A run-down 1930s home that has been vacant for years has sold in a competitive auction for $2.345 million with the proceeds donated to four charities.
The two-bedroom, one-bathroom deceased estate on Ripon Crescent, in Meadowbank, Auckland, attracted 15 registered bidders and an impressive 73 bids when it was auctioned off at Ray White South Auckland on Tuesday.
The auction opened at $1m when a handful of enthusiastic bidders started it off and was announced on the market at $1.75m. Once it reached $1.8m, a developer and a land-banker continued to fight for the property placing $5000 and $10,000 bids before it finally sold under the hammer.
Ray White listing agent Monika Maynard, who marketed the property with Aryaan Batra, said the last two bidders fought it out to the death: “It was like ping pong.”
Start your property search
The property sold just under its rateable value of $2.8m which Maynard said is “quite high” given renovated houses in the area are also selling for just shy of their RVs.
Buyers viewing the property earlier in the campaign priced the property at $1m and $1.25m - significantly lower than the eventual sale price.
Read more:
- Remuera mansion with chequered past and $7.4m CV sells for secret sum
- Remuera has fallen: Just eight house sales in NZ’s $1 billion suburb in February
- For sale: The Otahuhu house that Grandad built before heading off to WWI
The 921sqm section and location were the main selling points, she said. While it attracted several homeowners wanting to renovate it as a family home, the main interest was from developers, investors and land-bankers.
“It’s a good size section. You can actually build quite a bit on it and if you want to and it’s in a great area.”
Two generations of the same family have owned it since it was built, but no one has lived there since the son moved into a retirement home at least four years ago.
Some buyers had been hopeful they might be able to get a bargain because of its condition, Maynard added.
“It was liveable from a camping point of view.”
The home, which had undergone an extension to add a living area at some point, has a vintage blue and yellow kitchen, pink bathroom, greenish gold carpet in some rooms and exposed floorboards in others, and peeling wallpaper – some of which is floral.
The home has a completely retro kitchen. Photo / Supplied
The original carpet and chandeliers are on show in this vintage do-up. Photo / Supplied
The photos also show a fireplace and antique chandeliers hanging from the ceilings. Paint can also be seen flaking off the window sills.
“It was a very nice property – high ceilings, wooden floors, lovely green carpet ...”
The owner had written in his will that the proceeds from the sale of the property were to be donated to four specific charities.
The charities benefiting from the sale did not want to be named, but a spokesperson said the gift would positively impact many lives.
“On behalf of all the charities who will receive the proceeds from the sale of this property and their beneficiaries, we are truly grateful for this generous gift. It is incredibly heart-warming and impactful when someone chooses to leave a gift in their will for a charity.”
Last month an Onehunga villa on Cardwell Street with an unusual colour scheme sold for $830,000.
The deceased estate had been owned by the same family for more than 100 years. The owner left instructions in his will that any proceeds from the sale of his estate should be given to the Salvation Army, St Vincent de Paul and Fred Hollows Foundation.
The couple who bought the Cardwell Street thought they were going to an open home when they arrived at the property only to find themselves at the onsite auction – and purchased it on the spur of the moment to do up for their son.
- Click here to find more properties for sale in Meadowbank
