A smart three-bedroom villa in one of Auckland’s most expensive suburbs has sold for $3 million at auction, handing the lucky vendor a near-$1 million profit.
The house at 18 Dunedin St, St Marys Bay, which had a 2017 CV of $2.675 million, last changed hands in December 2015 for $2.04 million.
The house was one of several properties to see big gains at Barfoot & Thompson’s main city auction today, with eight properties selling above CV, six of which netted their vendors profits of between $500,000 and nearly $1 million.
The St Marys Bay villa, which was marketed by Barfoot and Thompson agent Ashley Tait, sits on 300sqm of land and has views of the harbour. Its sale price is well above St Marys Bay's median property value - $2.25 million - but falls half a million dollars short of the suburb's highest sale price of the 12 months.
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Barfoot & Thompson head of auctions, Campbell Dunoon, says that 12 out of 18 lots sold under the hammer.
“We were seeing this at the end of last year, but sure thing, this year, buyers and sellers have hit the ground running. The last three weeks are something we haven’t experienced for a long time, since 2017.” Dunoon said that the quality of the properties for sale, “blue chip, very much sought after family homes” were good quality, in desirable parts of Auckland like St Marys Bay, Point Chevalier, Epsom and Onehunga and bidders were out in numbers.
“We had 10 bidders for Liverpool St, Epsom, eight for Grey St, Onehunga, and six for Alberta St, Pt Chevalier. The bids just flew.
“This is sought after, aspirational family property.”
Other stand out sales at the Barfoot and Thompson city auctions included:
- A three-bedroom do-up villa at 41 Grey Street, Onehunga, zoned Mixed Housing Urban and sitting on 680sqm section, which sold for $1.375 million, $250,000 above its 2017 CV. It last changed hands in 2005 for $486,000, but Dunoon says has been in the same family for 75 years.
- A three-bedroom nicely presented bungalow at 11a Liverpool Street, Epsom, which sold for $1.67 million - $245,000 above its CV and double what the vendors paid for it in 2009.
- A three-bed bungalow on a 728sqm section at 20 Alberta Street, Pt Chev, which sold for $2.008 million - $258,000 above CV, and $500,000 above what it last sold for in 2016.
- A three-bedroom 1990s-built home built at 18A Fairholme Avenue, Epsom, which sold for $1.55 million -$250,000 above its 2017 CV, and almost double what the vendors paid for it in 2010.
- A five-bedroom, two-bathroom 1930s home at 216 St Andrews Road, Epsom, which was on the market for the first time in 30 years and sold for $2.226 million - nearly half a million dollars above its 2017 CV and likely close to $2m above what the vendors originally paid.
Also making a big profit was 18/29 Rossmay Terrace, in Mt Eden. The two-bedroom townhouse sold for $746,000, and while this is much lower than the sale prices above, the vendor bought it in 2002 for $208,000, meaning they made a profit of $502,000, as four bidders competed for the entry level property in Auckland and Mount Albert grammar zones.
