An immaculately renovated bungalow in the suburb where TV crews are filming The Block NZ sold at auction at the weekend for $4.75 million - $2.1m above its CV.
The four-bedroom house on Point Chevalier Road, in Point Chevalier, broke the sales record for non-waterfront property in the suburb.
Professionals director Derek von Sturmer, who brokered the sale, said demand for homes in Point Chevalier was huge.
“We had 150 people through the first open homes with five people making offers in the first weekend.
Start your property search
“The auction started at $4.5m and went up in bids of $25,000. Both bidders had been looking for over 12 months, there was just nothing else for them.
“Properties north of Meola Road, close to the beach hardly ever come up. It’s a desperate hunt.”
Property prices have surged in the seaside suburb of Point Chev, less than 20 minutes from downtown Auckland. Photo / Supplied
Von Sturmer said the agency was working with 16 buyers who have budgets of $4m to $5m. Most of them are young families moving within the suburb, as the successful buyers were.
He said that with little stock, buyers were prepared to pay a premium for a property that was completely renovated, “and this was immaculate”.
Buyers are prepared to pay considerable premiums for properties that have already been well renovated. Photo / Supplied
“A property on Johnston Street that sold for $2.912m a year ago, the buyers have just started a renovation that will cost $1.2m. Then there’s the time and effort involved.”
The owners, who have lived in the home for 20 years, are moving to a city pad and to spend more time at their beach house.
A renovated house on Te Ra Road, Point Chevalier sold at auction in March for $4.41m. Photo / Supplied
Von Sturmer said that the suburb record, set in early 2018, was for a four-bedroom waterfront home on Bangor Street that sold off market for $5.4m. The eight-year-old Jalcon home building is about to undergo major renovations too, he added.
Another five-bedroom waterfront home on Wright Road on a 1391sqm site sold just after lockdown last year for $4.6m.
In May, a house on Pelham Street, Point Chev, owned by the co-founders of Superette sold for $4.2m. Photo / Supplied
“Now anything on the water would go from anything between $6m and $10m. People are just finding Point Chev and seeing it as a place they want to be, it’s a destination, great for families with the park and the beach, and bigger sections.”
Prices are only growing. In March, a similarly renovated five-bedroom property with a pool on Te Ra Road sold under the hammer for $4.41m after the sellers accepted a $3.95m pre-auction offer only a week on the market.
The listing agent for the house, Ray White’s Robyn Ellson, told OneRoof that buyers were on the hunt for large family homes but supply was limited.
“These are not cheap to build. With do-ups selling now for $2m to $2.5m, you’ve got to have another $1m to create something like this,” she said of the Te Ra Road home, which she marketed with colleague Nic Blackie.
In May, an immaculately renovated property on Pelham Street owned by a high profile couple who own Superette fashion stores sold at auction for $4.2m.
