Anne Gibson

Anne Gibson is the Property editor of the NZ Herald

Do-up sells for $2m in three days

The villa fetched more than $1 million over its valuation. It sits on 1123sq m of land and is in the Epsom Girls and Auckland Grammar zones. Photo / Natalie Slade
The villa fetched more than $1 million over its valuation. It sits on 1123sq m of land and is in the Epsom Girls and Auckland Grammar zones. Photo / Natalie Slade

A Mt Eden do-up has been bought for $2 million just three days after being listed - and for more than $1 million over its valuation.

The run-down three-bedroom villa at 39 Woodside Rd has an Auckland Council valuation of $970,000 and Harcourts listing agent Charlotte Marshall said the speedy sale showed buyers needed to be quick.

"This tells you [opportunities] like that don't come up in Mt Eden very often and when they do, they are sought after."

The house could be demolished or removed from the site because it was not in the heritage-zoned Residential 1 area, she said.

Woodside Rd runs between Mt Eden Rd and Henley Rd, straddled by Fairview Rd and Kingsview Rd, and QV showed the property was owned by Elsie Mildred Collins.

One frustrated buyer, hunting for more than two years, was flabbergasted at the deal.

"It would probably cost at least $600,000 to $700,000 to rebuild, put up a garage, rewire and all that. If the starting price is more than $2 million, then that tells us that Mt Eden do-ups are now $3 million. That place was as rough as it gets."

Instead of looking for renovated properties, she had turned towards do-ups in frustration but was so disenchanted over the Woodside Rd sale that she was left wondering yesterday about her decision.

Harcourts said the tired old villa had good bones. The 1123sq m property is north-facing and in double Grammar school zones.

Mrs Marshall could not give the precise price because of confidentiality issues.

Felicity Scott of Barfoot & Thompson said a former Plunket family centre at 30 Rose Rd iin Grey Lynn sold for $1 million this week, yet its CV was $780,000.

The house, on a 455sq m site, was marketed as offering an affordable opportunity to get a foothold in the good neighbourhood.

Barfoots yesterday said April data showed Auckland house prices and sale numbers fell last month.

In March, the agency, which sells about one in every three houses, reported the strongest monthly sales in five years.

The average April sale price was $568,000, $3000 lower than in March.

Last month, Barfoots sold 750 properties, a total 40 per cent lower than March sales but consistent with numbers sold in April 2011.

Managing director Peter Thompson complained of low listings. "At month's end we had only 4621 homes on our books throughout Auckland, the lowest number in four months and 17.2 per cent lower than at the same time last year."

- NZ Herald

© Copyright 2014, APN New Zealand Limited

Assembled by: (static) on red akl_a5 at 24 Jul 2014 05:52:59 Processing Time: 940ms