A drab four-bedroom home on one of Auckland's best known streets has sold under the hammer for $5.95 million.
The house at 277 Victoria Avenue, in Remuera, was billed as a do-up with development potential, with the listing agents describing it as "old dear that has seen better days", with a "somewhat jaded inside" and "cracks to the exterior".
Bidding for home, which sits on large 1389sqm section in double grammar zone, started at $4 million, then jumped to $5 million before pinging back and forth between buyers in bids of $50,000.
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According to OneRoof data, the property last changed hands in 2015 for $3.37 million, handing the vendor a profit, on paper at least, of $2.49 million.
The property, which was marketed by Barfoot and Thompson agents Alex Baker and Cindy Jiang, is zoned Mixed Housing Suburban and came with resource consent to subdivide to build two houses designed by Shanahan Architects.
Last week a similar do-up at 24 Landscape Road, in Mount Eden, sold after only five days on the market to a family planning to build their forever home.
24 Landscape Road, in Mount Eden, was snapped up after just five days on the market. Photo / Supplied
UP Realty agent Lisa Pringle, who was selling the deceased estate, said that she had 15 groups look at the four-bedroom 1920s bungalow in the first weekend of open homes, and had an unconditional offer by the Thursday. The property has been in the same family since just after it was built around 1910 and owner died earlier this year aged 98.
The double grammar zone home on the high point of the Mt Eden ridgeline had a special character overlay, and a 2017 council valuation of $3.4 million.
“It had the best views in Auckland on 1358sqm of land. The people looking at it were a mix of developers and Kiwi families looking to build their forever home.
“The moral of the story is that if you see something you like, act immediately or plenty of people will get there first.”
OneRoof reported yesterday that developers and investors in Auckland are targeting large sites with development potential and are paying big sums at auction to secure them.
At a Barfoot and Thompson auction in East Auckland yesterday a pair of neighbouring properties with favourable zoning sold together for $4.05 million - delivering the owner a profit of nearly $3 million.
And at Ray White’s three South Auckland offices last week, investors bought 11 out of 11 properties brought to auction last week.
Adam Thomson, director of Ray White AT Realty, which has offices in Mangere Bridge, Manurewa and Manukau, told OneRoof: “Anything that has do-up or investor potential, there’s a lot more competition for.”
