- A run-down property in Hamilton sold for $482,000 after intense bidding at auction.
- The auction was brought forward following an initial offer of $330,000, with 11 buyers registering.
- The final sale price was significantly higher than expected, highlighting strong interest from investors and developers.
A run-down property tipped as Hamilton’s “best buy” jumped $152,000 in price in mere minutes after bargain-hunters turned out in force today.
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The deceased estate on Normandy Avenue, in Melville, had only been on the market a couple of weeks when the vendors accepted an offer of $330,000 and the auction was brought forward by two-and-a-half weeks.
Eleven buyers registered to bid at the auction and they pushed the eventual sale price to almost half-a-million dollars.
The property was overgrown and buyers were looking to pick up an entry-level home in Hamilton. Photo / Supplied
The property, which was being sold “as is, where is”, was overgrown with trees and had lain empty for several months, with the deceased's family disconnecting utilities for safety reasons.
Harcourts Hamilton business owner Campbell Scott said there had been a lot of interest in the home, from first-home buyers and investors to developers and property traders.
The first-home buyers who turned up to bid dropped out of the race early on, with the auction ending in a head-to-head clash between two property traders. Some 53 bids were made before the auctioneer declared the property sold at $482,000.
Scott spoke to the buyer after the auction. The buyer told him he planned to renovate the house, but did not divulge whether or not he would on-sell it.
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While the final sale price was much higher than the $200,000-plus price indication on the listing, sub-$500,000 was still cheap for Hamilton, Scott told OneRoof.
“You are still at entry-level. If you are trying to find a full section property for that price, the list would be pretty short.”
Scott said the vendors were at the auction and were being congratulated “left, right and centre” after the hammer came down. “They were prepared to take $330,000 for it and when you get an extra $150,000 that’s a good amount of money regardless of how many people might be sharing it.”
The property had a CV of $600,000 – $435,000 of which is for the land.
Scott said the result showed that it was a good time to be moving on stock that might be problematic for the owner or needed work done to it. “These little examples we are getting recently tell us that there are enough buyers there for it, get into it.”
- Click here to find more properties for sale in Hamilton
