A four-bedroom bungalow around the corner from some of New Zealand’s most expensive trophy homes sold at auction last week for $4.85 million – more than $2m above its 2017 CV.
The arts and craft house, which sits on in near 700sqm section zoned for development, had attracted the attention of several cashed-up developers, but in the end they had to walk away empty-handed.
“The buyers are a family who’ll hold on to the house. It’s nice to know that it’s not all about development,” said Kellands’ Martin Dobson, who marketed the property at Kotare Avenue, in Westmere, Auckland.
“It’s a lovely home and the sellers have been there 25 years.”
Start your property search
Dobson said competition for the property was strong, with nine buyers registering to bid at the auction.
Early feedback for the house had been around $3m, but determined buyers pushed the price higher.
“The opening bid was $3.9m and three people fought it out in the end,” Dobson said. “Many of the people who’d seen the property had been looking for some time. They wanted a place they could do up.”
Buyers in the suburb are unlikely to worry about over-capitalising when it comes to renovations.
A few hundred metres away, are two of Westmere’s most expensive homes: a waterfront property that sold last year for $24m, and a mansion that sold for $17.68m.
The four-bedroom bungalow on Kotare Avenue is close to some of Auckland's most expensive waterfront properties. Photo / Supplied
In neighbouring Herne Bay, a 1960s block of eight two-bedroom apartments on Sentinel Road sold at auction last week for $6.1m.
Marketed by Bayleys agents David Nightingale and Elisabeth Hampson, the units were on the market for first time since they were built. But despite sitting on an 1153sqm elevated site, the property had limited appeal as it was zoned for single houses with heritage restrictions, Nightingale said.
A 1960s block of units on Sentinel Road, in Herne Bay, Auckland, sold for $6.1m. Photo / Supplied
“It’s one title in a single house zone, so can’t be developed and it’s almost too big and expensive to knock down. Discerning buyers were also aware of the need to bring the units up to building code.
“It was not for the faint-hearted.”
That said, the property, which has a CV of $6m, still attracted four registered bidders at the auction, with a significant number of other conditional buyers hoping for the chance to buy if it passed in, Nightingale said.
The buyer is an experienced investor, he said.
“It’s an astute owner. This was not an emotional purchase, and at $6000 per square metre it is a good buy.”
A two-bedroom former school house on 18 Sentinel Road is being marketed as entry level Herne Bay. Photo / Supplied
Herne Bay buyers on a smaller budget may be attracted by a safer bet on the sea side of Sentinel Road - an immaculate two-bedroom cottage at number 18 that Bayleys agent Blair Haddow is bringing to auction on November 24.
The cottage, almost hidden between two grand villas, was at one point the school house for the area, and Haddow is touting it as perfect entry level for Auckland’s most expensive suburb.
“It’s immaculate and pristine, it’s so cute. I’m taking people through with upwards of $2.4m to spend. This is entry level Herne Bay.”
The cottage on a tree-lined 361sqm section has a ratings valuation of $2.025m. The sellers, who paid $1.679m six years ago, have had the property as an investment.
"This is northern slopes address on an apartment budget. The siting of the house and its outlook offer exciting development opportunities, and expansion is an easy option,” Haddow said, adding that he is flat out with appointment viewings for buyers keen to get into the suburb.
