The worst home on the best street has sold under the hammer for $2.175 million - $250,000 above its 2017 CV.
The three-bedroom do-up at 109 John Street, in Ponsonby, Auckland, was hotly contested by three bidders at the on-site auction.
Kellands agent Martin Dobson, who marketed the property with colleague Caroline Daniel, said it had proved popular with young families looking for a renovation project and an opportunity to stay in Ponsonby long-term.
Dobson said that while the house was habitable it needed a lot of work.
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“It's quite a lot of money to spend on it but long-term you’re going to end up with a magnificent home because you’ve got a lovely wide site on a flat piece of land near a school in Ponsonby and that was the attraction,” he said.
Dobson said that the land and location were big drawcards, with the 556sqm site overlooking green fields in the heart of Ponsonby.
"It backs into a park and school ground and is ideal for a long-term redevelopment,” he said.
The young family who bought the do-up said that competition between buyers was “completely crazy” at the moment.
They had sold their three-bedroom house in Onehunga for $1.7 million and bought 109 John Street just ten days after.
The three-bedroom bungalow is situated on a prime site that backs into a school field. Photo / Supplied
They said they went hard from the get go to win the auction. “We got pretty lucky but we also didn’t want to look like we were doing anything other than buying the house."
The couple, who did not wish to be named, said they fell in love with the do-up from the minute they saw it and were intent on restoring it to its former glory.
"It’s the case of having the worst house on the best street.”
