Even in a standout month in real estate, the sale of 31 Hapua Street, in Remuera, Auckland, is a surprising one.
The two-bedroom 1950s house fetched $3.08 million at Barfoot and Thompson's auctions on Wednesday.
The fact that the house sits in the city's prized double grammar zone is a major reason it sold for more than $1 million, but what drove sale price past the $3 million mark is land.
The 90sqm house sits on a 1057sqm section and the listing agents Helen Gu and Cindy Yu had pitched the property as having massive development potential.
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Zoned Residential Mixed Housing Suburban under the Auckland Unitary Plan, which allows for intensification, the property came with resource consents for two new townhouses.
The house sits on a huge section in a prized suburb. Photo / Supplied
The sale wasn't the biggest of the day at Barfoot and Thompson's city's auctions. A stylish five-bedroom 1930s bungalow at 29 Kenny Road, in Remuera, listed by Steve Hood, sold for $4.271 million - more than $1.2 million above its CV - while a grand manor in St Heliers listed by Leila and David MacDonald got $6 million.
At Bayleys' auctions yesterday, high prices were also evident.
A three-storey, three-bedroom luxury home at 13 Elizabeth Street, in Freemans Bay, listed by Edward Pack, sold for $4.015 million - almost double its 2017 CV - while an impressively renovated three-bedroom home at 44 Livingstone Street, in Westmere, listed by Robyn Clark, got $3.055 million - more than $1.3 million past its CV.
13 Elizabeth Street, in Freemans Bay, fetched $4.015m. Photo / Supplied
