Seven bidders battled it out at a mortgagee auction this week, hoping to walk away with a mysterious Wellington house that came with a warning.
Developers, investors and flippers crowded into Bayleys' auction room on Thursday to bid on the property on Sheridan Terrace, in Johnsonville, which had been split into three two-bedroom units.
Exactly what they were buying was a mystery as the listing agents had not been able to show anyone onto the property during the entire four-week marketing campaign.
Even viewing the outside of the property appeared to be tricky with the listing stating: “All viewings are strictly by appointment only. Please DO NOT visit the property without an agent.”
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The auction opened at $100,000 and quickly rose in increments of around $50,000 before Bayleys Wellington general manager and auctioneer Grant Henderson announced the property on the market at $610,000.
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The auction opened at $100,000 and quickly rose in mainly increments of $50,000 before dropping down to $10,000 then $1000 “People started to fall over at about that $750,000 mark. There were three bidders that kept going and then from about $780,000 there were just two guys who just kept going,” Henderson told OneRoof.
The hammer came down at $815,000 - $75,000 less than what the owners had paid in 2016 and just over $1m below the property's RV.
The new owner plans to renovate the house and keep it as an investment.
“It was a fast-paced auction," Henderson said. “It was a great result. I’m sure the client is very happy.”
The property had been listed with other agents previously and was on and off the market for almost two years before Bayleys was given it last month to sell as a mortgagee auction.
Only exterior photos were shown of the block of three flats, which were reportedly tenanted. Photo / Supplied
It was sold "as is, where is" so the purchaser had no idea what surprises they might find waiting inside.
Henderson said: “Mortgagee [properties] are not vacant possession. There’s no keys, no chattels, no guarantees of what it will be like, it’s just as is, where is.”
Henderson earlier told OneRoof that finding such a large property within walking distance to the Johnsonville shops was rare.
“It’s not common at all – to find half an acre in Johnsonville. It’s elevated with sun, it’s not far to walk to the supermarket and things. It’s down a hill, but it’s not far to get to.”
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