It's not your run-of-the-mill do-up, but a modernised villa in Auckland's Grey Lynn that sold under the hammer for more than $4 million this week is still slated for an extensive renovation.
Ray White agent Robyn Ellson, who brought the four-bedroom home on Millais Street with colleague Nick Blackie, said all ten of the bidders at Tuesday's auction had signalled plans to bring in their builders and architects.
“This was a modernised four-bedroom villa, but people wanted to do the big wow wow renovation,” Ellson said.
“They’d be looking at spending at least $1m, by the time they’ve lifted the house and moved it forward on the section, added a garage, a pool, expanded the footprint. It’s in a fantastic position, that's really the dream you’re selling, that's what everyone wants to have.”
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Ellson said competition for the 670sqm property was strong, with the auction turning into a "bidding war" between two buyers after bidding reached $3.8m.
The property finally sold for $4.225m - more than $2m above CV.
“The final two bidders were both looking for something special they could put their mark on - they really wanted it," Ellson said.
She said that the bidders had all noted the $6m-plus price expectation of a superbly renovated villa on nearby Rose Road, figuring a well-designed upgrade would not over-capitalise.
“We are seeing huge demand in Grey Lynn and Ponsonby currently for the 'forever' homes, or those with the bones and potential to become one. That’s where the heat in the market is right now, as some people don’t want to compromise with buying someone else’s design,” Ellson said.
The Millais Street house has been modernised, but would-be buyers were planning a "wow wow" renovation". Photo / Supplied
A smartly renovated villa on the same street, but a smaller 320sqm site, sold earlier this month for $4.35m. Photo / Supplied
There is high demand for properties on the street, which runs between Richmond Road and Williamson Avenue, a block from Grey Lynn Park.
Earlier this month, a completely renovated three-bedroom villa with a double-storey on Millais Street sold for $4.35m, with five bidders pushing the price up. However, that property sat on a smaller 320sqm site.
And in August, just after Auckland went into lockdown, a crumbling villa on the same street sold for $2.525m. The four-bedroom deceased estate had been owned by the same family for almost 100 years and 21 registered bidders pushed the price to more than $800,000 over its CV.
In late August a crumbling old villa on Millais Street sold for $2.525m. Photo / Supplied
Earlier in the month, a completely renovated three-bedroom villa with a double-storey addition marketed on Millais Street sold for $4.35m, with five bidders pushing the price up. However, that property sat on a smaller 320sqm site.
And back in August, just after Auckland went into lockdown, a crumbling villa on the same street sold for $2.525m. The four-bedroom deceased estate had been owned by the same family for almost 100 years and 21 registered bidders pushed the price to more than $800,000 above its ratings valuation.
Ellson said rising prices in Grey Lynn were pushing some buyers out to neighbouring suburbs.
“They’re finding neighbouring Kingsland and the Morningside/Mount Albert boundary, and big prices are being paid for fully finished family homes.”
Ellson and colleague Josh Powell recently sold an immaculately renovated four-bedroom bungalow on Taylors Road, in Mount Albert, for $3.59m, a record price for the street.
OneRoof records show the property last sold four years ago for $1.5m, but had since been modernised.
Buyers paid $3.59m for a renovated bungalow on Taylors Road, on the Morningside edge of Mount Albert. Photo / Supplied
“We’ve not seen a price like that outside of the hillside of Mount Albert. It’s like summit prices are coming down the hill," Ellson said.
“Our vendors had accepted a pre-auction offer of $3.14m, but then it went off like a rocket.
“Again, in these times, people just want to put down roots and feel secure.”
