A three-bedroom brick and tile house in Auckland’s Te Atatu Peninsula sold at auction for just over $1.2 million after a near-hour-long bidding battle.
The property on Matipo Road attracted a whopping 166 bids at Barfoot & Thompson’s auction on Wednesday, with three bidders battling it out in the end in $500 increments.
Auctioneer Marian Tolich told OneRoof the auction was a wild ride and the longest of the day.
“I think it was like 20 to four and it was 4.30pm by the time I knocked the hammer down – I’d run out of all my words,” she said.
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The listing agents Jacqui Ding and Nicole Li described the home in their marketing as “a family oasis with potential”.
The 890sqm site was zoned for development and the vendors were “realistic and motivated to consider all reasonable offers”, they said.
“So much potential to develop, land-bank or just enjoy this lovely property, a true paradise with a massive deck and pancake flat section that’s perfect for kids and adults alike.”
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The sale price was below the $1.52m CV and well below the $2m that OneRoof records show the property transacted at in December 2021.
However, Tolich was unable to say what the circumstances of the vendors were.
She noted that the Matipo Road sale and the successful auction of a deceased estate with development potential on Wingate Street, in Avondale, could demonstrate developers were back in the market.
The Wingate Street property had attracted a lot of buyer interest, including from developers.
There were 26 registered bidders at the auction, with five bidding online, 10 registered to bid in the room and around six by telephone.
A strong opening bid blew a lot of the competition away, Tolich said. “The opening bid was $1.12m and it ended up selling for $1.2m.
A deceased estate on Wingate Street, in Avondale, sold for $1.2m. Photo / Supplied
“They didn’t all bid because once you say it’s on the market at that figure I guess a lot of people will have been thinking they’ll get it for less than that.
“To us it shows there are a lot of buyers out there – agents were taking buyers to that property.”
The listing agents, Avinesh Prasad and Malcolm Key, described the property as a deceased estate with urgent action required.
“Our sellers acknowledge that the property is in a state of major disrepair and are ready for what the market has to say and are willing to make quick decisions,” said the agents, adding that the 608sqm level freehold section was in an apartment and terrace housing zone with easy access to the CBD, LynnMall and St Lukes.
Tolich said there were a number of sales at Barfoot & Thompson’s auction on Wednesday in the $1m to $1.3m price range, with auctioneers wondering if buyers are thinking the bottom of the market has been reached.
“I mean, that’s what all the economists are saying aren’t they? There is a shortage of listings as well so there’s not that much coming on and maybe they just feel the time is right.”
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