A renovated 1960s house in Avondale that sold in September for $1.32 million was flipped last month for an extra $130,000, showing the heat in the Auckland housing market.
The four-bedroom house at 6 Kenley Place was put back on the market after a change in the new owner’s circumstances.
READ MORE: Find out if your suburb is rising or falling
The owner had snapped up the house in September, just one week after it hit the market, but decided to relist it two weeks after the sale settled in late October.
Start your property search
Bayleys agent Jock Kooger said the house fetched $1.45 million at auction on November 25 after strong bidding by six buyers in the room, including two first home buyers who made the winning bid.
“The buyers were all families as it’s in a single house zone. It would have gone for more if it was a development friendly zone,” Kooger said.
Kooger wasn’t surprised by the price jump, telling OneRoof there was a huge demand for family homes in Auckland right now.
“These properties just don’t come to market very often.”
Owen Vaughan, editor of NZME-owned property listing site OneRoof, said: "The speed at which the market has moved in the last quarter is simply astonishing. Campaigns have become shorter and the number of pre-auctions offers has increased.
“Suburb sale price records that would have, just a year ago, sat unchallenged for months on end are tumbling within the space of a week. Low interest rates and FOMO factor is putting real pressure on prices."
Derek von Sturmer of The Professionals said the rapid changes in the market were surprising. When he sold 6 Kenley Place in September people had queued around the block for the open homes. “To show you how fast things are moving in Avondale, we sold a similar property at 25 Saltaire Street in October that had three bedrooms and was on a half site. It got a pre-auction offer of $1.4 million, and sold for $1.62 million.
“If these houses were in Point Chev, you’d be looking at well above $2 million.”
