A rundown Auckland tennis court with beautiful harbour views has aced its auction, selling for $2.2 million in a further sign of how large city sections have turned into gold mines.
Still covered in patchy asphalt and with the remnants of a fence skirting its edges, the vacant land at 96 Ocean View Road in Northcote had been family owned for 65 years.
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But having been now put on the market, it's large 1012sq m block of land quickly drew interest from developers.
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That helped it sell for almost $1 million above the 2017 CV and almost double median property value for the suburb.
"The abundance of space will appeal to developers (or) someone looking for that perfect site to build their dream home, and the desirable mixed housing suburban land zoning makes this site ripe for redevelopment," Ray White advertising said about the section.
The property was listed with Ray White Birkenhead agents Dolly Lata and Nicky Hattam, and the auction was called by Ray White New Zealand COO Daniel Coulson.
“The underlying value of land in sought-after suburbs is significant, and with development opportunity, it was no surprise to see multiple parties competing to secure a bare block which is virtually impossible to come by in Northcote,” Coulson said.
The sale comes as house prices continued to boom in February, despite changes to loan-to-value ratio rules making it harder for investors to access mortgages.
Auckland's median sales price soared to $1.1 million, while national prices climbed to $780,000.
One three-bedroom Grey Lynn villa earlier bought last August was resold last week for a $755,000 resale jump - netting its owners more than $100,000 in capital gains per month.
The three-bedroom Grey Lynn home at 3 Schofield Street sold at auction for $2.55 million after the owners earlier paid $1.825 million for it in August.
Marketing photos from the time appeared to show little had been done to improve the property leading up to its incredible resale profit.
When contacted by the Herald, the owners did not wish to talk about the resale.
But they appeared to run a home renovation company and may have done work on the home prior to relisting it.
Other properties fetching stunning prices included a Sandringham 1900s bay villa that sold at auction on Friday for $3.8 million.
That was close to $1.5 million above the four-bedroom home's $2.35 million council valuation and way above its $3.3 million pre-auction offer.
The smartly renovated home came with a modern open plan kitchen and living area and a 642sq m block "in a coveted location on the city fringe".
But among the hottest properties for sale were those with potential for developers to build multiple townhouses or apartments on the site.
Michelle Russell said the Northcote tennis court land was earlier bought by her father Raymond Russell for £500 in 1956, according to Stuff.
He later built the tennis court, which became a neighbourhood hub as children flocked there to play, Russell said.
- This article first appeared on the New Zealand Herald and is republished here with permission.
