A run-down bungalow surrounded by waist-high weeds has sold for $2.205 million.
The three-bedroom home which sits on a 696sqm section on Johnstone Street, in Point Chevalier, was one of the last unimproved houses left in the inner-west suburb's desirable northern side.
It sits just a few streets away from where The Block NZ was filmed last year.
Listing Ray White agent Derek von Sturmer said the house was snapped up by a family from outside the area who are "looking to build their dream home".
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"They identified Point Chevalier as one of the areas they’d like to live in,” he said, adding that the property had attracted interest from developers and even a few brave souls who thought they could renovate the old house.
The property has a 2021 CV of $2.65m, of which $2.575m was for the land
“The last time we had anything in this condition was at the start of 2020, but sadly this one was too far gone,” von Sturmer said.
“It’s bitter-sweet for our vendors because they didn’t get to build what they’d planned for their family, but they are pleased it will be a family home.”
The vendors had paid $2m for land in December, after a long-standing arrangement with the original owners’ estate, but told OneRoof last month they were unable to go ahead with plans to build a new home.
The run-down house was on a valuable 696sqm site a few houses away from the water at Point Chevalier. Photo / Supplied
The three-bedroom bungalow, which has original fireplaces and leadlight windows, was too far gone to be renovated, the agents said. Photo / Supplied
Von Sturmer said the property was the last of its kind in Point Chevalier: “There is literally nothing old down there - this is the last dump. Elsewhere it's all established houses and beautiful architecture. You could spend whatever you wanted on the build in this spot. There's nothing like it in Auckland."
Ray White agent Ross Brader, who was the co-listing agent along with Jo de Beer, said that the cottage hadn't changed much since he started working as an agent in the area in the mid-1990s.
The property’s advertising pointed to multi-million-dollar sales for new or luxuriously renovated homes in the area, including a five-bedroom renovated villa on Wainui Avenue that went for $4.9m in February this year and $5.21m for an architect-designed four-bedroom home on Harbour View Road that sold in October last year.
“There are plenty of nearby properties worth well in excess of $6m, but seldom available. It's a suburb like no other and one of the top performing suburbs in New Zealand for over 20 years,” the advertising said.
Six bidders competed for an architect-designed house on Harbour View Road which sold at auction for $5.21m in October last year. Photo / Supplied
Von Sturmer said that with prices “coming back”, now was the time for buyers looking for building sites in the suburb, although the market had re-gained some heat in the first two weeks of August.
“The last five sales we’ve had all sold with multi-offers or auctions brought forward. We refreshed the marketing for a property on Smale Street that had been on for some time, and had 13 groups through and it sold for $1.395m with multiple offers.
“Another townhouse on Walker Road sold for $2m in seven days with three offers. That’s $155,000 more than an almost identical townhouse at the same address got six weeks ago.
“Suddenly the tap has turned on and there’s no need to do the behind-the-scenes deals anymore. We’re saying to our vendors to go to auction, the competition is there from $1m up to $6m,” he said.
