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Stunning makeover of shabby Auckland home that was stuck in the 1980s

Flippers put their design stamp on dated property.

The three-bedroom home on Marewa Road, in Greenlane, Auckland, was bought off the original owners in November last year for $1.15m. It has a 2021 CV of just $1.8m. Photo / Supplied

A 1980s-built home in Auckland's prized double grammar school zone is set to be a test of flipper profits.

The three-bedroom home at 32 Marewa Road, in Greenlane went to auction today after a stunning renovation and makeover.

The property, which has a 2021 CV of $1.8 million, was snapped up in November last year for $1.15m.

The buyer had spied the potential in the shabby home, which had originally been bought in 1983 for $96,000.

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Within four months the owner has taken the dated property with the original kitchen, peeling patterned wallpaper, floral curtains, arched doorway and worn carpet and transformed it into a modern home.

The finished product is a light airy space with a new kitchen and breakfast bar, white-painted walls, tiled bathrooms, roller blinds and plush new carpet.

The bright green font door has been switched to a more sedate white and the overgrown garden was ripped out and replaced with a cobbled area at the front and a deck off the master bedroom at the rear of the house.

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At Ray White's auction today bidding on the property kicked off at $1.1m, but maxed out at $1.46m before passing in.

There were three people bidding on the property.

The house is listed with the Ryken brothers and is still on the market.

Ray White listing agent Ben Ryken said properties passing in at auction was common in this market and they were now selling it by deadline sale on Friday.

He had already had calls from conditional buyers wanting to make an offer and was confident it would sell in due course.

Ryken said while a lot of the general population didn't like people who sold properties for profit, they had taken an old and tired property and brought a completely new and modern home to the market.

"I think it's a great thing. He's done a great job modernising it and utilising all the spaces without taking away from the cottagey feel that it has."

A report released last month shows that 96% of resales in the fourth quarter of last year got a price higher than the owner originally paid, and that the median gain was $328,000.

Author of the report and CoreLogic chief economist Kelvin Davidson said: "These figures might still seem high, but they are certainly coming down as the wider property market weakens – for example, at the peak in Q4 2021, the median resale gain was $441,000.

"Most of the properties that sold at a loss were bought and sold within a 19-month period, which indicates interest rates are starting to bite. A change in an owner’s financial situation could be behind a short-hold period – and at the moment, rising interest rates would be a clear candidate for driving some of these sales.

"The pain was most pronounced in Auckland, with 6.9% of those who resold properties in Q4 doing so at a loss. Hamilton witnessed the biggest change, between Q3 and Q4. More than 6% of properties resold there for less than their purchase price, almost double the previous quarter."

32 Marewa Road, Greenlane, Makeover - Before and After