The Glendowie property sold for almost double its CV. Photo / Ray White Mission Bay
The Glendowie property sold for almost double its CV. Photo / Ray White Mission Bay
The last three months have seen a significant slowdown in the property market across the country, but one house in Glendowie just bucked that trend and sold for almost double its CV.
Number 11 Byrant Place sold last week for $1,626,000 - 96 per cent above its CV.
Ray Whiteagent Ken Choong said the high sale price came down to the property being in a good location and good marketing.
"There was a strong process and technique," Choong said. "There was hope and emotion that the house will sell."
Choong said the property was a normal, small Glendowie home which the purchasers would be living in.
The agent acknowledged the sale was "unique" and said you'd be hard pressed to find other Auckland properties selling for almost double CV in the current climate.
The valuation was made in July 2014.
The city's once-superheated property market, which in 2015 was rising at more than 24 per cent, has cooled to the point where in the three months to June, values fell in dozens of suburbs.
"Values in the Auckland market continue to hold steady with the average value across the region remaining at just over $1 million," QV national spokesperson Andrea Rush told the Herald this month.
Interior. Photo / Ray White Mission Bay
"However, sales volumes in the Super City have plummeted to 30 per cent lower than they were this time last year as high prices coupled with banks' stricter lending criteria are making it increasingly difficult for anyone but cash buyers or those with higher levels of equity to buy property.
"It has also become much more difficult for developers to gain finance to build new homes, which is now leading to a slowdown in building activity in the market," Rush said.
