A South Auckland do-up selling for $1.7 million is no longer unusual, an agent claims.
Development property on Oxford Road sold under the hammer for $1.741m, more than $990,000 above its rating valuation of $750,000 this week.
The generous Manurewa site is zoned for mixed housing urban, and Barfoot & Thompson agent Vivek Punj says seven bidders competed for the development opportunity.
“It’s amazing that this kind of house sells for $1.741m. It’s a lot of money but it’s not unusual,” he says.
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The buyer will build six to eight homes on the site and help bring more new housing stock to South Auckland in the next few years, Punj adds.
The four-bedroom home located on a development site on Oxford Road had a CV of $750,000. Photo/ Supplied
Bidding for the 1950s bungalow on a 1012sqm site started at $1.1m, reaching the reserve price of $1.67m before it was eventually sold to a developer for $1.741m.
“It’s more than what we expected but anything on a flat section with services and no issues will have a lot of developers going for it,” Punj says.
Another development further south of Auckland, in Pukekohe, sold for $1.45m under the hammer, way above its $655,000 rating valuation.
Barfoot & Thompson agent Rick Hale, who marketed the Valley Road property as a developer’s dream, said three active bidders competed to secure it on Wednesday.
The three-bedroom home sits on the edge of the 1014sqm site, zoned for mixed housing suburban with resource consents already issued to subdivide it into three titles.
This Valley Road property in Pukekohe was snapped up by a developer for $1.45m. Photo / Supplied
Hale says the house will be demolished and the sale price reflects just the value of the land alone.
"It’s mostly a traditional old area with big houses on big sections but this property had development potential and we’ve seen an intensification of the area,” he says.
The $1.45m price was above everyone’s expectation, with the vendor cashing up and moving to the next investment project.
Also in South Auckland, a cross-lease home in Mangere sold for $600,000 was the sale price for under the hammer, a price that’s deemed affordable in Auckland.
Marketed by Repeka Lelaulu and Salesi Lelaulu of Barfoot & Thompson, the Caravelle Close property had a rating valuation of $530,000, and was last sold in 2007 for $250,000.
Bidding on the 1960s do-up started at $400,000, reaching the reserve price of $591,000 before selling for $600,000.
A three-bedroom home in Manurewa’s Browns Road was sold under the hammer to the same buyer who made the pre-auction offer of $1.26m.
Five bidders competed for the 809sqm development site, with a rating valuation of $620,000, which was secured by an investor.
