A well-known house in the blue-chip Auckland suburb of Remuera sold last month for $7.08 million – more than $1.3m above its CV.
The five-bedroom house on Victoria Avenue, with its distinctive mix of Art Deco, 1930s Art Nouveau with a touch of Italianate architecture, was on the market for the first time in 40 years.
Barfoot & Thompson agents Leila and David MacDonald, who marketed the house on a 1186 sqm section with sweeping views, had called the house a “Remuera icon”.
The MacDonalds said buyers were evenly divided between those who loved the house as it was and those who wanted to renovate.
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“A whole lot of people didn’t want to do any work, while some brought their architects or builders. The buyer brought their architect, and we expect alterations could cost up to $2m,” Leila MacDonald said.
The buyer group that did miss out was developers, she said, who would have done major renovations and then on-sold the property.
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“There is more of a market for done-up family homes. Some people want to put their own stamp, but others can’t be bothered.”
David MacDonald said that some 52 groups of buyers had looked at the house, drawn to its location and style.
He said that buyers hoping to buy for around the $5.7m CV quickly adjusted their expectations.
“There were people who haven’t realised that the market has moved. But as soon as they saw it, they realised.
The five-bedroom house on Victoria Avenue, Remuera, had not been on the market in 40 years, but boasted a huge section and sea views. Photo / Supplied
The grand entrance hall of the Victoria Avenue house. Photo / Supplied
“There was one developer in particular, but he was just too low. He can see the potential for buying a house, spending a few million and then selling, but the market has moved now.
“It’s a very pleasant, grand, free-flowing house inside. We called it Art Nouveau in the advertising, but one person challenged us on the style.
“But most people were taken by the architecture. And it was a large, good piece of land on the right side of Victoria Avenue for the sun and it had brilliant sea views.”
He added that buyers were aware of the $12.25m paid a year ago for a completely renovated five-bedroom house further up Victoria Avenue, also on a large 1264sqm section. That Art Deco house had had a top-to-toe renovation since it last changed hands in 2007 for $4.35m.
“It gave people confidence of what they could spend on a renovation. In the end we had multiple tenders – some people who were hoping for a bargain, others who are serious and put their best foot forward,” he said, adding that the Singapore-based buyers were yet to move in.
The MacDonalds said that some buyers had been looking for over a year, waiting for the perfect place to turn up.
The immaculate house included a travertine marble terrace, a modern kitchen and pantry, swimming pool and wine cellar, as well as three living rooms and an office.
The house sat on 1186sqm section and included a swimming pool. Photo / Supplied
Buyers were encouraged by the over $12m paid a year ago for another immaculately renovated Art Deco house on Victoria Avenue. Photo / Supplied
To meet the demand, the pair of agents are bringing a beautifully done up villa at 86 Victoria Avenue to market just after Boxing Day and not waiting for the traditional February start to the Remuera market.
“The trouble is there isn’t much on the market,” said Leila MacDonald.
“We’re listing at Christmas because we’re expecting demand, not just from expats home for the holidays, but locals as well.
“Number 86 has been done up to the minute, it’s incredible. It will cost a lot of money, upwards of mid-$12m,” she said.
“We’ve had a few people putting feelers out, asking what we’ve got. They see [the market] moving so the time is right,” David MacDonald added.
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