A finalist in the prestigious House of the Year competition sold under the hammer this week for $7.62 million - more than $2m above its 2017 CV.
The dramatic re-design of the waterfront 1920s bungalow on Winsomere Crescent in the Auckland suburb of Westmere earned architect Tim Dorrington a finalist slot in the New Zealand Institute of Architects 2016 contest and attracted fierce bidding from three buyers at Bayleys' auction on Wednesday.
Bayleys agent Gary Wallace, who marketed the house with Vicki and Andrew Wallace, said that the “nail-biter” auction really proved the value of the property.
“Interest was huge around the neighbourhood. It provided an awesome lifestyle with the beach at the bottom of the garden, and it is quite unique, there is nothing comparable," he told OneRoof.
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“My beautiful vendors are so delighted, they feel like they are handing over a work of art from their family to the next.
“The sale settles in January, so they will be able to have one last special Christmas on the beach.”
Buyers knew the value of the unique architecture and hidden waterfront location of the Winsomere Crescent home. Photo / Supplied
The sale, while impressive for the street and neighbourhood, falls well short of last year’s record sale price for the suburb: the $24m paid by former All Black Ali Williams and billionaire Zuru Toys owner Anna Mowbray for a waterfront pad, or the $17.68m paid for a neighbouring property that was owned by former Tauranga mayor Tenby Powell and entrepreneur Sharon Hunter. That property had been on the market for four years, initially with a $20m asking price, and hit global headlines for its famous tenant, Hollywood action star Jason Statham.
By contrast, an almost original two-bedroom bungalow on Chester Avenue, in Westmere, sold at a Barfoot & Thompson auction today for $2.635m, well above its $1.625m CV.
An almost original two-bedroom bungalow on Chester Avenue, Westmere, fetched $2.635m. Photo / Supplied
In Wednesday’s Bayleys auction, four bidders also competed for a smartly refurbished three-bedroom villa on Bayfield Road in Herne Bay, with the hammer coming down at $3.52m.
The listing agent, Joe Telford, said buyers could do the math and saw the value in the refurbishment. The sellers had paid $2.855m for the house in March and done a stylish update.
“Local buyers understood the market, they were very well educated what this work would cost and were expecting to pay well over $3m.”
Telford said this was very much the middle market for the wider Ponsonby area now.
A smartly refurbished villa on Bayfield Road, Herne Bay, sold under the hammer for $3.52m. Photo / Supplied
“It seems in the market at the moment that houses in the $2.5m to $4m bracket, you’re getting three to five bidders. Oddly enough, it’s the $4.5m to $7m budgets where you’re getting up to 10 bidders.
“When something big and sexy comes along, you’ve definitely got more buyers at the high end. Some buyers are starting to ask ‘am I paying too much, am I buying at the peak’ but the things that underpin values here are not going to change, it won’t get any cheaper.”
Scarcity pushes prices up. An immaculately renovated two-storey, three-bedroom house on John Street in Ponsonby, marketed by Bayleys agent Robyn Clark, achieved $3.365m. The house last sold mid-2018 for $2.282m, a gain of $1.083m in three years.
A three-bedroom villa on John Street, Ponsonby, sold for $3.365m, a $1.083m gain in three years. Photo / Supplied
This is a top price for the house, known as one of the iconic Six Sisters, a row of matching Victorians on the crest of the street.
“The buyer had missed out on other properties and wanted to secure a property before Christmas,” Clark said.
“People are looking with budgets from $1.5m to $7m in the area, but you really can’t get anything under $2m unless you want to work on it.”
