A renovated four-bedroom villa in one of Auckland's most popular suburbs post lockdown sold under the hammer for $2.705 million today.
The sale of 25 Pompallier Terrace, in Ponsonby, was brought forward after the vendors accepted a pre-auction offer of $2.565 million. The villa had only been on the market for two weeks.
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Ray White agent Angela Saunders, who marketed the property with Paul Grace, said 70 groups had come through the open homes and 11 bidders registered for the auction, with four actively competing on-site.
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Saunders told OneRoof: “It’s a seller’s market and buyers are trying to take control by making serious offers on properties to bring forward auctions.
“The demand is only going to increase – homes are on the market one minute and gone the next.”
Grace added: “A lot of buyers are frustrated by a lack of stock. When you’re looking for a high calibre home, there’s not a lot to choose from on the market at the moment.”
The renovated villa at 25 Pompallier Terrace fetched more $600,000 above its 2017 CV. Photo / Supplied
Saunders and Grace are marketing another villa in neighbouring Grey Lynn that has also had its auction brought forward. The house at 102 Crummer Road is set to go under the hammer tomorrow at 12pm.
Ray White chief auctioneer John Bowring told OneRoof earlier this week that nearly 30 per cent of auctions in Auckland last month were brought forward. At another auction in Royal Oak last night he called last night, there were 41 registered bidders, the largest number ever recorded for an Auckland property by Ray White.
“It’s of course a wonderful feeling as an auctioneer to break the Ray White record for Auckland city, but it’s an even bigger indication that now really is the time to be selling your home,” Bowring said, adding the July overall auction clearance rate was 72 percent.
The auction has been brought forward for this villa at 102 Crummer Road, in Auckland's Grey Lynn. Photo / Supplied
25 Pompallier Terrace sold well above its 2017 CV of $1.925 million, and OneRoof records show it last sold in 2016 for $1.75 million handing the vendors a profit, on paper at least, of close to $1 million.
The vendors had told OneRoof at the start of the campaign that they carried out extensive renovation work on the villa, including relocating the main bathroom and creating a master en-suite, refinishing floors and kitchen tile, adding insulation and double glazing and making over the garden.
Ponsonby, Grey Lynn and Herne Bay have seen a surge in buyer activity post lockdown, with several homes coming to market fetching premium prices.
Two weeks ago, a four-bedroom bay fronted villa at 3 Farrar Street, in Grey Lynn, went for $3.6 million while the week before 56 Rose Road, in the same suburb, sold for $2.356 million.
Of the 23 Auckland city suburbs with median values of $1.5 million or more, eight saw property values return to or surpass their values on March 25 - the day before the country went into an eight-week lockdown that put the brakes on the housing market.
According to OneRoof’s new index, created by its data partner Valocity, Devonport saw the most growth, with values there rising 9.9 percent since March 25.
Westmere and Ponsonby, whose median values are fast approaching the $2 million mark, saw growth on the index of 5.3 and 4.5 percent respectively.
With a median value of $2.56 million, Herne Bay is still New Zealand's most expensive residential suburb, and while growth of 1.6 percent isn't huge, the number shows the top end of the market hasn't shied away from the suburb since lockdown ended.
