An entire Hamilton development comprising 27 two- and three-bedroom freehold duplexes has sold for a jaw-dropping $20 million-plus.
Harcourts salesperson Yvenna Yue, who brokered the deal, which is believed to be a record deal in terms of both the number of properties and price, said it was unheard of to sell an entire development to one buyer.
“We have never had someone buy the whole lot in one go – that's unheard of. One hit – all gone. So, it’s really good.”
Prior to the deal going unconditional on Wednesday, the most properties Yue and her team had sold to one buyer at one time was six.
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With the number of properties sold in January in Hamilton on track to be the lowest in 11 years – the deal, if included in the latest numbers, could make up around a quarter of all houses sold in the city for the month.
The four-stage development at 45 Borman Road in Huntington has been on the market for at least six months and was aimed at providing more affordable houses in the city.
The houses, designed by Byrne + Enright Architecture and built by Hamilton-based Apex Property Group, had been listed individually for between $800,000 and $850,000 each.
The properties were marketed at both owner-occupiers and investors and had a weekly rental appraisal of between $600 and $620 a week.
The buyer's identity remains confidential until settlement, and a date for that depends on when the titles are issued.
Apex Property Group purchased the almost 6696sqm section for $3m in March 2020 and construction began last year.
Some of the houses have already been finished, while work on some of the two-storey two- and three-bedroom properties is still underway and due to be completed within four months.
The interiors of the new homes are stylish and modern. Photo / Supplied
The Borman Road development in Flagstaff is on the side of the road currently surrounded by farmland, but Yue expects more developments to pop up around it as the suburb continues to expand.
Yue is also marketing 14 higher-end three to four-bedroom townhouses in another Apex development on Crest Rise in Flagstaff that are priced by negotiation.
While some agents are leaving the industry, Yue said the year got off to a busy start and she has a list of properties waiting to go on the market and people ready to buy.
“This year is definitely, definitely different to October, November, December.”
On top of selling the Borman Road properties, she has another 12 properties that are waiting to go unconditional.
“It’s a good start and we are very confident in the year.”
Harcourts Hamilton managing director Campbell Scott said the Borman Road deal was thought to be one of, if not, the biggest deal in terms of both sales volume and value.
“I’m pretty confident that for a single transaction on a residential level that is the highest.”
In a market where people might be feeling a “bit doom and gloom” and the number of residential property sales are expected to only reach about 80 for all of last month, Scott said, “to have a north of $20m sale with 27 houses sold in one hit just says to people there’s business happening out there and it’s not quite as bad as what some of the other metrics point to”.
