A rare do-up in New Zealand's most expensive suburb is for sale and, given the way the Auckland property market is performing, could expect to go for more than its $6.1 million council valuation.
Built in 1910, a four-bedroom villa, billed as “very tired” at 15 Hamilton Road in Herne Bay is one of only a few do-ups still hidden in the suburb.
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Ray White agent Jan George, who is marketing the property with Aaron Haabjoern for sale by way of tender, closing October 15, says the property has been in the same family since 1942 - nearly 80 years – and still has many of its original features.
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The bulk of the property's 2017 $6.1 million council valuation is for its 2188sqm of land and while George did not want to comment on price, she did say "there had been a lot of interest".
The villa is on a huge 2188 sqm site, surrounded by a mix of original villas and more modern townhouses. Photo / supplied
According to the OneRoof-Valocity house price index, property values in Herne Bay are 6.7 percent up on where they were on March 25, the day before the country went into to lockdow. The median value currently sits at $2.592 million, with the top settled sale price so far this year coming in at $8 million.
Martin Dobson, from Kelland Real Estate, says the suburb, has been gentrified years ago and it’s very rare to see a do-up.
The 1910 villa has many original features such a fireplaces, stained glass windows and ceiling roses. Photo / supplied
There are odd do-ups left in the area but they are normally unnoticeable until listed for sale, he says.
“Some of them you wouldn’t know about as they are down drive ways. A lot of them now have been taken to another level and are unrecognisable.”
Dobson recently sold two liveable-but-requiring-renovation homes. He says these popular among young families who are wanting to get into the premium suburb.
“Young families like to do their own thing and create what works for them, rather than pay a premium price for something that doesn’t always suit their needs, expectations or requirements,” he says.
Bayleys agent Peter Tanner, who has lived in the area for over 35 years, says Herne Bay people refer to it as a village rather than a suburb, as it’s small, vibrant and everyone knows each other.
Billed as "tired", the do-up has been in the same family for nearly 80 years. Photo / supplied
Properties are tightly held in the area and when a property is listed it sells quickly. People are prepared to pay premium price to get into the area.
The “village” is also one of the most expensive suburbs in Auckland. Tanner recently sold brand new apartments in a complex for around $6 million and $8 million.
Tanner says 23 Hamilton Road, a similar do-up for sale earlier in the year which was also held in the family for over 50 years. OneRoof records show it had a council valuation of $3.375 million, but the sale price is not disclosed.
However, it was unique to have an original do-up villa for sale in of Auckland’s most expensive suburb, and even more rare to have a large site attached to it, Tanner says.
“It’s very rare to see a large site in Herne Bay that hasn’t already had some degree of renovation undertaken and that house is original.”
A similar house at 23 Hamilton Road, one of the last grand restoration projects in Herne Bay, sold at the beginning of the year for an undisclosed price. Photo / supplied
A renovation of an original villa is a big undertaking but it could double the value of the place when selling again.
“There are families who want a big site for a big family home and an ability to buy something that hasn’t been touched is pretty unique.”
Across town in Remuera, agents say buyers figure on a $2 million budget for renovation to bring it up to suburb standards.
The large Hamilton Road section is in a single house zone, so there are options to redevelop the current home but it has to be an only house on the section.
The property is a stroll away from Auckland central, the waterfront and Ponsonby, with variety of schools in the neighbourhood .
