An expansive family home in Te Awamutu has beaten the odds and sold at auction for $1.16 million - $80,000 more than what its owners paid for it at the peak of the market.
The Wallace Street owners, who sold for lifestyle reasons, had already accepted a lower offer of $1.1m prompting the auction to be brought forward a week early.
There were three people vying for the five-bedroom, two-bathroom property on Thursday, which pushed the price up by bids of between $5000 and $15,000 before it eventually sold for $1.16m.
A buyer from Te Awamutu swept in and won the auction leaving the person who made the initial offer still house hunting.
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Bayleys listing agent Andy Townsend, who marketed it with Sarah Adams, said they now had lots of leftover buyers looking for a similar-sized home and not many around.
“There are people looking for big homes, which are hard to find.”
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The big drawcard was that it was a unique house in terms of its size, having a swimming pool and a 2024sqm section with plenty of lawn for the kids to play on, he said.
Since purchasing the property in April 2021 for $1.08m, the owners had made several improvements including installing solar panels, insulation and a new fireplace.
It was also seen as an affordable property compared to building a new home the same size and what was available in neighbouring areas such as Cambridge, he said.
Buyers were drawn to the large family home, which are hard to come by in the town. Photo / Supplied
Both the house and section were large with the 2024sqm section providing plenty of room for the kids to play on. Photo / Supplied
“The feedback from a couple of people was they were looking in Te Awamutu because there’s a lot more value for money in Te Awamutu than Cambridge that’s for sure.”
All the interest came from Waikato locals including people in Cambridge or on the outskirts of Te Awamutu.
“We had considerable numbers through that house. At the two open homes, we had 25 in total through, which doesn’t sound like a lot but it is.”
However, Townsend said it did need to be the right property and have a good marketing campaign because not all properties in the area were selling as quickly.
“A large home is hard to come by and people are willing to pay the money.”
- Click here to find more properties for sale in Te Awamutu
