A tired bungalow billed as the worst house on the best street has sold for $2.3 million – just six days after it hit the market.
Harcourts agent Diego Traglia told OneRoof that the property in Auckland’s Point Chevalier was meant to go to auction July 2 but the vendors received three strong pre-auction offers, two from developers, before the listing went live.
Although the three-bedroom house on Johnstone Street sits on a 696sqm site zoned for development, the winning offer was from a family looking to build their dream home.
“The zoning is for suburban density so there could have been townhouses [on the site]. The neighbours will be pleased it was purchased by a family looking to build a family home," said Traglia, who marketed the property with Leighton Hurring.
Start your property search
The property had a 2021 CV of $2.925m – $2.7m of which is for the land – but Traglia said the $2.3m sale price was where the market saw the value.
Read more:
- No plan B: Owner to sell Grand Designs NZ castle 'significantly below cost'
- Historic Herne Bay mansion back on the market but will new buyer decide to demolish?
- The house-hunters racing to buy: Multi-offers coming thick and fast
Most of the parties interested in the Johnstone Street home were aware that a neighbouring property, in a similar condition and on a similar sized section, had sold in August last year for $2.205m.
“People did compare [both properties], so to get another $100,000 ten months later shows how the market has turned. This is an amazing result,” Traglia said.
The bungalow, which Traglia and Hurring said had been in the same family for 100 years, is just three houses away from the water.
The three-bedroom bungalow, which has many of its original features, will be bowled for a new family house. Photo / Supplied
Developers and families eyed the house, with its north-facing backyard. Photo / Supplied
The owner's stepson told Stuff last week that the house had been built for his grandparents in 1922, and that his elderly father had recently moved out after suffering a fall. He said the house still had many its original features, including the wallpaper, the leadlight windows and a deco-style bathroom.
The listing highlighted the renovation potential of the hardwood floors and original wooden doors, but Traglia and Hurring admitted that most interest came from buyers keen to build their dream home from scratch.
“It’s a high-quality neighbourhood,” said Traglia.
- Check here for more houses for sale in Point Chevalier
