A four-bedroom Auckland home sold last week under the hammer for more than 30 percent above its CV - netting the vendors almost $3 million.
The house at 28 Tainui Road, in Cheltenham, also achieved the highest sale price of all properties sold at auction in Auckland last week.
It sold onsite on September 2 for $2,960,000 after intense competition between two bidders.
Harcourts agent Gary Potter, who listed the home, said the renovated 1920s bungalow house had attracted plenty of interest.
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"We had about 50 people there with a few buyers but only two bidders in the end with a very energetic auction unfolding which resulted in a fabulous result all around," he told OneRoof.co.nz
"Bidding started at $1,800,000 and went through to $2,960,000 - there must have been about 50 bids."
Though the property was always expected to bring in top dollar, he says the final price was still a surprise.
"We knew it would go for more than the CV but the result ended up better than any of us expected. I wish we had three properties like it but they don’t come up that often."
The 238.3sqm house sits on a 692sqm section and is just 400m from Cheltenham Beach.
"This particular bungalow was well renovated, had a wonderful connection to the outside from the large living room/ kitchen area, had four bedrooms, two bathrooms and, rare for the area, a double garage," Mr Potter said.
He added that the area was seen as one of New Zealand's safest. "It has lovely beaches, historic buildings and great schools. Why wouldn’t you want that as your lifestyle whatever is going on in the market or the economy?"
The sale comes as the latest REINZ figures show the median house price for Auckland saw its first year-on-year increase in six months.
The median price across the city rose 1.4 per cent to $852,000 in August, suggesting an early spring for the market.
Median house prices for New Zealand increased 3.6 per cent year-on-year to $549,000. For New Zealand excluding Auckland, the increase was even greater with a 6.2 per cent annual increase from $428,500 to $455,000.
The latest OneRoof Property Report figures showed the median value of houses in the area was $1,734,800, up 1.9 percent on the year before. Figures also showed that the average sales price for the suburb for the three months to May 31 this year was 4.3 percent up in relation to CVs.
In the week from September 1 to September 7, 70 properties sold at auction in Auckland, and 111 passed in. Only four properties achieved a sales price of more than $2 million at auction.
The second highest selling property at auction was also in Devonport. A four-bedroom home at 24 Ewen Alison Avenue sold for $2,275,000, 10.98% above its CV. The fully renovated early 1900s Edwardian Villa came complete with wrap around verandas, landscaped gardens and a separate semi self-contained studio/sleepout at the back of the property.
Also performing well above its CV was 34 Unsworth Drive in Albany. The 3-bedroom home, which sits on a 719sqm section, sold at auction for $1,391,000 - 18.38 percent above CV.
The appeal of a home and income property may have been a contributing factor, with the property containing separate 2-bedroom flat at the rear of the main building.
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