A bargain section in Pukekohe sold under the hammer in a mortgagee sale this week for just $260,000 - $10,000 less than when it last changed hands a year ago.
The 509sqm section on East Street in Pukekohe was auctioned off by Bayleys with the new owner's nabbing it for well under its rateable value of $510,000.
Bayleys listing agent Mike Murphy said the owner’s had been trying to sell it through other agencies for a year before their client instructed him to sell it.
Murphy said it is probably the lowest sale he's been involved in, but the site did have its challenges as is extremely steep and the access is only 3m wide making truck access tricky.
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"It's a pretty steep site - it's almost vertical. It is pretty cheap - we were expecting it to be around $300,000 / $350,000, but as you've probably noticed the market has taken a dive and then on top of that there's no connection to services there as well."
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Developers had looked at it and estimated they would have to spend about $300,000 to $400,000 on preparing the site before they could build on it.
A number of parties were interested in the site and they even received a pre-auction offer that was lower than the sale price.
"In terms of being in town it's up there in being one of the cheapest, but as I mentioned it's not for the faint of hearted that site for sure."
A parcel of bare land rarely available in Papamoa has also come up for sale at 154a Dickson Road in Papamoa and will be auctioned next week.
This five-bedroom home at 31 Huntsbury Avenue, in Huntsbury, Christchurch, goes to auction on December 14. Photo / Supplied
Near the beach: A 449sqm vacant block for sale at 154a Dickson Road, in Papamoa, Tauranga. Photo / Supplied
The 449m2 property, on the market with Ray White’s Meagan Swainson, is set to become someone’s dream beach pad. It currently has a freestanding double garage and garden shed, no covenants, and services at the driveway.
Meanwhile the owners of a palace-sized home on a lifestyle property at 325 Isaac Road, West Eyreton, Waimakariri, also want their property sold due to a change in circumstances.
Ray White agent Stuart Morris said the property, which has an RV of $1.890m and goes to auction on December 14, has drawn interest from as far afield as Melbourne.
For the price of a villa in Auckland or Wellington, people could own the large super-sized 356m2 home sits on 4.62ha of land with an internal heated swimming pool.
"By simply moving to Canterbury, it will offer somebody a lifestyle that they may not have thought they could afford. You could sell a villa in Wellington, Auckland and buy this and probably have some change," he said.
“My kids get swimming lessons at a private pool that’s half the size of the [home’s] pool.”
Morris said it is a cool property.
“It could be a wedding venue. You’re getting your hands on a really modern home that has the benefit of 10-years' worth of hard work and growth from the gardens. It has a brilliant veggie garden, berry patch, and an orchard as well. [The buyers] are going to get something incredibly special.
The listing for this grand five-bedroom home on a 4.62ha lifestyle block at 325 Isaac Road, in Eyrewell, Waimakariri, declares "change in circumstances - we need it sold!". Photo / Supplied
While a two-story home at 31 Huntsbury Avenue, in Huntsbury, Christchurch, has undergone a speedy renovation and is back on the market three months after being purchased by Emily Minty and her husband William, who own Mint Developments.
The property last sold in August 2022, in original 1970s condition, right down to retro carpets and a wild backyard and is almost now unrecognisable after being transformed into a modern masterpiece.
Ray White listing agency Mariessa Waddington said buyers who move into Mint Developments properties are always pleased with the renovation.
“They were like ants [during the renovation]. They had about 40 people in the house doing the renovation,” she said. “Also, they had quite early access because it was a mortgagee sale.”
The downstairs of the home was a wide-open space when Mint Developments bought the home. The couple added two bedrooms and a kitchenette downstairs. The windows in the home have been retrofitted with double glazing.
The property is also being auctioned off next week.
- Additional reporting by Diana Clement
