A stylishly renovated villa on Rose Road, in Auckland's Grey Lynn, is back on the market only two months after selling at auction for $4.31 million.
But Bayleys agent Gary Wallace, who is selling the four-bedroom house at 60 Rose Road with Vicki and Andrew Wallace, says while the vendors are selling for genuine reasons, it will be interesting to see where the market price will be at the beginning of March when the house goes to auction.
“In December last year the market went into a lull, it had softened a wee bit. A lot of buyers needed more time then to get their finance sorted so weren’t bidding at auctions,” Wallace says.
“Now there’s a new vigor in the market, but not a lot to choose from. It’s sitting in a really attractive price point for families – below that there is quite a bit of compromise, but this has the street appeal, the internal garage, four bedrooms and off-street parking, it’s been renovated to such a high standard.
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“People who have looked so far have gone ‘wow’.”
Wallace adds that the vendors are happy for bidders to ask for variation on their auction terms to extend the settlement time to allow them to sell their homes or meet finance conditions.
“We’re seeing a lot of new buyers to the market in the new year. And since news of the borders opening, we’ve had increased enquiry out of Australia.
The renovated house on Rose Road, Grey Lynn, includes a modern glass extension on its 429sqm site. Photo / Supplied
“Now they know they’re coming home, they’ve got to buy, but they want longer settlement time.”
While Wallace can’t predict where bidding will drive the price at the March 2 auction, he expects it to sell for above the $4m paid in December.
“It will be a good benchmark of the market – but it remains to be seen, only the market can tell us that.”
The latest figures from the Real Estate Institute of New Zealand point to a steep slide buyer activity, with sales volumes down 28% from January 2021 to January 2022.
In Auckland, the number of properties sold in January was down 32.2% on January last year, while the city's median price for January was down 6.3% on December, with REINZ chief executive Jen Baird noting that "January’s sales volumes are weaker than is usually expect for a January".
The Rose Road house includes a renovated kitchen and scullery. Photo / Supplied
The Wallaces, who have traditionally focused on the eastern suburbs around Remuera, said they were increasingly selling properties in the trendy Ponsonby, Grey Lynn and inner-west suburbs.
“People are more open about suburbs now, if the house fits the bill they’ll look. I’ve had families tell me that from Herne Bay to get to private schools in the east is only another 15 minutes, so travel isn’t an issue but they’ve got the whole lovely lifestyle here.”
The house, which has a 2017 ratings valuation of $2.475m, last sold in late 2018 for $2.845m. It has been extensively renovated with a modern luxury kitchen and scullery, and glass-enclosed family room facing into the landscaped garden.
The primary bedroom has a luxury bathroom and walk-in wardrobe, with three other bedrooms and a family bathroom. Rare in Grey Lynn, the house has an internal garage, off-street parking and plenty of storage.
Wallace says this end of Rose Road, near the entrance to Grey Lynn park, is particularly sought after.
The house has two living rooms, as well as a covered outdoor sitting room. Photo / Supplied
Last year, Gary and Vicky Wallace brokered another sensational re-sale when a modern Guy Tarrant-designed four-bedroom home on Rawene Avenue in nearby Westmere sold under the hammer for $6.2m – two months after the developer-owner had paid $5.075m, updated the kitchen and decorating, put in new landscaping and had plans made for a lavish pool and pavilion.
In November, they sold a modernised waterfront property on Winsomere Avenue, also in Westmere, for $7.62m.
Across the road at number 61, a 305sqm Rose Road, Grey Lynn villa, modernised by Remix magazine publisher Tim Phin is still on the market, looking for buyers with more than $6m to spend. After only just finishing the architect-designed steel and glass renovation of a classic villa with project partner, digital designer Carl Thompson, Phin is relocating to his multi-million dollar Omaha beachfront home.
The neighbouring house at 61 Rose Road with a modern steel and glass extension is looking for buyers with budgets of more than $6m. Photo / Supplied
Ray White agent Heather Walton, who is marketing the Grey Lynn house with Ryan Teece, earlier told OneRoof that a Rose Road sale two years ago for $5m set the benchmark for number 61.
Both Walton and Wallace had earlier told OneRoof that their buyers zig-zagged between Remuera and the central suburbs of Herne Bay, Westmere, Ponsonby and Grey Lynn.
“People are very specific about where they want to be. Some don’t want certain parts of Grey Lynn, for example, some are a bit more open, even considering Parnell, but the house has to tick all the boxes,” Wallace said.
