in high demand.
“This year I’ve definitely seen an increase in people wanting properties that could be developed.”
10 Playfair Road, in Mt Roskill, sold for $985,000 at auction. Photo / Supplied
115 West End Road wasn’t the only development-friendly property to fly out the door at online auctions since the city went into lockdown.
A former state house at 22 William Avenue, in Greenlane, sold last week for $2.4 million - $550,000 above its CV. It had nine registered bidders and 50 groups through the open homes, many of whom were attracted by the 806sqm corner site and the Mixed Housing Urban zoning.
At Barfoot and Thompson’s auctions on Wednesday two properties pitched at developers and zoned Mixed Housing Suburban sold under the hammer after strong bidding.
Six buyers competed for a tiny brick and tile 1950s house on an 870sqm site surrounded by construction sites. The winning bid was $985,000 – $753,000 more than what the property at 10 Playfair Road, in Mt Roskill, last changed hand for.
230 Blockhouse Bay Road, in Avondale, fetched $1.195 million under the hammer. Photo / Supplied
Meanwhile a 733sqm freehold section at 230 Blockhouse Bay Road, in Avondale, sold for $1.195 million - $195,000 above the CV.
Barfoot and Thompson auction manager Campbell Dunoon said bidders were a "very interesting mix" at the moment.
"Development properties are very much in demand, with an assortment of developers and investors seeking them out.”
- An earlier version of this story incorrectly stated the sale price of 115 West End Road, in Westmere. OneRoof apologises for the error.
