How much does a do-up cost on Waiheke Island? Going by auction sales this week, quite a lot.
Low stock levels and a post-lockdown surge in demand for holiday homes by cashed Kiwis have seen typical houses prices on the island jump to more than $2m.
And buyers should still expect to pay premium prices for properties that are need of a serious upgrade.
At Bayleys’ auction on Wednesday two neighbouring homes on Coromandel Road, above Sandy Bay on the island, sold for a total of $5.941 million – more than $3m above their combined CVs.
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Both homes were advertised as “do-up options” by the listing agents, Mandy and Holly Brown.
Mandy Brown told OneRoof that more than 90 groups had viewed the larger of the two properties, a three-bedroom home with a pool on a 974sqm section.
Bidding started at $2.8m, with five buyers, including two based in the United States, “slugging it out”, she said. The house was on the market at $3.3m and was sold to an Auckland buyer for $3.501m.
“The buyer had been looking at lots [of homes]. She saw the house on the Saturday and bought it on the Wednesday. She’s just rapt,” Mandy said.
The smaller of the two properties sold for $2.44m. Photo / Supplied
The under-bidder picked up the second property, a three-bedroom home on a 931sqm section that had used as a rental, for $2.44m – $90,000 above the reserve.
“Everyone was there to buy those properties,” Mandy said. “The under-bidder for the first auction managed to win the second house.”
She added: “We still have quite a few buyers with budgets of over $3m. We just have to have our roots in the ground to get the listings.
“Waiting for spring won’t make any difference. We’re telling people that if they’re thinking of selling, we’ve got so many buyers, so now is the good time.”
Mark Spitz, branch manager for Bayleys on the island, had earlier told OneRoof that Waiheke had seen a “momentous” shift in values over the past 12 months, with stock selling quickly at packed auctions.
He added that it was still possible to get into the island, and his agency was able to help first home buyers secure a property recently. “If you’re prepared to set your expectations at a certain level there’s still opportunities to get in – it’s difficult for them but it’s not impossible.”
