An immaculate villa in Auckland’s Grey Lynn has sold at auction for more than double the price it sold for five years ago.
The four-bedroom renovated home on Tutanekai Street sold under the hammer for $3.25 million – well above its 2021 CV of $2.725m and $1.73m more than what it fetched in 2017.
The listing agent, Matt O’Brien, from Barfoot & Thompson, said the vendors had spent a “bucket load” on the renovation, with no expense spared.
It clearly had an effect as more than 90 groups came through the open homes during the three-week campaign, about 50% more groups than what other homes are typically attracting in the current market.
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But while there were several buyers lined up, along with conditional interest, in the end only one person bid on the day.
That person opened with a strong bid of $2.8m, possibly frightening the competition away, and O’Brien says the level of interest and end result reflected an improving market.
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“Buyers are wanting to buy again whereas for the last probably six months people have been sitting on their hands a wee bit, but I feel there’s a little ray of sunshine out there.
“I think getting 90 groups through for Tutanekai is a reflection of that.”
The property also had a lot of hits on websites and O’Brien, who has sold “heaps” of renovated villas over the years, says this one was very high spec. “The finish was very, very high quality.”
The vendors did the renovation for themselves but had decided to move overseas, he said.
Barfoot & Thompson auctioneer Marian Tolich describes the villa as “perfection in terms of the fixtures and the style. It was just very, very beautiful.”
The property was given a top-class makeover by its owners. Photo / Supplied
The villa was used in the finals of a national auctioneering competition. Photo / Supplied
The property featured Italian bathroom fittings, American oak flooring, Miele appliances and a solar heated pool: “Everything was just tickety-boo.”
The property was so nice Tolich put it forward for the REINZ annual national auctioneering competition held just before the actual auction.
“We used that house as the house the auctioneers called in the final and they were all just blown away.”
Tolich says she was on the committee for the competition and selected the property because it would test the auctioneers’ skills. “They all said the loveliest things so that was perfect.”
The contest was won by Mark McGoldrick, of Harcourts in Christchurch.
He will now represent New Zealand at the Australasian Auctioneering Championships in Sydney later this year.
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