A two bedroom townhouse in inner-city Auckland sold for $1.875 million at auction this week - $375,000 above its 2017 rating valuation.
The 1970s home at 19 Gwilliam Place, in Freemans Bay, last sold 17 years ago for $660,500, delivering the vendors a profit of more than $1.2 million.
Ray White Ponsonby agent Angela Saunders said the house had struck a chord with buyers.
“This home was incredibly popular, especially with the downsizer market, with more than 75 inspections taking place and five registered buyers actively competing [in the auction],” she said.
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“The energy from buyers is the highest it’s ever been. Bidders are competing fiercely at auction and that’s driving the prices up – which is obviously great news for vendors."
The two-storey home had only been on the market for three weeks, with the listing describing the vendors as "highly motivated" people who were quitting the city.
Ray White Ponsonby agent Angela Saunders said there were 75 inspections of the house.
The 1970s-built house was stylishly presented.
The house itself was smartly presented, and was a stand-out property among the stock on the market right now: it offered buyers the benefits of inner-city living with the privacy and garden that can usually only be found in higher-priced villas in the suburb.
According to the latest OneRoof figures, the median value of properties in Freemans Bay is $1.175 million.
The house was one of four properties that sold under the hammer at Ray White Ponsonby's auction on Thursday.
Auctioneer Ben East, who called the auctions, said competition was strong.
Bidders compete in the Ray White Ponsonby auction room.
“There’s no doubt we’re in a seller’s market with virtually all of our auctions attracting multiple buyers and that’s really driving strong competition for properties,” he said.
The sale of 19 Gwilliam Place follows several stand-out auctions this week. Another motivated vendor sold a villa in Grey Lynn for $1.888 million, above the $1.775 million rating valuation, while a modest beach shack in Mount Maunganui went for $1.865 million, well above its $1.2 million rating valuation.
