It's becoming increasingly common for Aucklanders to spend over $3million to upsize the family home. The Real Estate Institute of New Zealand reports 823 properties, 713 of those in Auckland, sold for over $3 million in 2020 while just 15 sold over that number in Waikato.
This week two auctions demonstrated what over $3 million can buy: lifestyle luxury on a 5000sqm site in the fringes of rural Waikato or a bungalow in central Auckland with backyard approximately one eighth the size.
The sale shows the increase in values in Tamahere since the house at 7 Parklea Drive last sold in 2014 for $1.45 million. It's 2017 rating valuation of $1.48 million doesn't account for a swimming pool and a shed since added to the property.
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The exclusive Tamahere lifestyle subdivision has established school zones and shops nearby, says Bayleys agent Angela Finnigan who marketed the proerty.
“It’s about 1.5 hours from Auckland and, in my experience, it can take 1.5 hours to get around Auckland sometimes,” she said.
The Tamahere property had a CV of $1.48 million and has a pool, a spa on a 5000sq m section. Photo/ Supplied.
While some Aucklanders are prepared to switch up their lifestyle and move to Waikato, others prefer to stay in a familiar neighbourhood.
A four-bedroom home in the central Auckland suburb of Mount Eden sold under the hammer for $3.3 million under the hammer on Wednesday, over $1 million above its rating valuation.
Ray White agent Mike Robson, who marketed 57 Bellevue Road with James Wang, said there were three active bidders with a local family winning the auction.
The 221sq m home sits on a 718sq m freehold site zoned for a single house and has a CV of $2.275 million. OneRoof records show it last sold in 2011 for $1.42 million.
The four-bedroom home at 57 Bellevue Road Mount Eden sold under the hammer for $3..3 million. Photo/ Supplied
He said the Mount Eden family who secured the house wanted to stay in the area to keep children in the same school.
“They liked the size of the house, the spacious bedrooms and having more land and good proportions to the property,” Robson said.
Robson noted that while the total market activity has changed in a last month, quality family homes are proving to fetch good prices.
“When the government announces a policy change, the buyers tend to step back and see what happens and it slowed the market a bit. However the family home market hasn’t been affected,” he said.
Valocity figures show that the median house value in Mount Eden has gone up 9.1% since post-covid and is sitting at $1.74 million.
