A waterfront property in Auckland’s Point Chevalier sold at the end of April for $4.3 million, OneRoof can reveal.
Records show the owner, who is moving into the neighbourhood’s retirement village, had paid just under $310,000 for the four-bedroom home on Bangor Street in 1998.
The property was marketed by Ray White agents Ross Brader and Lawrence von Sturmer, with an asking price of $4.695m. It had a CV of $5.7m, but von Sturmer said CVs were irrelevant in the tightly-held seaside suburb.
“I haven’t looked at CVs for years, I don’t even look when we’re selling. We look at comparative sales, sections size, which street, the sun aspect,” von Sturmer told OneRoof.
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“You have to be careful by how people are swayed [by the CV]. You could overpay or under-offer, so you’re better to talk about similar houses and the percentage of how the market has moved.”
The Bangor Street house was a well-loved family home that had been renovated over the years, and buyers knew it was ready for a refresh.
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“We had buyers of all sorts, waterfront in Point Chev is tightly held. We’ve always got buyers wanting anything on the waterfront – we say you might have to wait a year.
“Then they’ll keep it until it’s their turn to move into Selwyn [Village, the Point Chevalier retirement village].”
Von Sturmer said that two other top sales in the suburb, both last month, were hotly contested for. A five-bedroom home on Dignan Street sold off-market for $3.42m after multiple offers from buyers on the agency’s database (it had a CV of $3.6m), and an immaculately renovated four-bedroom home on Rama Road, went for $3.12m.
The interiors and decor are dated but the Bangor Street house sits on 779sqm of prime waterfront land in a popular Auckland suburb. Photo / Supplied
The property has clear views of the harbour and the city. Photo / Supplied
The $4.3m price falls short of the suburb record.
That was set in 2018 for a neighbouring house on Bangor Street, a four-bedroom new-build, that went for $5.4m. At the end of 2021, as the market peaked, an architect-designed, four-bedroom home on Harbour View Road sold at auction for $5. 21m while a landmark five-bedroom heritage home on a rare 1012sqm site on Wainui Avenue went for $4.9m in October 2022.
Von Sturmer said that of the 52 properties sold in the suburb this year, only four sold above CV, with the average fetching 15% less than CV. The median price was $1.499m, which included units of $800,000 through to Bangor Street’s $4.3m, but the agent said there were buyers competing at every price level.
“We’d have 20 to 30 cashed-up buyers at every price bracket. At an auction at the start of July for a place on Kanuka Street, there were 10 bidders, a pre-auction offer of $1.3m and it sold for $1.502m, over CV.
“We’re saying to vendors we’ve cracked a little bubble of demand, you should be listing now,” von Sturmer said.
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