A four-bedroom luxury home in Auckland's Remuera sold for $5 million under the hammer today - $1.4 million above its 2017 CV.
The house on Remuera Road, listed with Bayleys agents Gary and Vicki Wallace, was one of several properties that hit the jackpot in auction rooms this week - and certainly it was one of the most glamorous.
The well-presented house came with a stylish, modern kitchen and outdoor swimming pool and sits on a 1000sqm section - but is outside the prized double grammar zone, showing extent of the current housing market boom.
Gary Wallace said: “The CV is almost three-years-old and the market has moved considerably during that time, so it sold in a range that we thought it would."
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The real heat was on two neighbouring properties in St Heliers, which sold for $3.996 million - almost $1 million above the reserve - after intense bidding by just two buyers.
124 and 126A Maskell Street sold for more than $1 million above the reserve. Photo / Supplied
124 and 126A Maskell Street are zoned for development and sit on a combined 1100sqm section. 126A is a bare half share of cross-lease section while 124 is an 809sqm freehold site with a 1960s two-bedroom bungalow on it.
The listing agents for the properties, Murray Wallace and Dee McQuillian, said large developable sites in St Helliers were hard to come by.
“All I can say is we are very, very, very happy,” Wallace said.
“Both bidders really wanted it. It’s land in a good location and people are prepared to pay for it,” Wallace said.
Two titles combined create a large freehold 1100sq m section zoned for mixed housing suburban, while the zoning was ideal a development, the buyer was not a developer, Wallace said.
“Big land sales happen when properties are going to be subdivided but with Unitary Plan it’s all changing, and the buyer is going to hold it for a while,” he said.
Another pair of neighbouring properties with development potential, 6 Elm Street and 3-4 Elm Street, in Avondale, also fetched top prices at auction.
Marketed by Barfoot and Thompson agent Jacqui Ding, the properties sold under the hammer for $2.37 million and $780,000.
They had been listed together, but were sold to separate buyers after the joint offering passed in.
Ding said the owners of the two properties had a "good relationship and initially tried to sell together to get more value, but one title is a cross lease, so it attracted two different kinds of investors”.
Ding said that Avondale was growing in value. “It is a popular development suburb, but I can’t see that the new owner of 6 Elm Street would develop it right away. But the more you build, the more the value there’s in the site,” she said.
