170 bids made in hour-long battle for do-up bungalow

An Auckland family emerged triumphant after an hour-long battle for a do-up bungalow in the city's prized double grammar zone.

Upsizers, investors and developers all vied to secure the four-bedroom home on Benson Road in Remuera, with 170 bids made over the space of 54 minutes at Bayleys' online auction on Thursday.

The property, which sits on a 607sqm section and is zoned for development, sold for $2.751 million - almost $300,000 above the reserve and more than $800,000 above CV.

The listing agent, Lorraine Young, said all sorts of buyers had shown interest in the house.

“There was great enquiry from developers, investors and families, all seeing the add-value potential of a great site, location and ability to do-up or develop,” she said.

However, the buyers that won the auction intend to restore the house to its former glory.

OneRoof records show the house had last changed hands for $462,500 in 1989, handing the vendors a profit, on paper at least, of just over $2.2m.

Young said that residential properties with development potential were in short supply in Auckland's inner-city suburbs.

“Credit conditions are tightening, but buyers with equity are increasingly active, despite recent lockdown restrictions,” Young said.

The day before families and developers were jostling to buy a crumbling villa across town in Grey Lynn. The property sold for $2.525m at an online auction held by Ray White.

The listing agent, Scott Wither, said that the Millais Street home had attracted young families looking for a renovation project as well as developers.

“Two distinct buyer pools for this home, high-end developers but mostly people in their early 30s - they’re making up about 80% of buyers,” he said.