An iconic villa in Auckland's most expensive suburb, Herne Bay, sold under the hammer last week for $3.23m - nearly 70 years after the owner bought it.
Barfoot & Thompson agent Ashley Tait, who marketed the four-bedroom villa on the corner of Sentinel Road and Curran Street with colleague Felicity Scott, said he believed the owner, who is moving to a retirement home, had bought the property in the 1950s or 1960s but did not know what he paid for it.
But New Zealand Herald ads from 1963 show back then renovated Herne Bay properties near the water were asking between pounds $3950 and $3750 – that's about $190,000 in today’s dollars, according to the Reserve Bank's inflation calculator.
The vendor didn’t rush into the sale, Tait added.
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“I first appraised the house ten years ago. Jimmy was a retired merchant seaman, so every Christmas I’d drop off a bottle of rum. He’d travelled the world,” he said.
Buyers made a pre-auction offer for the tidy four-bedroom villa after just a week on the market, bringing the auction forward. Three keen bidders drove the price up from that $2.7m offer to $3.23m, a “fabulous result”, said Tait.
The house on a 642sqm site, with views of the sea, had a CV of $3.65m.
The four-bedroom villa on Sarsfield Street, Herne Bay, Auckland had been renovated in the 1980s by its owner, who had been there 70 years. Photo / Supplied
Tait said interest had come from family buyers hoping to snap up a Herne Bay bargain, as well as professional property traders. The winning bidders were a young family, who plan to eventually do up the house.
The villa was prominent on the corner of Curran Street, seen by thousands of people making their way to the Harbour Bridge or Westhaven. It was known for its imposing high brick wall and stone eagles guarding the front gate, while inside featured leadlight windows, Venetian-style glass chandeliers and an eye-catching glossy blue kitchen.
In Parnell three bidders also fought for an original four-bedroom bungalow on a breathtaking cliff-top site on Tohunga Crescent that sold for $3.87m.
A young family bought the house on Sarsfield Street, Herne Bay, and plan to eventually renovate it. Photo / Supplied
Barfoot & Thompson agent Linda Galbraith who marketed the property said two of the bidders fought for the property, with the final bid of $5000 securing the home.
The vendors, experienced in the construction industry, had bought the site in March last year for $3.625m and had spent the year getting engineering and arborist reports and securing resource consents for a substantial new home with a swimming pool and second guest house. But after finishing a three-year build on another property, they decided they’d rather travel than embark on another project now that borders are open again, Galbraith said.
“Buyers had done their due diligence, they knew they’re looking at at least $3m for the build,” she said.
A bungalow on Tohunga Avenue, Parnell, with plans for a luxury new build sold for $3.87m. Photo / Supplied
“It’s a position and an aspect and a view that can’t be replicated. The previous vendors [to this] had been there 40 years, people know these don’t come up very often.”
“I had people with $8m to $10m thinking the house was near completion and they could buy it done. That’s what it could be worth.”
Galbraith said that despite negative media reports, there are people buying and selling at the upper end of the market.
“The balance is on the value. Purchasers are buying [places like Tohunga] based on the future market, and places like this can’t be replicated.”
Buyers paid $3.1m for a smart four-bedroom villa on Norana Avenue, Remuera. Photo / Supplied
In other high value auctions, a four-bedroom villa in Norana Avenue, Remuera, sold for $3.1m after going on the market at $2.8m. It had a CV of $3.2m.
Ray White agent Tony Chan, who marketed the double grammar zone villa with JoJo Qi, said that while there were developers looking at the 642sqm site with zoning for suburban density, the immaculate house with new paint, carpets and many original features was aimed at family buyers.
Barfoot & Thompson auctioneer Murray Smith said that there was life returning to the auction room.
“In one session we sold five out of six properties under the hammer. It was like November 2021, we had some properties where people were putting up a real fight.
“I’m seeing early-ish signs of a recovery. October will be just as busy as September [for auctions] with maybe more build up in November.”
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