A fire-damaged house sold for $500,000 at a mega auction in South Auckland yesterday.
The three-bedroom home, which was left uninhabitable by “unfortunate circumstances”, was snapped up by an investor after a short but competitive tussle between 11 registered bidders at Ray White Manukau’s auction room.
Bidding on the property at Lynmore Drive, in Hill Park, kicked off at $300,000 and quickly rose to $410,000 before the auction paused for negotiations. Minutes later the property came back to the auction with a new bid of $500,000, and sold.
Ray White agent Edward Baker told OneRoof that his buyer planned to demolish the house and replace it with an existing home from another site.
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He said the demolition and relocation costs “may cost her $130,000 but that’s a lot less than a renovation. It’s still a very good price for the property”.
The Lynmore Drive property sits on a 638sqm section and is close to Manukau shopping centre and the southern motorway.
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It has a 2021 CV of $730,000 and, according to OneRoof records, last changed hands in 2016 for $750,000.
Baker said he was seeing more traders return to South Auckland, noting that they were taking advantage of being able to buy at the bottom and sell in a rising market. Other clients, he said, were happy to bring their purchases up to healthy homes standards and hold as rentals.
“The market isn’t as crazy as it was after Covid, it feels more stable. But there are buyers out there. I am seeing some pressure on people [to sell].”
Lynmore Drive wasn’t the only fire-damaged home attracting interest at Ray White’s mega auction.
A house with a fire-damaged sleepout on Gray Avenue, in Mangere East, sold for $650,000. Photo / Supplied
A four-bedroom home with a fire-damaged sleepout on Gray Avenue, in Mangere East, sold to a trader for $650,000.
The listing agent, Rubal Singh, said bidding on the property was intense, starting at $300,000 and rising quickly as determined buyers tried to wear each other down with rapid-fire bids.
Singh said the price was a good one for his vendors, who were happy to “get the monkey off their back and move on”.
“They didn’t have the heart or time or money to do the repairs, so are off to a bigger house,” he said.
Singh said the buyer planned to start renovation work on the vacant sleepout as soon as possible, with the vendors happy to give him early access to complete the work before the September settlement.
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