A modest three-bedroom home on one of Auckland’s best streets has sold for a staggering $7.17 million at auction.
17 Karori Crescent, in Orakei, had been pitched as a development opportunity, with the listing highlighting that five new terrace houses could be built on the 1168sqm corner site.
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But developers hoping to cash in on the unitary plan in the wealthy suburb were beaten to the punch by a buyer who plans to build their dream home on the site.
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Barfoot and Thompson agent Wendy Sadd, who was marketing the property with Helen Lam, called the auction result outstanding.
Three out of the four bidders at the Barfoot and Thompson auction on Thursday were developers, but the woman who won the auction wanted the property for herself, paying $370,000 above the reserve and more than $1.6million above the 2017 rating valuation.
“Normally, these days there’s always a developer winning, but [on this day] it was a strong bidder taking it out to buy for themselves,” Sadd said.
The house offers stunning views of Auckland harbour. Photo / Supplied
According to OneRoof records, the property last sold in 2012 for $2.5 million, handing the vendors a profit, on paper at least, of $4.67 million.
Sadd said the new owner planned to demolish the 188sqm 1940s-build home on the site and replace it with a luxury house that makes the most of the harbour views.
“The homes surrounding 17 Karori Crescent cost about $10 million to $15 million, and the new owner wants to build a home of similar quality,” she said.
Orakei is home to New Zealand’s most expensive piece of real estate. A grand mansion at neighbouring 4 Huriaro Place sold for $38.5 million in 2013 - still the highest amount paid for a residential property in New Zealand.
Earlier this month, a luxury home at 6 Fenton Circus sold under the hammer for $6.45 million.
The family home designed by Sumich Chaplin architects has three living areas, a large veranda with outdoor fireplace and a swimming pool and spa.
The listing agent, Ray White Orakei owner John Campbell, said the property sold to a family who had moved from St Heliers to be closer to schools and the city.
Seventy groups had gone through the open homes. “We had upsizers and, would you believe it, downsizers, as well as people from the fringes of Auckland,” he said.
