A 1970s townhouse on a cross lease section has sold under the hammer for just over $2.1 million, with demand for inner-city homes putting upwards pressure on entry-level prices.
Competition for the three-bedroom home at Gwilliam Place, in Auckland's Freemans Bay, was strong.
READ MORE: Find out if your suburb is rising or falling
Ray White agent Angela Saunders, who marketed the property, said: "It was the star of the show with 11 registered buyers, with six of those actively competing to take home the keys."
Start your property search
The property sold for more than $600,000 above its 2017 CV and according to OneRoof records last changed hands in 2007 for $740,000.
The sale price exceeds the $2.04m a neighbouring house got in February, and shows the strength of demand for terrace housing in the suburb.
“It just shows that while investors may be catching their breaths, new homeowners are making the most of current conditions to secure their new home,” Saunders said.
The house had a rating valuation of $1.5m. Photo / Supplied
Another, newer townhouse in neighbouring Grey Lynn sold at Ray White's auction for $1.952m - almost $800,000 above its CV.
The 118sqm three-bedroom property on Old Mill Road was marketed by Keith and Sandy Dowdle.
Keith Dowdle said there were three active bidders and 90 groups viewed the property, providing a strong result than expected.
“This was a compact townhouse on a rear site with amazing views to the west. We targeted young buyers looking for their first or second home, and downsizers seeking a simpler property to manage,” he said.
A townhouse on Old Mill Road, in Grey Lynn, Auckland, sold under the hammer for $1.952m. Photo / Supplied
“This demographic has been quite active in the market recently. They've found they can spend more time at a second dwelling out of the city, but still want a city home.”
Also feeling the auction heat last week was a two-bedroom townhouse in Parnell, which sold for $915,000.
Bidding on the Farnham Street residence, which was marketed by Barfoot & Thompson agents Jason Li and Miro Wang, started at $800,000.
Marketed as an entry-level property for investors or first-home buyer professionals, the 126sqm unit was last sold for $917,000 in 2016 and $735,000 in 2015.
