A cliff-side property on Clovelly Road, in Bucklands Beach, Auckland, sold in April this year for $2.5 million.
The sale price, while $825,000 below the property’s 2021 CV, was the second highest for the suburb and the street so far this year, but a recent report indicated that the property also claimed the record for this year’s biggest and fastest loss.
The four-bedroom home hit the market for sale in August last year and council sales records show it sold two months later for $4.1m. The property was then back on the market with a different agency several weeks later.
However, OneRoof can reveal that the October 2022 sale was actually a title transfer between related parties, and that the reported $1.6m loss was actually a near-$1m gain.
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The vendors bought the property for $1.66m in 2012, and the $2.5m sale in April this year delivered them a gross profit of $840,000.
OneRoof records show the family home had been listed with three different agencies since first appearing on the market in August last year. OneRoof reached out to the agents involved but they declined to comment.
The agent who made the $2.5m sale in April 2023, Zarn Ha from Remax, also declined to say who bought the property.
One of the listing ads posted after the October 2022 title transfer indicated that the owners were keen to sell, having already bought, and that the house was vacant.
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The April sale price is the second highest for Bucklands Beach this year. Another four-bedroom cliff-side home on Clovelly Road, listed with Bayleys agents Angela Rudling and Michael Chi, sold in January for $3.7m. That house, while on a section half the size of the $2.5m property, did boast a luxury finish and an outdoor pool.
The figures come as OneRoof reveals the size of the profits and losses Kiwi vendors faced in the last five years.
OneRoof found 48 suburbs where every house that was resold between 2018 and the first quarter of 2023 made a profit.
The research found the biggest on-paper profit for Q1 2023 was $11.3m for a Whitford mansion that sold for $20m at the start of the year, while the biggest loss was $1.5m for a penthouse apartment in Mission Bay.
According to the data, only 11 homes resold in Bucklands Beach over the period made a loss, while 485 made a gross profit. Of note is the fact that no seller in the suburb made a loss on paper in 2021, 2022 or in the first three months of 2023.
The median gain for the suburb has also shot up considerably since 2018, from $550,000 to $937,500. However, OneRoof house price figures for Bucklands Beach also show the suburb's average property value is down 13% year-on-year to $1.705m.
The top price for Bucklands Beach for 2023 is $3.7m for a luxury cliff-side home on Clovelly Road that sold in January. Photo / Supplied
A home-and-income property for sale at 44 Takutai Avenue, in Bucklands Beach. Photo / Supplied
Ken Ralph, Ray White branch manager, says Bucklands Beach, a seaside peninsula suburb in Howick, has always been popular but is likely to become moreso with sought-after Macleans College indicating it won’t be taking students from outside its zone.
“Before Macleans College took in a number, not a great number, of out-of-zone pupils. They've indicated that won't be happening, it will be only in zone.”
Ralph says rolls have increased at the intermediate and primary schools because the peninsula has seen a lot of townhouses go up and people moving into the area.
“Where we had one house we've now got three or four so that’s obviously making a difference as well.
“Anything in Bucklands Beach has been attracting good interest and selling pretty well,” he says.
“It’s not only schooling, it’s the lifestyle of the peninsula, easy access to waterfront sports recreation, the marina here, so it’s got good locality factors and I think that’s coming to the fore.”
The suburb is more booming than laid back these days, he says, with the infill housing making the area busy, but it’s not first-home buyer territory.
5 Tomonga Way, in Bucklands Beach, is billed as offering a 5-star resort lifestyle. Photo / Supplied
“For a first-time buyer it's quite hard to buy into the Macleans zone unless you're looking for something that's two-bedroom and quite small and even then it's a bit of a stretch.
“It's people who are able to buy up to get into a good school zone and those that can afford the higher end of the market.”
Ray White is marketing 44 Takutai Avenue, which is a home-and-income property built in the 1970s.
“Takutai is a very good Bucklands Beach address. It’s an opportunity for somebody to get in and perhaps stamp their own mark on the property with any refurbishing they may see they need to do.”
The property is being marketed by Bernard Rogatski and Nicky Morton who say the home has been in the family for 81 years, is in a prestigious location and has outstanding wide sea and urban views.
There are six double bedrooms, three bathrooms, three toilets and two living areas, with a self-contained unit on the lower level.
Another property on the market is 5 Tomonga Way, which Ralph says is at the end of the peninsula and is a superbly presented four-bedroom townhouse looking out to the golf course.
Agent Hara Jeng is marketing the property as a “5-star resort lifestyle” in the Macleans zone and only a stone’s throw from the water.
- Click here to find properties for sale in Bucklands Beach
