An asbestos-ridden property destined for demolition has sold under the hammer for $350,000 after the priced was pushed up during a two-way bidding war.
The 1940s property on Murphy Road, Taradale, Napier was marketed as being "beyond habitability" and suited to both developers and those looking for an 890sqm section to build their dream home.
The property, marketed by Harcourts Taradale agents Bryan and Brenda Fulton, was located at the end of the street and backed onto Riverside Park. It was also in walking distance to the Eastern Institute of Technology (EIT), Pettigrew Green Arena and popular schooling, the listing said.
The auction, shown online, revealed bidding started with what the auctioneer dubbed an “optimistic” $50,000 bid before quickly reaching $350,000. At this point, the Harcourts’ auctioneer deemed it to be on the market and it promptly sold at the same price, which was well below its RV of $500,000.
Start your property search
There were four registered bidders, but only two people actively bid on it last week resulting in a total of eight bids at last week’s auction.
Harcourts Hawke’s Bay general manager James Cooper said the Murphy Rd property was in a great location as it was right next to the park.
Inside the Murphy Road home. The property was inhabitable due to problems with asbestos. Photo / Supplied
A five bedroom home on Frankton Road, in Queenstown, was marketed as the “worst house on the best street”. Photo / Supplied
“It was a property that people wanted and, like I say, it was a unique property and that’s perfect for auctions because if someone wants it why not get them in a room competing against each other and seeing what price we can get.”
Auctions helped create competition to help the vendor get a premium price like the Murphy Rd property, which was a really good auction campaign, he said.
Cooper said they were seeing a lot more people across the board coming through open homes now spring had arrived and more sellers were choosing the auction method to sell their properties.
Meanwhile a Queenstown property, dubbed the "worst house on the best street", has also sold under the hammer for $1.42 million.
The five-bedroom, two-bathroom Frankton Rd, property had been in the same family since it was built, but was snapped up at a Harcourts Queenstown auction at the end of August by a local buyer.
Bidding opened at $1m before pausing at $1.375 million after 19 bids before resuming at $1.42 million – the price the property eventually sold for, the Otago Daily Times reported. The sale price was $43,000 below its RV.
The 1960s home-and-income property, boasting impressive views of the Remarkables and only 1km to the CBD, was marketed as having “potential in abundance”.
