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Home / Property

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

NZ Herald
14 Jan, 2014 04:30 PM2 mins to read

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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".

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"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.

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