A modest three-bedroom home has sold under the hammer for $5.98 million - $680,000 above the reserve and $2.605 million above its 2017 CV.
The catch? It sits on a 1439sqm block of land in Auckland's prized double grammar zone backing onto parkland.
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So far no mystery. But what separates the sale of 116 Wheturangi Road, in Greenlane, from many of the recent big sales in the area is that the property is zoned single house, which means it would have been of no interest to buyers looking to build townhouses or apartments on the land.
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Barfoot and Thompson's Wendy Sadd, the listing agent for the property along with colleague Helen Lam, said the auction was “ridiculously crazy hot”.
Bidding started at $4 million, with seven buyers, most of them developers despite the single house zone, battling it out to secure the property - which was the market for the first time in 60 years.
“The owners were gasping and overwhelmed. No one could comprehend that. It's by far the biggest sale for the area," Sadd told OneRoof.
“These are Remuera prices, not Green Lane prices."
116 Wheturangi Road had a CV of $3.375 million, $300,000 of which was for the house. Photo / Supplied
While the three-bedroom villa at 116 Wheturangi Road is a perfectly good house it isn't flash. The house represents just $300,000 of the property's $3.375 million 2017 CV, with the bulk of the value in the land.
The buyers are a couple with three toddlers. Sadd said they planned to build their dream family home on the land.
116 Wheturangi Road is one the few remaining properties on the street that backs onto Campbell Park. Sadd said: “It’s very much a desirable street and that’s the price you would pay for a five-year-old townhouse in the area, which just goes to show how sought-after the location is.”
Located nearby is just such a property. A five-bedroom new-build home at 125 Wheturangi Road sold under the hammer for $4.2 million earlier in the week.
125 Wheturangi Road was sold under the hammer for $4.2 million. Photo / Supplied
The property last sold in 2015 for $1.5 million, with purchaser bowling the existing house and replacing it with a brand new five-bedroom home.
Another property that almost breached the $4 million barrier was 7 Tecoma Street, in Ellerslie, which was sold to a developer at auction for $3.91 million - $2.145 million above its CV.
The property was listed with Saad and Dylan Tracey and featured a villa on a 1075sq m section zoned for terrace housing and apartments. Seven bidders - all developers - competed to secure it.
Sadd said the sale was “all about the land”.
The 1075sq m freehold section will be developed with high density housing, with the buyer putting as many apartments on it as possible. "The current house will be removed and relocated probably somewhere to the farm out of Auckland,” she said.
