A couple who poured their heart and soul into a former halfway house in Auckland’s Grey Lynn have been rewarded for their efforts.
Their $95,000 real estate gamble 41 years ago turned into a $4.689 million win when the renovated house sold in July.
Their house sale, which has just settled, is one of Grey Lynn’s biggest this year, and their $4.594m gross profit is one of the country’s biggest resale gains of 2024.
The five-bedroom home on Chamberlain Street was co-listed by Kellands agent Martin Dobson, who declined to comment on the buyer or the price, but other agents OneRoof talked to said the deal highlighted the strength of the inner-city suburb and the desire for renovated homes.
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The vendors, who did not wish to be named, told OneRoof earlier this year, prior to the sale, that the heritage property was in a bad state when they bought it. OneRoof records show the property was purchased in 1983 for $95,000.
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“It was the early 1980s. We were living in a small cottage in Freemans Bay but had always dreamed of having a big house and lots of land,” one of the vendors told OneRoof in March this year.
“I’d had a dream the night before we found this house where I had walked down a long hallway and could see the Remutaka Ranges out one window and the sea out the other, views I had grown up with in Wellington.
“When we stepped into this house it completely matched my dream but from an Auckland perspective: a long hallway with the Waitakere Ranges out one window and the sea out the other. I just knew we had to have this home.
“The house needed a huge amount of work. It was derelict in parts and had a huge amount of rubbish in others, but we were young and brave enough to move in and live in the madness.”
The home underwent two extensive renovations in recent years, both under the guidance of renowned heritage architect Barbara Webster. Photo / Supplied
Today, the home looks nothing like the blank slate the owners fell in love with in 1983. Photo / Supplied
The result was an immaculately restored five-bedroom homestead, which had a 2021 CV of $3.95m when it hit the market.
Ray White national auctioneer Sam Steele said the high sale price didn’t surprise him, given the strength of demand for homes in Grey Lynn.
“You get buyers who will only want to buy in Grey Lynn. Those beautiful street-front villas that have had an amazing renovation are always popular,” he said.
“It’s a suburb for people that have got money to spend and want a little bit more space or a bigger house than on offer [in neighbouring Ponsonby] but still be within walking distance of Ponsonby Road.”
Bayleys agent Cristina Casares, who sells in Grey Lynn and Ponsonby, said there was more confidence in the market since the interest rate falls, but that some vendors were holding out for price increases.
A stylishly renovated villa on Dickens Street, in Grey Lynn, sold under the hammer earlier this year for $4.725m. Photo / Supplied
A Jack McKinney-designed home at 34 Schofield Street, in Grey Lynn, is up for grabs at the upper end of the market. Photo / Supplied
The upper end in Grey Lynn was around the $5m-plus, Casares said. OneRoof records show an apartment in the Grey development, on Great North Road, sold for just over $6.5m and a renovated villa on Dickens Street sold for $4.725m.
“I think Grey Lynn can have really good prices because you have good sections and people who have renovated can reach that price.”
One of her listings, a four-bedroom renovated Jack McKinney-designed home at 34 Schofield Street, in Grey Lynn, has already attracted several high offers and was looking to land north of $5m.
Barfoot & Thompson agent Ryan Harding said the big sales in Grey Lynn tended to be properties with “big land”.
Sometimes agents were surprised why one property was fought over at auction rather than another, but that often came down to whether the property was north-facing and had character.
A house on Stanmore Road recently sold for more than expected because two bidders kept on bidding after the others had dropped out.
“If you get two people who are prepared to pay more than market value, that’s where you have an option where you can get five or 10% more than what ‘the market’ is saying it’s actually worth.”
* Additional reporting by Erin Reilly and Catherine Masters
** A previous version of this article may have given the impression that the quotes from the vendor were made after the sale. The article referred to the vendor talking to OneRoof earlier this year. OneRoof has clarified that the quotes were from an interview the vendor gave in March, when the house was listed and prior to the sale, and linked to the previous article. OneRoof apologies for any confusion, caused by edits in the production process.
