Desperate to get into their kids into a good school, a family shelled out $2.237 million for a cottage in Auckland’s “triple grammar zone”.
The buyers faced fierce competition from three hungry developers at the Barfoot & Thompson auction late last month.
The four-bedroom house on Henley Road, in Mount Eden, was wrapped in artificial brick cladding and appeared untouched since alterations in the 1970s.
However, it is one of just a small selection of properties in the area zoned for three of the city’s best schools: Auckland Grammar, Epsom Girls’ Grammar and Mount Albert Grammar.
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Listing agent Sara Knight, of Barfoot & Thompson, called it “the triple grammar trifecta”.
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“The people who bought it are going to live in it. They were trying to get in the school zone,” she told OneRoof.
“It’s a lovely family home, beautifully presented and clean. They’re going to do a renovation, but for now, they’re very happy to be in the [grammar] school zones for their children.”
The property had also attracted strong interest from developers and land-bankers, with the 481sqm corner site zoned for urban housing density.
It was being sold on behalf of the Public Trust (Knight could not disclose more about the vendors) and had a CV of $2.275m.
Bidding at the auction started at $1.7m, and slowly and steadily rose in $20,000 increments until the house was declared on the market at $2m. From that point onwards, the auction was a blur, as the family fought hard to hold onto their winning position.
The decor inside the cottage is a bit dated. Photo / Supplied
An extra $1000 got them over the line, and the hammer finally came down at $2.237m, bringing to an end a tense 12-minute auction that saw 75 bids placed.
Knight told OneRoof: “Developers have to make money, so the purchase price has to work. Whereas individuals, if they find something that they like, they’re more emotionally invested.
“This is good buying, it’s a little bit dated but there’s room to add value or you can build.”
Knight said interest in the house had been driven by a shortage of homes for sale in the area at around the $2m mark.
“There’s not much stock, or it has been sort of average or it hasn’t suited people. There haven’t been a lot of family homes and that price point is the sweet spot for getting into the area,” Knight said.
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