A house less than 200m outside Auckland’s double grammar zone has sold at auction for $6.05 million - $2m above its rating valuation.
The luxury four-bedroom home on Martin Avenue, in Remuera, boasts stunning views of the Orakei basin and the harbour beyond, but is outside the cut-off point for the sought-after school zone that can boost house prices by millions of dollars.
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The listing agent, Bayleys‘ Sarah Liu, said the property’s school zone was not issue for buyers.
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“The main attraction was the view. It’s like a picture in front of your eyes every morning,” she said.
Liu said 170 groups had viewed the house, with the owners receiving two pre-auction offers during the three week campaign. One of $5.2m brought the auction forward to last week.
Twelve buyers registered to bid at the auction, with the home eventually going to a local family.
The property's stunning view of Auckland's Orakei Basin attracted buyers. Photo / Supplied
Auctioneer Sam Steele said Martin Avenue was a sought-after and tightly-held street of Remuera, and this reflected on the interest in the four-bedroom home.
“It was a great result and when you see the calibre of the property, it would not be surprising,” he said.
“It was one of those properties that ticked a lot of the boxes, it was an extensively renovated home with views of the water and the sought-after address.”
A four-bedroom home on Browning Street in Grey Lynn, Auckland, sold under the hammer for $3.55m last week. Photo / Supplied
Aucklanders - particularly Auckland house-hunters - have been known to spend a disproportionate time focusing on house prices in the handful of suburbs that are in zone for the city's most prestigious schools.
Double grammar zone covers all of Newmarket and Parnell, most of Remuera and Epsom and parts of Mt Eden. Home-owners within zone are eligible to send their children to Auckland Grammar, Epsom Girls Grammar.
At the top end of the market, buyers could easily pay in excess of $10 million to secure a grammar zone address, with the median values of the suburbs within the zone range from just under $1 million to just over $2 million.
However, the post-covid surge has seen prices of homes just outside grammar zone soaring.
In Grey Lynn, a renovated four-bedroom villa on on Browning Street sold under the hammer at Bayleys' auctions last week for $3.55m - $1.575m above its rating valuation - while a three-bedroom villa on nearby Williamson Avenue sold for $3.36m - $1.535m above the rating valuation.
