Ponsonby ‘dump’ sells for more than $3m at auction

An Auckland villa that has seen better days has sold under the hammer for just over $3 million – more than $1.2 million above its 2017 CV.

The three-bedroom house at 14 Pompallier Terrace, in Ponsonby, was snapped up by an investor after fierce competition at the auction.

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The listing agent for the property, LJ Hooker’s Jason Trowbridge, said the sale price was a record for do-up homes in the desirable inner-city suburb.

“When I started selling dumps they were going for hundreds of thousands dollars. Now, they are selling for $3 million, which is a record for me,” he said.

Do-up homes in Ponsonby and nearby surrounding suburbs typically sell for big sums. Last year, a three-bedroom do-up at 109 John Street, in Ponsonby, fetched $2.175 million under the hammer.

The tired villa had been a rental but was not up to standard. Photo / Supplied

Trowbridge said there was strong competition for the house, with bidding starting at $2.7 million and six bidders all vying to secure it.

He said the buyer planned to upgrade the property and then “reinvent it” later down the track.

The 86sqm house, which had been a rented out by the vendor, sits on a 465sqm site near Ponsonby Road.

Trowbridge said buyers were willing to pay big sums to secure properties in desirable spots, adding that if he had three more properties like14 Pompallier Terrace, he’d sell them.

14 Aorere Street, in Parnell. Auckland, sold for $3.2 million under the hammer. Photo / Supplied

“There are houses in the area that sell for $6 million and more but we are talking about a home that is not up to healthy homes standards, so it was a very unique offering,” he said.

Another Auckland central do-up fetching $3 million-plus under the hammer this week was 14 Aorere Street, in Parnell.

The six-bedroom bungalow home which sits on a 895sqm section sold for $3.2 million - $500,000 above its 2017 CV.

Marketed by Bayleys agent Fleur Denning, the property was pitched as an opportunity to subdivide.