A 1960s property split into two flats in Auckland’s prime eastern beaches sold under the hammer this week for $4 million – $800,000 over its reserve and nearly $1m over its CV.
Barfoot & Thompson agent Aaron Foss, who brought the home on Gifford Street, St Heliers to auction, said there had been high interest in the property which sits on an exclusive site just off the main St Heliers Bay Road.
Foss said the 726sqm site drew some 17 bidders, a mix of family buyers and developers drawn to the zoning for suburban density.
“Loads of my Barfoot & Thompson colleagues brought in buyers. Some people didn’t need to visit because of the site. One buyer was thinking of renovating it into one home,” he said, adding that the house as it stood was uninhabitable.
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The property, which was split into two two-bedroom flats, was on the market for the first time in 40 years. Bidding started at $2.6m for the place, which had a CV of $3.025m, but quickly blew past the $3.2m reserve before the hammer came down at $4m after nine minutes of bidding. “When you have 17 people bidding, then the market is telling you this is the right price.”
However, the successful bid was not from a developer.
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“We understand the buyer is planning to build a new family home,” Foss said.
“There is a real shortage of good sites, elevated and with views. And of good-sized family homes with a pool, around that $3m to $4m. Buyers are very specific about staying in the Glendowie, Kohimarama and St Heliers area.
“I just tell people to get their listings on the market,” he said, adding that one of the few listings, a stylishly-renovated five-bedroom 1950s house which goes to auction next week, was getting huge enquiry.
The house on a 822sqm site with a swimming pool and landscaped grounds at 30 McArthur Avenue, St Heliers, has a CV of $3.6m.
The property on Gifford Road, St Heliers Bay, was on the market for the first time in 40 years. Photo / Supplied
Bidding was from a mix of developers and family buyers wanting to build a home on the 726sqm site with good views. Photo / Supplied
Bidders were similarly excited by a tired three-bedroom 1960s house on Deuxberry Avenue in Northcote, on the North Shore. The owner, who had owned the place for 47 years, was selling to move to Brisbane.
Harcourts agent Aman Gulia, who marketed the property with Candice Chen, said the auction was brought forward by a week after a pre-auction offer of $1.375m. Five bidders competed for the property.
The solid brick house featured original kitchen, wallpapers and carpets, but was marketed as a development opportunity as the nearly flat 756sqm site, just a block from Northcote’s revitalising town centre and Kāinga Ora new neighbourhoods, is zoned for urban density.
“After competitive bidding it sold for $200,000 more. The vendor was crying the whole time and couldn't believe we got him $1.575m. That’s life changing,” Gulia said.
He added that the final two bidders, one a developer and the other a home buyer, just drove the price upwards. The successful buyer plans to renovate the house for his family, but future-proof themselves with a property they could eventually subdivide, Gulia said.
He said that after an 18-month pause, he is now selling all his new listings by auction, rather than price by negotiation. Properties range in price from $1m to $4m, and include places in Milford, Birkdale, Panmure, Karaka and Te Atatu.
The vendor was reduced to tears when his Deuxberry Avenue, Northcote, home of 47 years was sold for $1.575m - $200,000 more than the pre-auction offer. Photo / Supplied
An empty 809sqm section in Tyburnia Avenue, Mount Albert, with consents for seven townhouses, sold for $2.08m. Photo / Supplied
“Last time we did auctions was 2021, and even then, not so many. It says a lot that we’re getting so much competition. Properties in the early $1m price range are the sweet spot.”
In other Barfoot & Thompson auctions, a 809sqm empty section in Tyburnia Avenue, Mount Albert with zoning for urban density and resource and building consent for seven two, three and four-bedroom townhouses went for $2.08m – $180,000 above its on-market value.
OneRoof records show the property had a CV of $2.335m and had last changed hands three years ago for $1.93m.
A smart three-bedroom home on Alexander Crescent, Otara, on the market for the first time in 17 years fetched $885,000. OneRoof records show the stylishly-renovated house on a 710sqm section was zoned for urban density and had a CV of $950,000. And a three-bedroom 1950s house on a 941sqm section zoned for urban density on Coates Avenue, Panmure, sold for $1.25m – $500,000 below its 2021 CV.
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