A deceased estate in Auckland’s sought-after double grammar zone has sold for $6.5million under the hammer - $900,000 above its 2017 CV.
The estate, which comprises two homes on a a combined 1788sqm section zoned for development, was bought by a land-banker, for $3635 per square metre.
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Marketed by Ray White Remuera agents Alex Smith and Ryan Dixon, 20 and 20a Mahoe Avenue in Remuera were listed together as a development opportunity.
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Smith told OneRoof the property was sold to an "astute purchaser" who was looking to hold onto the land.
Both built in the 1920s, the houses were large residences with four bedrooms and office space.
There were five registered bidders at the auction, with a developer securing the property. Photo/ Supplied.
Ray White group chief auctioneer John Bowring, who called the auction, said there were five registered bidders and the main competition was between two buyers.
“It was a great auction and it was a fair market value. People see that value and they go for it, if they get it – they get it, and if they don’t - they don’t.”
Bowring said he was seeing a lot of developers active in auction rooms lately,
“Developers are doing their best to build more houses because we need them," he said.
“The more you can build on the site the higher is the amount you pay per square meter; it’s going up significantly.”
Bowring was surprised by how active the market is so close to Christmas and the holiday season.
“Normally, people would be going away now and auction would be stopping, but not this year,” he says.
The auction win comes just a day after two sets of neighbouring properties in Auckland's Mount Wellington were sold to developers for $3.2million at auctions earlier this week.
On Tuesday, two brick and tiles homes at 83 and 85 Cascades Road, sold under the hammer for $3.2 million at Barfoot and Thompson’s auction house.
Less than 24 hours later, two similar looking properties at nearby 42 and 44 Waipuna Road sold for the same amount.
The properties had been pitched as development opportunities, with both listings highlighting their favourable zoning under the Unitary Plan.
