A home on a cross-lease section on one of Hamilton’s blue-chip locations has sold for $1.04 million – making it one of the cheapest homes to sell on Awatere Avenue in Beerescourt, Hamilton, in recent years.
While a large riverside home described as one of the city’s nicest houses on the sought-after street is expected to sell well above its modest RV of $1.9m when it goes to auction next week.
The three-bedroom, two-bathroom property with views of the Waikato River was initially marketed in February with a declared auction reserve of $1.25m.
But after failing to sell at auction, the property was re-priced.
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A further price reduction to $1.099m appeared to hit the sweet spot and two offers were tabled for the property.
Lodge salesperson Chase Gray, who marketed the property with Mike Thomas, said they suddenly started getting more buyers through the door after the latest price reduction.
“100% – it’s all about pricing.”
Gray said the property had a unique configuration as one of the bedrooms was located off the master bedroom. The property was also located down a long driveway.
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The new owners were a professional couple in their 50s looking for a nice executive home with river views, he added.
It’s the second cheapest house to sell on Awatere Ave since the start of 2022. The cheapest was a property on a cross-lease section on the opposite side of the road from the river which sold last year for $975,000, OneRoof-Valocity records show.
Gray said at just over $1m it was at entry level for properties with river views.
“It’s one of the most sought-after streets in Hamilton obviously, so central. There’s heaps of real estate agents and business owners who live down there, especially on the riverside.”
Gray said the market was picking up and the Awatere Ave sale was one of 16 properties Gray and Thomas sold in May.
Earlier this year agents told OneRoof that properties along the eastern side of the Waikato River in the low $1ms would have been unheard of 18 months ago.
The Awatere Ave property had been appraised at $1.6m in early 2022.
Also, at the lower end of the market for the popular street is a three-bedroom, two-bathroom home with a tennis court at 23 Awatere Ave with an asking price of $1.29m – $400,000 less than its RV.
However, the northern riverside end of Awatere Ave tends to be the most desirable part of the relatively quiet road.
The architecturally-renovated home with river views at 70 Awatere Ave is arguably one's of Hamilton's nicest homes. Photo / Supplied
Bayleys listing agent Rachel Waldegrave said Awatere Ave is widely regarded as one of Hamilton’s best streets due to its close proximity to the CBD, offering direct access onto the Waikato River trails and having less traffic than other streets with water views such as River Road and Lake Domain Drive.
She is selling an architecturally renovated four-bedroom, three-bathroom home at 70 Awatere Ave that is in one of those sought-after positions with beautiful river views.
Waldegrave said the property will sell “definitely north” of its $1.9m RV and is one of Hamilton’s nicest properties. It is to be auctioned next Thursday and there is already a lot of interest, including Aucklanders and overseas buyers.
“That doesn’t mean it’s going to be the most expensive because we’ve had some big sales recently, but they have involved very big pieces of land ... But if you are looking for a beautiful family home in the city, I would challenge you to find anything nice than number 70. It’s beautiful, it’s a real stunner.”
Last month a waterfront property on a 6196qm section on River Road sold for $4.75 million – making it the most expensive home to sell in the city in the past 24 months.
Waterfront homes at the northern end of Awatere Ave such as this property at 56 Awatere Ave with an asking price of $1.799m are considered as being on the golden mile. Photo / Supplied
Harcourts listing agent Craig Annandale agreed that a section of Awatere Ave on the riverside from when the road went straight until Anne Street was the “Hamilton Golden Mile”.
Annandale is selling a three-bedroom, two-bathroom home at 56 Awatere Ave on a full section with an asking price of $1.799m. OneRoof property records show the property last changed hands in December 2020 for $1.721m.
Annandale said the unobstructed views are what makes it “a bit special”.
“On the river, there’s quite often trees that are on the Queen’s Chain, so your view isn’t always that perfect, but this one has a really good spot.”
The house was remodeled in the early 2000s and included double-glazing, but also presented an opportunity for the next owner to add their own touch, he added.
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