In a sign of the heat in Auckland’s auction market, buyers with budgets of more than $3 million competed for a bare piece of land in the city’s North Shore.
The 1424sqm section at 126 Coronation Road, in Hillcrest, was sold with resource consent for standalone homes and terrace housing for $3.69 million – almost $2 million above the 2017 rating valuation.
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The listing agent, Jim Liu, of Barfoot and Thompson, told OneRoof that the auction had been brought forward with an offer of $3.3 million, just two weeks after the property first hit the market.
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Liu said more than 30 people attended the auction on Friday, with property pitched at developers and investors.
The 1960s house that had originally sat on the site had already been demolished but the property, zoned Mixed Housing Suburban, came with plans for a bigger development – five standalone houses and nine terrace houses.
Liu said the resource consents had made the property particularly attractive to developers. The address is close to Takapuna beach and in zone for Westlake Boys and Girls schools, while the suburb’s median property is just shy of $1.3 million.
Liu said “It’s a good price for the size of land in the area.”
32 Rahiri Road, in Mt Eden, Auckland sold for $3.25m under the hammer. Photo / Supplied
The $3 million-plus crowd was also fighting hard last week to buy a renovated 1920s home in Auckland’s Mt Eden.
32 Rahiri Road sold under the hammer for $3.25 million after only one week of open homes, with the auction being brought forward with an offer of $3.025 million.
Bayleys agent Lorraine Young, who marketed the property, told OneRoof there were four bidders competing to secure the home, which eventually sold to a local family for $775,000 above CV.
The four-bedroom home was remodelled in the 1970s by architect Malcolm Brown and had kept its mid-century look, with owners of 28 years not renovating the property since.
“The buyers had empathy for the architecture,” she said.
Bayleys auctioneer Sam Steele said that Level Three conditions last week had little impact on the company’s auction results.
“Even when there was uncertainty about the possible lockdown, the market in Auckland is too strong to fold,” Steele said.
The four-bedroom Mount Eden home was remodelled by a well-known architect Malcolm Brown in 1970s. Photo/ Supplied
Last week’s auction results demonstrated that the holiday home market in Auckland was still buoyant, with beach properties fetching top prices.
A one-level waterfront property with twin sea views on Waiheke Island sold for $2.1 million - $425,000 above CV.
The cliff-top house on 999sq m of land at 58 Kennedy Point Road, in Surfdale, has views of Huruhi Bay and Park Point and last sold in 2014 for $840,000.
The Bayleys agent marketing the property, Mana Tahapehi, said it was sold to a semi-retired couple.
“The kind of people who were interested in it were either looking for a holiday home or are semi-retired and spend four months on the island and the rest of the year in Auckland or Queenstown,” he said.
58 Kennedy Point Road, on Waiheke Island, sold for $2.1 million while Auckland was under Level 3 restrictions. Photo / Supplied
