Two young families were locked in a desperate fight this week to claim a riverside home in Hamilton’s best school zone.
Frantic bidding from both saw the price of the five-bedroom house on Jellicoe Drive, in Hayes Paddock, soar past expectations, leaving the vendor $1.161 million richer by the end of the auction.
His property had been on the market for less than three weeks when he accepted a pre-auction offer of $1.005m.
The families who turned up at Bayleys’ auction room were eager for a home in zone for Hamilton Boys and Hamilton Girls and fought hard to secure it, bidding in increments of $5000, then $1000 before the hammer came down.
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The owners told OneRoof they were still in shock after Thursday's auction.
"We absolutely loved that property and know the buyers are going to get so much joy from it, just like we did. Now all our focus can be on our existing ventures in the Coromandel, and we're just so grateful we can walk away from this sale with happy hearts."
Bayleys listing agent Sarah Adams said the “ecstatic” owner had been prepared to sell it for $156,000 less. “It’s like winning Lotto, isn’t it?”
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Adams has a long history with the property. She had sold it to the outgoing owner nine years ago for $552,000, not long after they had finished university.
He had lived in the property for a few years before moving to the Coromandel and renting it out.
Adams said the vendor was still emotionally attached to the property, but had decided to sell to reduce debt and pursue other business opportunities.
The house was renovated and the kitchen extended in the 1980s. Photo / Supplied
The top storey of the house has views over the reserve towards the Waikato River. Photo / Supplied
She said there had been a lot of interest in the property during the marketing campaign. “Mostly from young families looking to establish a forever home and get into good school zones. The property was a bit of rarity, being right on the reserve and the park. There are a limited number of those sites.”
Everyone who looked at it planned to renovate ranging from a cosmetic touch-up to a full makeover, she said. “People saw value in the location and I’m not sure you could even go to two storeys now so to have elevated views was special as well.”
Hayes Paddock is one of the city’s five heritage precincts, which means there are restrictions around what homeowners can do to their properties.
Adams is also selling a 1940s ex-state cottage in Hayes Paddock. The three-bedroom, two-bathroom home at 48 Galway Avenue has been newly renovated and is to be auctioned at the end of the month. OneRoof records show it last changed hands for $795,000 in January 2022.
Hamilton agents told OneRoof last month they had seen a spike in demand for properties zoned for Hamilton Boys, Hamilton Girls and Hillcrest High. They said properties in those areas seemed to get more interest than ones only a street or so away that were outside the zone.
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