A three-bedroom home in Remuera sold for $3.584 million under the hammer, as buyers at Auckland auctions today pushed prices well past vendor expectations.
The 1950s two-storied house, which sits on 617smq section on the suburb's northern slopes, has harbour views and is in the valuable double grammar zone, eclipsed its 2017 rating valuation by more than a half a million dollars.
The house was marketed by Barfoot and Thompson agents Leila and David McDonald, who described bidding activity in the room as "flat out".
Leila, who had last sold the house years ago to the current vendors, said: "It [passed reserve] and was on the market so fast. It was fantastic.”
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She said the buyers were bringing in an architect to decide whether to renovate or demolish the house.
At the other end of the scale, a solid end unit at 207 Mt Albert Road, in Sandringham, sold for $845,000, $95,000 above CV.
Barfoot and Thompson agent Cheryl Martin had pitched the home as being perfect for first home buyers - and it must have worked as fierce bidding resulted in a completed sale in less than five minutes.
10 Fairlight Place, Manurewa, South Auckland, had 10 bidders and sold for $94,000 above CV.
Not every home on the Barfoot and Thompson slate attracted that level of attention, with just seven out of 20 lots selling under the hammer, although a couple more are in negotiation and likely to sell overnight.
Barfoot and Thompson national auction manager Campbell Dunoon said he was still deciphering what the patterns are, as the auction action changed week to week.
“But we do notice that the auction rooms are full, plus we had 175 people viewing the live auction on-line," he said.
“When auction rooms are that full, people are looking to see what is happening, as well as there to bid. It’s hard to pick a pattern on what’s sold, other than there’s a general interest in property.”
A beautifully presented bungalow at 24 Franklin Road, in Freemans Bay, in central Auckland, sold for $2.61 million.
Both he and McDonald said there was a shortage of properties in suburbs close to the city – Mt Eden, Ponsonby, Parnell, Remuera, Point Chev – and unsuccessful underbidders would be back looking for a place to buy.
At Bayleys' auction today just two out of 10 lots sold under the hammer, with a further two in negotiation. The two that sold were standouts, though. The well-presented 24 Franklin Road, in Freemans Bay, sold for $2.61 million, $560,000 over CV, after a three-week marketing campaign by agent Blair Haddow.
And a near-new five-bedroom home with swimming pool at 9 Shearwater Lane, in Point Wells, sold for $1.975 million.
Bayleys agent Victoria Turner’s property, said of the bidders: “They were all Auckland city people, looking for their permanent home as an escape from the city, a mix of young families or people 50 plus who can work from home and occasionally commute to the city.
“As far as I am aware from the records, this is a record price for the Point Wells Estate. It shows how keen people are to move out of the city.”
Records were also busted in South Auckland. Ray White chief auctioneer John Bowring said he had never seen such an active auction as the one he called for 10 Fairlight Place, Manurewa, where ten bidders drove the price of a tired 1960s home to $666,000, almost $100,000 above the CV.
Ray White agent Levani Lum-On, who marketed the property with Tom McCartney, was surprised by the price. "It's not a development piece of land, you can’t build on the back and it needs work.”
He said the vendors, who had bought elsewhere, were "praying for around $600,000”. Bidders were mix of young families and investors, with an architect/investor eventually winning the property.
“For the first time this week, we’ve listed more properties than we’ve sold. People are now coming to market because they’re seeing the prices are good,” he said.
