James Ihaka

James Ihaka is a Herald reporter based in Hamilton.

'Liveable do-up' sells with $700k profit

The home in St Leonards Rd, Mt Eden, sold for $1.395m in December.
The home in St Leonards Rd, Mt Eden, sold for $1.395m in December.

An Auckland man and his family have made nearly $700,000 in profit in four years on a do-up in Mt Eden without making any major renovations.

The three-bedroom property sold for $1.395 million in December - 96 per cent above its $710,000 valuation, set in 2011. Described as a "north-facing liveable do-up", the house in St Leonards Rd had a floor space of only 119sq m, one bathroom and an extra toilet.

The man told the Herald he was a trustee of the family trust that sold the property.

It was bought in 2009 for $716,000 but sold at auction last month for $1.395 million - a profit of $679,000.

Barfoot & Thompson real estate agent Matthew O'Rourke handled the sale. He would not say what work was needed on the home but said it was "quite liveable as is".

"It depends on what someone wants to do with it, they could live in there happily as is, or they could do a massive renovation if they wanted to," he said. "It's a great result... they (the seller) are just one of a thousand people around Auckland that are doing well out of property at the moment."

The house is zoned for Auckland Grammar and Epsom Girls Grammar.

- NZ Herald

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