Auckland’s auction rooms had some big-ticket sales last week.
At Bayleys, a four-bedroom home on Woodley Avenue, in Remuera, had three bidders fighting it out before the hammer came down at $5.5 million – $200,000 above its 2021 CV.
Bayleys agent Annabel Marshall, who marketed the property with Andrew and Gary Wallace, said there had been an “amazing” level of interest in the home, with some 80 groups inspecting it.
“We had 12 repeat viewings and three bidders. It’s a stunning property that had everything: it was north-facing, had cabana and a pool – just a wonderful family home,” she said.
Start your property search
Read more:
- Block stars lose money on toughest reno project
- Grand Designs' earthquake villa for sale
- Who's brave enough to buy a mortgagee home sight unseen?
Not many properties like it were on the market right now, she said, adding that cashed-up buyers were looking for something special.
Buyers were also on the hunt for do-ups in the suburb. In neighbouring Rangitoto Avenue, a tired four-bedroom bungalow that had been owned by the same family for 50 years sold for $3.5m – $400,000 above CV.
Listing agents Steve and Nila Koerber, from Ray White Remuera, had pitched the property as a “blank canvas opportunity" and attracted 10 registered bidders for the auction.
“It’s gone for the right money - higher than what I had appraised it,” Steve Koerber told OneRoof.
He said the buyers planned to renovate the bungalow.
A bungalow on Rangitoto Avenue, Remuera, attracted 10 registered bidders at auction. Photo / Supplied
A four-bedroom house on Wheturangi Road, Greenlane, sold under the hammer last week for $4.16m. Photo / Supplied
While a lot of buyers would prefer a home that didn’t need work, stock was limited at that price point, Koerber said.
“You’d be looking at $4.5m to $5m for a done-up home in the suburb, but that would be compromised – a sloping section, say, or a shared driveway. People go for this for the location,” he said.
“It’s the most desirable site on the street - flat and more than 1000sqm in size. It would be easy to spend $1m or $1.5m to get a really special home, but at today’s values that would be worth $6m when it is done up,” Koerber said.
In the neighbouring suburb of Greenlane, a stylish four-bedroom home on Wheturangi Road fetched $4.16m.
The house had a CV of $2.5m, but listing agent Wendy Sadd, from Barfoot & Thompson, said the valuation did not reflect the quality of the renovation work that had been carried out on the home, which included the installation of a modern kitchen, a pool and a fifth bedroom.
“We had big numbers come through the open homes, over 60 groups. People were looking at upwards of $3m, and I was saying I wouldn’t be surprised if it got to a $4m,” she said.
She said four bidders drove up the price, beating the last big sale price on the street of $3.5m.
“A lot of buyers have been looking for a while and there are not enough quality homes. This just shows that there is demand for quality homes. People were coming in going ‘wow, there’s nothing to do’ and that’s what they want.”
A four-bedroom house on Woodside Road, Mount Eden, sold for $3.375m. Photo / Supplied
In other sales, an early 2000s Shanahan-designed four-bedroom home on Woodside Road, in Mount Eden, fetched $3.375m after just one bid. The auction for the property, marketed by Ketiesha Elliott, was brought forward by a week. It had a CV of $3.7m.
Auction houses are heading into their busiest two weeks of November, as properties go to auction next week and the week after while agents and vendors hope to get deals done before the Christmas break.
When they released their October figures this week, REINZ chief executive Jen Baird said November figures showed more sales activity, more listings coming to market and a sense of more confidence overall (year-on-year).
“The increasing number of listings coming to market is showing a slow, but marked, improvement to the past year, and a renewed confidence from vendors looking to sell with more certainty now the election is behind us,” she said.
“While details of the new government are still being discussed amongst coalition partners, many vendors and buyers are showing confidence that it’s a better time to sell now and a good time to buy. The signs are there for an improving market.”
- Click here to find more properties for sale in Auckland
