A small, three-bedroom home that’s seen better days has sold for more than $4 million at auction.
The twist is that this 1980s-built property sits on 2200sqm of undeveloped waterfront land in Auckland’s Point Chevalier.
READ MORE: Find out if your suburb is rising or falling
Five buyers battled it out for 32 Seacombe Road, with bidding at the Barfoot and Thompson auction starting at $3.3 million and quickly rising thereafter. The property shot past its CV of $3.85 million and didn’t take long to get to the winning price of $4.325 million.
Start your property search
Barfoot and Thompson agent Christine Wooding, who marketed the property with colleague James Ju, said there was good buyer interest in the property as it was a “big piece of land” next to the water, adding that Point Chevalier was a suburb in “high demand”.
The north-west facing section is doubly valuable as it is zoned Mixed Housing Suburban, making it ripe for development. OneRoof records show of that the bulk of the 2017 council valuation was for the land, with house accounting for just $100,000.
Professionals agent Derek von Sturmer, who also sells in the area, says properties with a similar foot print and waterfront location come up about once every five years in Point Chevalier.
32 Seacombe Road offered buyers a 2200sqm section right by the water. Photo / Supplied
“There’s not heck of a lot available in excess of 1000sqm in the area. We haven’t had large properties by the water in Point Chevalier because people really enjoy the area and the location [and hold onto them].”
Von Sturmer says based on past experience it’s unlikely the section at Seacombe Road will be developed.
“It’ll eventually be transformed into something amazing. Those bigger waterfront sections are unlikely to be subdivided because the council would take their reserve strip and you would lose a lot of the land,” he says.
He says he had heard of property similar to the one at Seacombe Road had sold in June in an off-market deal for $4.6 million.
57 Wainui Avenue, in Point Chevalier, recently sold for $3.45 million. Photo / Supplied
“It had quite a nice house there, too, and potentially if that waterfront property had been taken to the market now, it would be worth substantially more,” he says.
Von Sturmer recently sold a renovated four-bedroom home at 57 Wainui Avenue, in Point Chevalier, for $3.45 million - $950,000 above its CV.
The property was not located by the water but had a substantial 771sq m fenced section, solar panels and an outdoor pool.
