An Auckland house that sold under the hammer last week for nearly $4 million has raised hopes that the housing market will end 2023 on a high note.
Barfoot & Thompson listing agent George Fong said 85 groups had inspected the five-bedroom villa on Pencarrow Avenue, in Epsom, which he brought to market with colleague Laura McAuley.
Eight of those ended up registering for an auction that quickly turned into an epic bid battle between buyers.
The final sale price of $3.98m was $430,000 above CV and $130,000 more than its “on market” price.
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Fong said the closing minutes of the auction saw two bidders going up in increments of $5000 and $10,000.
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“The house really hit a button,” Fong said, noting that $4m-plus sales in the area had been relatively common before the downturn. “In 2021 it was very easy to sell places for more than $4m or $5m, but then after that it was harder.”
Fong believed there was more confidence in the market post election. His buyers were a family with children who had been looking for a home like the one on Pencarrow Avenue for more than six months. “People will still pay good money for a good family home in double grammar zone,” he said.
Fong’s listing had three bathrooms, garaging for four cars and a updated kitchen with Miele appliances. As well as being in the catchment area for Auckland Grammar and Epsom Girls, it was zoned for sought-after primary and intermediate schools and was within walking distance of private schools and Mount Eden village.
The double-bay villa in Epsom’s double grammar zone attracted 85 groups to open homes before selling for close to $4m. Photo / Supplied
However, unlike the frenzy of 2021, Fong said most of the people looking at the double grammar zone property had already sold their homes and were renting or had long settlement periods to find something. A few, he said, had asked for extended settlement periods as part of their auction terms so they could get sold and settled around the Christmas break.
“The vendors were downsizing after 18 years, so they were happy to settle next year. They said they just wanted to help people get into their family home. They were very happy.”
OneRoof records show the property had last sold in 2005 for $1.55m.
Fong said that buyers who missed out will see some new family homes come to market before Christmas, however, some sellers were holding off putting their homes on the market until after February.
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