A pair of decades-old units sold under the hammer for big sums last week in a sign that buyers see value for money in old buildings.
A two-bedroom apartment in a 1960s block of four flats on Polygon Road, in St Heliers, attracted five bidders at Barfoot & Thompson's auction.
Listing agent Helen Clelland, who marketed the smartly updated apartment with colleague Paul Neshausen, said the buyers saw value in the unit, even as the hammer came down at $2.46 million - above the 2021 CV of $2.075m.
“There is a little bit of stock around, but because it has amazing views, is so close to the village and it’s good old solid 1960s, there are certain people who want that compared to a newly built apartment that would go for a lot more," she said.
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“We had five bidders, but the first bid of $2.1m knocked three of them out. Two people were just going for it at the end - they really wanted it.
“We thought it would go for around that $2.1m so to get $2.46m it was an amazing auction."
The Polygon Road unit had recently been updated and offered clear views of the Waitemata Harbour. Photo / Supplied
Barfoot & Thompson auctioneer Murray Smith said that there were a good amount of stock on the market – but vendors had temper their expectations.
“We’re seeing good stock levels, but owners need to be careful. You know, there was stuff in the newspaper about prices climbing but I'm not feeling that," he said.
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"I think when we talk about an increase it's like everyone thinks it's going to go crazy. There are little snippets here and there of prices showing signs of going up.
“But you can't say absolutely it's huge and it's not like it's not 2021,” he said, adding that his advice to buyers right now was "to get in and have a crack at them because you might pick up a surprise or two”.
Across in Herne Bay, 1980s built three-bedroom apartment in a gated complex on Sarsfield Street also attracted a bit of heat.
Bidders drove the price of 174sqm flat up to $3.9m - above its CV of $3.8m.
A three-bedroom apartment at 65 Sarsfield Street, in Herne Bay, sold for $3.9m. Photo / Supplied
The Sarsfield Street unit was built in the 1980s and had, according to OneRoof records, last changed hands in 2022 for $960,000. Photo / Supplied
The Bayleys agents marketing property, John Wills and Victoria Williams, noted that the location and sea views of the block were second to none. The flat appears to have original kitchen and bathrooms, but came with internal double garaging, a storage unit and access to the shared swimming pool and spa.
Also bringing in the money was a strikingly renovated villa in Auckland’s inner city Freemans Bay.
Barfoot & Thompson agent Matt O’Brien, who marketed the five-bedroom home on Picton Street with Philip Burley, said the house’s clever split into a three-bedroom main home and a two-bedroom accessory dwelling was not the only drawcard.
“It was a big result. We had two bidders who really wanted the house,” he said, adding both had looked at a lot of houses.
A striking home on Picton Street, in Freemans Bay, in Auckland, sold under the hammer for $4.675m. Photo / Supplied
“It wasn’t your usual cookie cutter villa renovation. Everyone who walked in was just wowed by the 4m high studs and the volume. The owners had made it really interesting and classy, full of cool things.”
O’Brien said the $4.675m price, just under its $4.75m CV, was a good one. “It would be one of the highest in Freemans Bay this year, above where we expected,” he said.
The agent said that while there are still buyers around this week and next, he said interest was starting to taper off in the run up to Christmas, but he planned to re-start listings in mid-January rather than wait until after Waitangi weekend in February.
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