‘As is, where is’ Herne Bay home sells for $850,000 - nearly $2m below RV

- A townhouse in Herne Bay sold for $850,000, nearly $2m below its RV.

- The “as is, where is” property was marketed as a “rebuild project”.

- Bidding started at $200,000 and was competitive, ending at $850,000.

A townhouse in Auckland’s most expensive suburb has sold under the hammer for $850,000 – almost $2 million below its RV.

The listing on OneRoof said the Wallace Street home was to be sold “as is, where is”, with photos showing exposed flooring and walls.

Listing agents Jock Kooger and Pawel Smuga pitched the property as an “incredible opportunity” to bring a home “back to life” and described it as one of the “best rebuild projects we have seen”.

It was not, however, for the “uninitiated or inexperienced”.

It was pitched as a rebuild project, with the listing calling for “experienced buyers”. Photo / Supplied

At a Bayleys auction on Thursday, bidding kicked off at $200,000 and quickly hit $700,000, when the property was declared on the market.

There was fierce competition between bidders, sometimes in increments as small as $500, before the hammer came down at $850,000.

Kooger declined to comment on the sale when contacted by OneRoof.

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Photos on OneRoof show the home to be one of several attached townhouses up a right-of-way driveway on Wallace Street.

The walls of the main ground-floor rooms are stripped back to their bare studs, and the flooring is exposed to the joists, with the ground visible beneath.

Also shown is a glass-enclosed stairway and a stripped-out fireplace. The upper floor bedrooms also have incomplete sections but the two bathrooms and powder rooms appear to be complete, with smart joinery and fixtures, black tiled floors, and glass shower enclosures.

The flooring was incomplete and some walls were exposed. Photo / Supplied

“The bones of the home are exposed. Flooring has been partially removed, and the kitchen is gone – ready for a fresh start for those ready to seize the opportunity. Step inside and be wowed by the impressive 4.3-metre-high vaulted ceilings,” the listing.

The agents emphasised the positives: expansive north-facing stacker doors and windows , seamless indoor-outdoor connection to the tiled patio, and a ground-floor double garage, as well as the upsides of living a few hundred metres from the buzz of Jervois Road’s shops and restaurants.

“Don’t forget your work boots. Bring your trusted advisers and take this home to the next level,” the agents urged.

They rightly call this the best opportunity in Herne Bay, a suburb where waterfront mansions can easily command $10m-plus.

Sub-$1m properties in the suburb tend to be apartments. In 2023, a 32sqm unit on Wallace Street sold for $510,000 and a 133sqm two-bedroom flat in a block on Jervois Road sold for $1.25m in early 2021.

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