Auckland’s level three lockdown did not deter seven hungry bidders from trying to secure a four-bedroom house in one the city's priciest suburbs.
The modern home at 36 Rautara Street, in Orakei, sold under the hammer for $3.325 million - $500,000 above its 2017 CV.
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Ray White Epsom agent Ross Hawkins says the property had proved very popular with buyers at the open homes so the quick switch to an online auction after last week's announcement wasn't a challenge.
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“We had 68 groups through the [open homes], and we had appraised the house at over CV – but not half a million dollars over, that’s 18 per cent more. Four bidders were still active after we reached $3.3 million," Hawkins says.
“Prices aren’t dropping and there are six people out there with $3 million to spend.”
The house at 36 Rautara Street has all the mod-cons the top end of the market expects. Photo / Supplied
OneRoof records show 36 Rautara Street last sold in November 2013 for $2.05 million, handing the vendors a profit, on paper at least, of $1.275 million.
The property has a high-end finish and includes a stylish, modern kitchen, butler’s pantry, heated pool and outdoor fireplace.
Hawkins says listings in the multi-million bracket are still coming in, but many properties are selling before they even start marketing campaigns. An apartment in central city’s Parnell Ford complex (the former Ford factory) was listed on August 9 and a week later was under contract at an undisclosed price “around the mid-$2 million range”. Another vendor, who bought a $6 million St Heliers property just after the last lockdown, is now selling a $3 million apartment.
Hawkins says the buyers who would have previously down-sized to go travelling are now looking for bigger homes.
Fellow Ray White Epsom agents Jane Horgan and John Campbell have also seen the rush on multi-million-dollar homes, with four registered bidders driving the price of an older property at 100 Ranfurly Road, in double grammar zone Epsom, to $3.6 million on Sunday. Horgan says that the property's 945sqm section had piqued developer interest but renovators were also keen on the home.
100 Ranfurly Road, in Epsom, sold for $3.6 million under the hammer. Photo / Supplied
“We had 33 groups through, and the buyers may well be renovating for their own home. The three other bidders who missed out are still looking around that $3 million mark.”
Last week, Horgan and Campbell had another property, a newly renovated five-home at 9 Pamela Place in beach-side St Heliers, snapped up just before midnight on Tuesday for an undisclosed sum in the mid-$2 millions.
Ray White auctioneer Jeff Tubman says that the competitive market is not just at the upper end but also in the first home buyer market. Buyers were making strong bids at the auctions for a cross-lease flat in Mission Bay on Wednesday morning and a starter home in Mount Albert on Saturday.
The deal for 9 Pamela Place, in St Heliers, was struck just hours after the level three announcement. Photo / Supplied
“We’re getting multiple bidders across the board. Buyers are keen, they’re quite engaged and very comfortable with on-line because of where we’ve been,” Tubman says.
“We’ve had no vendors pull out because of level three. There as real desire for people to carry on, they’re determined not to let it fold everything.”
But it’s not just in city that buyers are out in force. Hawkins sees buyers switching plans and snapping up luxury holiday resort homes.
5 Korimako Lane, in Dalefield, Queenstown, sold for $6 million to an Auckland buyer. Photo / Supplied
A striking house at 5 Korimako Lane, in Dalefield, Queenstown, was bought within days of advertising by an Auckland buyer for $6 million, while buyers are chomping to get out of Auckland to view a Bay of Islands properties at exclusive Mataka Station near Kerikeri.
“It seems with no overseas travel, people are very focused on setting up hear for the meantime. Boats are selling fast, baches and new car sales going through the roof.”
