A Remuera townhouse has sold for the second time in six months with the new owner taking a $82,000 hit.
The 1980s Clonbern Road property was advertised as the “Best Buy in Double Grammar Zone” when it was put on the market in October last year after being owned by the same people for 10 years.
The property on arguably one of Remuera’s best streets was snapped up at the end of October for $1.252 million and, according to OneRoof property records, was relisted in November with The Property Market. No obvious renovations had been done to it.
In the last two months several dated properties have been bought, renovated and resold several months later for a profit.
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Last month a three-bedroom home on Marewa Road in Greenlane was purchased in November 2022 for $1.15m and re-sold for $1.5m after the 1980s property underwent an impressive renovation in five months.
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The townhouse eventually sold last week for the second time in six months for $1.17m.
The Property Market listing advertised the property as being “priced to sell” at over $350,000 its $1.65m RV. The property eventually sold for $470,000 less than its RV.
Ray White agent Ben Ryken, who marketed the Marewa Road property, told OneRoof at the time that it used to be speculators who were buying these older type of properties, but the successful ones are now genuine traders who are in the construction or trade industry and adding value to them.
No obvious renovations had been done to the property from when it was bought and relisted just a few weeks later. Photo / Supplied
“It’s great, I think, that people are buying old properties that are in need of some TLC and doing them up and putting them back on the market for a new purchaser to buy,” he said. “He’s really brought a property back to life from the 80s.”
The demand for renovated houses was higher than older ones due to the construction costs and fears around over-capitalising, Ryken said.
Jono Frankle, the winner of Our First Home TV show has also started buying houses, renovating and re-selling them for a profit after a two-year break.
He bought a four-bedroom do-up on Antrim Crescent in Otara, Auckland, for $575,000 and after a massive renovation, resold it earlier this month for $735,000.
Frankle said at the time of the sale that the key was getting the property below value or adding value to the property by upgrading it often with a new kitchen and bathroom.
“In my view what I’m doing is taking properties that are undesirable for many people – and people don’t want to buy them or live in them – and producing a property that people love and fall in love with.”
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