A deceased estate with a leaky toilet and possible asbestos in the ceiling has sold under the hammer for $1.208m after a bidding war broke out for the rundown home.
The executors of the four-bedroom, two-bathroom home on Ngatiawa Street, in One Tree Hill, could not believe the result which left them with $308,000 more in their pockets than expected after a flurry of tiny $1000 bids kept pushing the price up.
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The bidding for the unit title property opened at $600,000 and was announced on the market Barfoot & Thompson auctioneer Craig McNair at $930,000 to a crowded auction room on Thursday. The battle continued in $5000 bids before shrinking to just $1000 bids when it hit $1.065m and finally sold for $1.208.
The auction room was packed with 23 people bidding on the home. Photo / Supplied
Barfoot & Thompson listing agent Ben Feng said 23 people bid on the home including families looking to live in it and renovate it themselves, property traders and investors.
There were also people in the room hoping that because it was a do-up and a deceased estate they would nab a bargain.
“But once you get 20 bidders, it’s never a bargain anymore.”
Feng said the elderly owner had lived in the home for 38 years. She died last year and her family, who were the executors of her estate, had only been expecting it to fetch about $900,000.
The four-bedroom, two-bathroom home was in original condition and needed between $250,000 and $350,000 spent on it. Photo / Supplied
“The family was very happy. They didn’t believe we could get that much.”
People were drawn to the location and the fact it was a solid brick and tile home that had potential, he said.
“They could see the value after they did it up.
“It was very original. The toilet had some leaking problems, the kitchen was very tired – the whole house was tired.”
The kitchen had not been altered since it was built in the late 1970s. Photo / Supplied
The bathroom was also in need of a makeover and the toilet leaked. Photo / Supplied
The listing photos showed brown floral carpet, yellowed peeling wallpaper in various patterns and visible mold in the bathroom. The was also suspected asbestos in the ceiling, he said.
The property had an RV of $1.475m, but feedback from potential buyers was that between $250,00 and $350,000 needed to be poured into it to bring it into the 21st century.
The new owner, who secured it with a $1000 bid, was a family who had bought the house to do up and live in themselves.
- Click here to find more properties for sale in One Tree Hill
