An Auckland inner-city bungalow whose owners once dubbed it the “worst house on the best street” is up for grabs.
The Ponsonby property at 109 John Street made headlines when it sold more for $2.17 million, a whopping $250,000 above its then CV, just as the market was beginning its crazy post-lockdown climb.
The buyers, a young family, beat out three bidders to snatch the three-bedroom place, which was unpainted on the outside, but tidy inside.
When they bought, the couple told OneRoof that they planned to restore the house to its former glory, making the most of its large west-facing 556sqm section backing onto the playing fields of the neighbouring school.
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However, the couple is now based in Sydney where the husband has taken up a medical fellowship and told OneRoof they were no longer ready to take on a major project.
“We have two kids under eight and a major renovation won’t fit into our busy lives at the moment,” one of the owners said.
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“Me and the family came to Sydney for my fellowship but we decided to stay in Sydney for a few years for work experience. We are moving home next year and want to buy a house that is more move-in ready for the family.”
Bayleys listing agent Chris Batchelor, who is bringing the property to auction on September 11, agreed that a renovation in this part of the inner city was no trivial undertaking.
The good news for would-be renovators is that the house is in better condition than when it changed hands, so would be comfortable while plans and consents are worked out.
“It’s up to healthy homes standards and rented out for $800 per week. It’s had a new roof, insulated top to bottom, there’s a heat pump and it’s been partially rewired, and it’s got a new bathroom in it as well. So it’s very liveable and dry.
“But it is in need of a lot of TLC. The value is in the land, the fact that it’s a double site on two titles – one of the biggest on John Street. But to bite off into that [sort of renovation] you’ve got to know what you’re doing, it’s not just cosmetic.”
The owners don't have the time to upgrade the three-bedroom home. Photo / Supplied
Batchelor said that these days huge Ponsonby-style renovations, with extensions and high quality finishes, could run to a couple of million dollars. “But if you put money into the project you know you can’t go wrong out the other end,” he said.
The property has a 2021 CV of $3.025m but Batchelor declined to put a price on it in today’s market. He pointed out that two other villas in original condition on John Street, both with less work done and on smaller 300sqm sites, fetched $1.6m and $1.8m earlier this year.
“So in our minds, 109 John Street is a superior proposition. Land is where the value is these days, as it’s one thing to create a nice home, but to have a nice bit of land with your home, that’s the appeal here,” he said, adding that interest so far was from locals who’ve done one renovation and now want to spread out onto a bigger section.
- 109 John Street, in Ponsonby, Auckland, goes to auction on September 11
