A modest two-bedroom home in Auckland’s Wai o Taiki Bay sold at auction this week for $2.045 million.

Bidding for 46 Silverton Avenue started at $1.3 million and climbed quickly thereafter, with seven buyers competing to secure the property.

READ MORE: Find out if your suburb is rising or falling

Driving buyer interest was the fact the house sits on a 976sqm water-view site zoned for mixed suburban housing.

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Bayleys agents Wei Wei Elder and Murray Wallace, who had listed the property as a renovation/ development project, said the eventual buyer was an investor.

Elder said: “The bidders were a mix of home-owners, investors, land-bankers and developers.”

The property, which had a 2017 CV of $1.775 million, the majority of which was for the land, was a bargain considering its potential and location.

“Of course, $2 million isn’t cheap but for Auckland it’s cheap for something that has a water view and can be subdivided,” Elder said.

“This property had a crazy amount of various interest compared to other development properties I have that aren't by the water.”

Property values in Wai o Taiki Bay have grown 6.7 percent in the eight months since Covid struck, and 11 percent year on year, with the median value sitting at $1.3 million.

Elder said the area was undergoing rapid change. “There are a lot of new houses there with new developments and townhouses showing up,” she said.

Greenlane

190 Greenlane West, in Greenlane, sold to a developer for $4.11 million. Photo / Supplied

Another similar development opportunity, in neighbouring Greenlane, sold to a developer this week for $4.11 million after strong competition from three other buyers.

Ray White agents Vincent Huang and Nick Mi had marketed 190 Greenlane West as a “developer’s dream”.

“Make your developer dreams a reality or tear the house down and build your dream home,” the listing said.

According to OneRoof records, the property had last sold in 2014 for $1.78 million, giving the vendors a profit, on paper at least, of $2.33 million.

The large four-bedroom house sits on a 1060sqm corner site and is zoned for mixed housing urban.