- A Waikato businessman bought a Hamilton bungalow for $569,000 but is unsure of his plans.
- The property, with a land value of $840,000, required significant investment, according to auctioneer Mark McGoldrick.
- Another Opoia Road property sold for $1.6m after 86 bids, delighting the vendor.
A Waikato businessman fought hard to buy a run-down Hamilton bungalow at auction last week – but now that he owns it, he doesn’t know what to do with it.
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The ex-rental property on Opoia Road, in Hamilton East, hit the auction room with a declared reserve of $400,000 – less than half its RV of $920,000.
Eight registered bidders turned up for the fight at the Harcourts auction room. Most were developers and investors, and came with plans to renovate the two-bedroom property.
The property had previously been rented out, but no longer met the healthy homes standards. Photo / Supplied
The main buyers were renovators, investors and developers who were all looking for a project. Photo / Supplied
A quick result wasn’t on the cards, though. Getting to the eventual sale price of $569,000 was a slog, with the bidders advancing in tiny increments, some as small as $1000.
The hammer came down after 65 bids, but auctioneer Mark McGoldrick told OneRoof that the successful buyer had bought the property without knowing what he was going to do with it.
This was one of his first forays into property investment, but given the property’s land value of $840,000, it probably wasn’t a bad bet, McGoldrick said.
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The auctioneer said the property “needed quite a bit of investment”.
The vendor, however, was “elated”, getting $169,000 more than what she had been prepared to accept.
The bungalow wasn’t the only property on Opoia Road to come up for sale in the auction room. Two investors went head-to-head for a block of four units across the road.
Two investors went head-to-head for the 1960s block of units on Opoia Road, in Hamilton East. Photo / Supplied
The four units finally sold for a little over $1.6m after a string of tiny bids. Photo / Supplied
It was another slog, with the price again going up in tiny increments - this time as low as $500. At one point, McGoldrick urged the bidders to make a knockout blow as the auction showed no signs of ending. He even joked that someone should get OneRoof on the phone, noting that the bid tally was surely the highest that week.
The property eventually sold for $1.6225m after 86 bids, with the vendor reportedly “tickled pink” by the result.
McGoldrick said it had been great to see competition back in the auction room after a few slower weeks.
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