A two-bedroom ex-state house around the corner from The Block has sold under the hammer for $2.412m - almost $1m above its CV.
The house, which last hit the market more than 80 years ago, was snapped up after fierce bidding at Barfoot and Thompson's auction today.
Sitting on a 662sqm zoned for development, the house on Kiwi Road, in Auckland Pt Chev, is a five-minute walk from the four homes that starred in this season of The Block NZ.
Barfoot & Thompson agent Mousa Assady, who marketed the property, said the home was purchased from the state in the late 1940s and has been in the same family's hands for 60 years. It still had the original features, including the classic timberwork, kitchen and sunroom, although the bathroom had been modernised.
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Bidding started at the pre-auction offer of $2.26m, but rapidly rose to over $2.3m. Two online bidders bid in rapid fire increments of $1000 before the hammer came down, less than eight minutes later. Mousa told one roof that there were six or seven bidders, with the winning bid coming from a developer who had not seen the property in person.
Much of the interest in the house had come from developers looking to build multiple homes on the generously sized section. Recent sales of new-build terrace houses in the suburb have seen buyers spend up to $2m.
The brick and tile house, which had been valued at just $170,000 was built in the emerging suburb as part of the first Labour Government’s 1936 state housing project on streets named after native birds – Kiwi, Moa, Huia, Tui.
The house on Kiwi Road, Point Chevalier, is on a 667sqm section zoned for density. Photo / Supplied
Assady told OneRoof that demand for sites with development potential close to the central city had surged over the past 12 months and that developers were coming in from outside suburb to snap up homes.
Two blocks away, the four upscale townhouses from The Block NZ are awaiting auction. Photo / Supplied
“It used to be that you based yourself in an area, but now you just need to know the site, the storm-water and the drainage. Three of the bidders hadn’t even seen the property.”
The modest house was purchased from the state in the 1940s and has been in the same family for 60 years. Photo / Supplied
Landbankers hoping for a fast turnaround profit did not fare so well at this week's Auckland auctions.
A renovated three-bedroom bungalow on 711sqm of land zoned for density on Boundary Road, Blockhouse Bay, that sold for just $1.342m in February this year was back on the market, but was passed in at $1.71m when it failed to meet the reserve.
The Kiwi Road house includes many original features, but will likely be bowled to build townhouses. Photo / Supplied
Barfoot & Thompson agent Jay Suchak, who marketed the property, said it came with concepts for possible developments, including six three-bedroom townhouses, four more spacious houses or three standalone homes.
A two-bedroom 1920s house on a cross lease site at 85 Gribblehirst Road Sandringham had better luck, selling for its pre-auction offer of $1.575m, $395,000 above its CV of $1.18m.
