A trio of South Auckland development properties that sold for nearly $7m, a stylish bungalow in heartland Epsom that fetched $6m and on Waiheke, and a smart old-school bach on Oneroa that sold for nearly three times its ratings valuation were the highlights of Auckland’s auction action this week.
The top price of the over 370 Barfoot & Thompson Auckland auctions this week was the $6.995m paid by a developer for 4277 sqm of land on the waterfront at Wharf Street, Papakura.
Agent Joey Zhuang who marketed the properties said the lot had attracted developers from all over Auckland, with six registered bidders vying for the land. OneRoof records show the vendors had paid just over $4m for the properties five years ago, a gain, on paper, of $2.93m.
With three existing 1970s and 80s houses, the sections had a ratings valuation of $3.67m. Zhuang told OneRoof that the buyer, a developer from central Auckland, plans to fit around 35 terrace houses on the site, which at today’s prices would sell for around $1m each, she said.
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At the top end of town, a stylishly renovated five-bedroom bungalow near Government House on Glenfell Avenue, Epsom fetched $6m as two bidders fought for the property.
An extensively renovated bungalow on Glenfell Avenue, Epsom, sold at auction for $6m. Photo / Supplied
Agent Linda Galbraith, who last month sold the neighbouring property on Glenfell Avenue for $5.302m in a marathon 90 minute auction, said that although on a smaller section, this property with a Terry Hitchcock renovation that took nearly two years to build was worth more.
The 306sqm house on a 796 sqm section had a CV of $3.335m.
“It’s a hotly sought-after street, vendors don’t sell unless they can stay in the area. It’s close to Mercy Hospital, and Grammar School, the buyers had been looking in this area for a while,” she said.
She added that while the market was changing as finance for buyers in the first home and middle market tightened, “when people are spending $4.5m to $5.5m they’re quite confident, there are a lot of buyers and very few properties.”
Two bidders drove the price of a three-bedroom 1930s character home on Kiwi Street, Oneroa, to $4.3m. Photo / Supplied
Fellow agent Alex Baker marketed a 15-year-old five-bedroom home on Victoria Avenue, Remuera, that sold for $4.86m, nearly $1.5m above its council ratings valuation.
Barfoot & Thompson auctioneer Murray Smith said that tighter lending scrutiny from the banks was being felt in the auction rooms.
“Buyers are not as bold as they were before, but owners still have a price expectation from what they’d seen a month ago. It always happens, when things come off the boil – the March tax rule changes boosted things, then things went crazy after lockdown, but now owners need to have a little think about what level they can sell at.”
Smith pointed out that while there are slightly fewer bidders, there are way more properties coming to market – in early December the company has 400 properties slated to go under the hammer in one week.
A five-bedroom mansion in Sunnyhills, south east Auckland, sold for $4.925m. Photo / Supplied
“I’ve never seen that before, agents are listing for auctions like crazy.”
In the Bayleys auctions this week, a charming three-bed renovated 1930s house on Kiwi Avenue, Oneroa, sold for $4.3m, nearly three times its 2017 ratings valuation of $1.575m.
Agents Tricia Lafferty and Kym Aikin said a pre-auction offer came from a buyer just one day after they’d viewed the house, bringing the auction forward. Two bidders quickly drove the price another $400,000 beyond the $3.9m pre-auction offer.
“It’s a rarity on Oneroa, 400 steps to the beach. Our buyers knew what they wanted, just as our vendor had taken six years to find this property when he bought eleven years ago,” Lafferty told OneRoof.
She said that there is a distinct market of Auckland buyers, mainly from the eastern suburbs, who want a home that feels like a beach house, with character and charm, not Auckland city-flash.
“We can’t impose our idea of value [of a property] based on past sales on the island. Something like this just tugs at the heart.
A 15-year-old house on Victoria Avenue, Remuera, sold for $4.86m. Photo / Supplied
“It’s the perfect match. But it’s always sad to see buyers miss out, so we’ll be searching for something for them. It takes a long time to get over missing a property like that.”
In the same auction another Waiheke property, a two-bedroom French-style house on Hekerua Road, Surfdale, fetched $1.2m.
In Sunnyhills, east Auckland, a four-bedroom mansion on a resort like 1077sqm property on Manor Park, near St Kentigern College, sold for $4.95m, $400,000 above the pre-auction offer and $2m above its council ratings valuation.
And in Herne Bay, a two-bedroom cottage in Sentinel Road sold for $2.8m - entry level for Auckland’s highest value suburb when average property value is now well over $3m.
