A 1970s home with some of the best views in Auckland sold under the hammer on Thursday for $7.1 million – $1.7m above its 2021 CV.
There was spirited bidding from the five buyers vying to own the five-bedroom house on Remuera Road, with the on-site auction kicking off with a bid of $4.2m and the property being declared on the market some $1.5m later.
Two bidders drove the price up in increments of $100,000 in the closing stages of the auction, before an extra $50,000 sealed the deal for a Remuera local.
Ray White agent Ross Hawkins, who marketed the property with colleague Caleb Rufer, said the result was “fantastic”, exceeding buyer feedback on what it might sell for.
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“I think we can say the market is back. It’s what we were used to prior to last year.”
Hawkins said that local interest in the property had been high. The under-bidder told OneRoof he was also a local too.
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The 30-odd crowd attending auction knew the value of the elevated 776sqm corner property, which has unobstructed views of the city skyline, the Hauraki Gulf islands to the Coromandel Peninsula and south to the Bombay Hills – a fact Hawkins and auctioneer Jeff Tubman made abundantly clear.
They pointed out that properties on the coveted end of Remuera Road were tightly held and noted that apartments on the strip were now fetching $7m-plus.
The property, which has a three-bedroom main house and two self-contained flats, has unobstructed views of the city, harbour and Coromandel Peninsula. Photo / Supplied
Bidders crowded the deck of the house, with five bidders driving up the price past the $5.7m mark when it was declared on the market. Photo / Supplied
"The views [are] protected due to a height restriction on the house below. It is a corner site with dual access and is prime for development and/or a remodel. They can’t have any trees or anything that goes up into that view line,” Hawkins said.
The house, which has two rental apartments on the ground floor, as well as garaging, has been in the same family for 33 years with the elderly owners selling to move to a retirement community.
The agents said buyers could renovate from the base of the house or rebuild; the value was in the view that can't be built out. Photo / Supplied
Ray White agent Ross Hawkins said that the auction was like 2021 again. Photo / Supplied
When it was built, the home, which has dual access off Ridings Road, had a basement billiards room and storage areas which the current owners converted into flats. Hawkins had said it could be left as is, renovated or the whole property fully developed. In the meantime, the house and rental units would make the property a prime investment while the buyers figured out their plans or be used for multi-generational living.
“You'd never over-capitalise on the golden mile strip with Mount Hobson in behind it.”
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