A tiny crib built in the 1970s is the talk of Arrowtown after selling for $1.735 million in a heated auction.
The vendors, farmers from Southland, walked away with a gross profit of $1.301m, having bought the two-bedroom holiday home 12 years ago for $434,000.
Five buyers duked it out during the seven-minute-long Bayleys auction, which kicked off with a $1.5m bid and quickly rose in increments of $10,000.
Bayleys agent Todd Weeks said the sale price exceeded expectations – it sold to an Auckland buyer for almost $400,000 above RV and $100,000 more than the vendors had been willing to accept.
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“We strive to get the best price for the vendor and we certainly did,” he told OneRoof.
Weeks said the 70sqm Kent Street cottage was a standout property in the current market and plenty of people had wanted it – locals, out-of-towners and overseas buyers.
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“It sort of ticked all the boxes and was a bit of a no-brainer I guess.”
Weeks said listings numbers for Arrowtown had been low in recent months and were only now starting to pick up, he said. At the time of writing, there were 21 properties in Arrowtown listed for sale on OneRoof.
The Kent Street home was built in the 1970s, and was one of a crop of holiday homes snapped up by visiting Southlanders.
The vendors had been renting out the property but it had become surplus to their requirements and they decided to sell. Weeks joked that vendors had thought they paid too much for the crib in 2012.
“They were extremely happy with the end price,” he said.
Buyers liked that it had a new kitchen, new bathroom, double glazing and insulation. Photo / Supplied
The owner had been running it as a short-term holiday let for a number of years. Photo / Supplied
Last month a small weatherboard cottage in original condition on Adamson Drive, in Arrowtown, sold for $1.425m while a four-bedroom, two-bathroom plaster home on a cross-lease section on Davies Place sold last week for $1.28m.
Week said property prices in historic Arrowtown had jumped significantly in the last 10 years. “Arrowtown’s house prices are quite high compared to everywhere else because it’s a sought-after area away from the hustle and bustle, but having the convenience of being close to the airport and all the other locations.”
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