Have recent interest rate cuts reignited the housing market? The auction sale of a five-bedroom home in Auckland’s Point Chevalier suggests something has changed.
The renovated property on Johnstone Street first hit the market at the end of July, with Ray White Mount Eden agent Rachel Berry, and was set to be sold by way of deadline sale.
But Berry and the vendors switched tactics after interest in the home exploded.
At yesterday’s auction, there were 10 registered bidders and a bit of excitement in the air. The action kicked off at $4 million and steadily rose in increments of $100,000.
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There was a pause at $4.55m, after which the property was declared as being on the market. That was enough to re-energise the room. More bids flowed and the hammer came down at $4.6m – $300,000 above the 2021 CV.
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Auctioneer John Bowring said the competition was fierce, but the result was “magnificent”. Berry added: “There’s been a noticeable shift in buyer sentiment. This particular property has been one of our top performers, attracting buyers from across Auckland and overseas.
“With nine cash buyers still searching for homes, we just wish we had more listings to meet the demand.”
Ray White Mount Eden director Jared Cooksley also pointed to the change in market sentiment, noting there was “strong demand for beautiful properties”.
It’s easy to see why the house was a hit with buyers.
Auctioneer John Bowring calls for bids on the Johnstone Street property. Photo / Supplied
The vendors, Xenia and Cameron, told OneRoof earlier this month that they overhauled what had previously been a small weatherboard bungalow and turned it into a modern family home.
“Basically, we gutted and reconfigured the whole thing,” Xenia said.
The couple had been fans of the house for years and couldn’t believe their luck when it was listed on the open market in 2020.
Then the renovation work began. The couple’s team included architect Kirsty Addison, of Mitchell Addison, and Scott Todd, of Your Build, and other talented tradespeople.
The lounge and kitchen they inherited were situated upstairs, which meant there was none of the indoor-outdoor flow that Kiwis love – and expect – so the new design saw them relocated to the ground floor in a big open space, which also incorporated the dining area.
The homeowners hired architect Kirsty Addison, of Mitchell Addison, and Scott Todd, of Your Build, to transform the bungalow into a contemporary 305sqm modern home. Photo / Supplied
On the ground floor is a flexi-room which can be used as a bedroom, rumpus, studio, office or media room. Photo / Supplied
The designer kitchen enjoys the luxury of a scullery and also on the ground level is a flexi-room which could be used as a bedroom, rumpus, studio, office, or media room, plus two bathrooms and a coat room, all with the bonus of three-car garaging.
Upstairs are four bedrooms, another two bathrooms (including the master ensuite), and an office, as well as a second sitting room. “It’s an easy house with plenty of places to lose your family in when you want to,” Xenia said.
After the auction, the couple expressed their relief. “We are really happy that another family will be able to enjoy our beautiful home and all the benefits Point Chev has to offer.”
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