A four-bedroom terraced home in one of Auckland's most desirable suburbs has broken records.
Seven determined buyers at Barfoot and Thompson's auction on Monday fought to secure 111 Stonefields Avenue, in Stonefields, with bidding starting at $1.1 million and quickly escalating soon after.
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The closing minutes of the contest were particularly tense, as bids moved up in increments of $1000.
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The property ended fetching a whopping $2 million - a record for a terraced house in Stonefields.
Barfoot and Thomson agent Thelina Nuval, who marketed the property with Luba Petrushina, said the sale price surprised her.
“I’ve been selling in Stonefields for six years and $2 million for a terrace house is not normal. You’d usually pay that much for a standalone villa but for a terrace house. That's amazing.”
Petrushina added: “The neighbours were shocked. They couldn't believe the price. It’s a new benchmark for Stonefields."
Nuval said the auction result was even more surprising given that there were no investors in the room driving up the price. It also showed the continued popularity of relative new-builds and the master-planned community.
“For older houses nearby in Remuera you’d pay $3 million and the place would still need work done, and you’re paying for location.”
Stonefields homes enjoy some of the highest resale profits in the country. Photo / Fiona Goodall
A spokesperson for the Real Estate Institute of New Zealand confirmed that the $2 million price achieved was a record for a terraced house in the suburb. "Prior to yesterday’s auction, only three properties had sold over the $2 million price point in Stonefields over the last 11 years – all of which have been stand-alone properties."
The former Auckland quarry that was turned into a master-planned community more than decade ago has been one New Zealand's most popular places to live, with homeowners there enjoying some of the biggest resale profits in the country.
The owner of 111 Stonefields Avenue had bought the 216sqm home in 2014 for $995,000. The $2 million sale - $620,000 above the 2017 rating valuation - handed them a $1.05 million profit, on paper at least.
OneRoof figures show property values in Stonefields have risen rapidly since houses there first came on stream. The masterplanned community is now a mix of standalone homes, terrace houses and units, and in the last five years the median property value has risen 14% to $1.4 million.
James Wilson, director of valuation at OneRoof’s data partner Valocity, said homes in Stonefields had strong resale value. "The median difference in sale value over the last six years for Stonefields was $296,500.
"Some people who held their property at Stonefields for the relatively short time period of three to seven years made profits of between $300,000 and $400,000 when they sold."
