- A Parnell trophy home sold for $5.55 million, exceeding its RV by more than $1m.
- Four buyers competed after 95 inspections, with bidding rising from $4.3m before negotiations paused.
- The five-bedroom character home offered Parnell history, a pool, generous grounds and nearby dining.
A grand Auckland home, on the market for only the second time in its 90-year history, fetched $5.55 million under the hammer last week - over $1m above its RV.
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Ray White listing agents Andrew and Erica Fava said the vendors' "brave decision" to take the property to auction paid off.
“We had over 95 inspections in 21 days. In the first week, we had two building inspections, and in the second week a pre-auction offer, cash unconditional,” Andrew told OneRoof.
“It was reminiscent of the campaigns we would run in 2021 [at the peak of the market].”
The five-bedroom trophy home on Gladstone Road, in Auckland's Parnell, was stylishly dressed and had all the essentials: character features, a good-sized section, a swimming pool and close to fine dining.
The Gladstone Road house was renovated by the vendors soon after they bought it in 2011. Photo / Supplied
The house featured striking original woodwork, installed by the first owners, a timber merchant and an architect. Photo / Supplied
The vendors had bought it in 2011 for just under $2m, and had done quite a bit of work bringing it up to scratch.
They held the auction on site. A crowd of 100 people turned up to watch four buyers slug it out. Bidding kicked off at $4.3m before quickly reaching $5m.
At $5.35m, there was a 20-minute pause for negotiations, after which the property came back to the floor at $5.55m and sold.
“We managed to extract another $200,000. There were no more bids from there,” Andrew told OneRoof, adding that the RV did not reflect the value of the property.
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He said the buyers had been looking for a character home on and off for two years. They had organised their finances so that they could bid without selling their own home first. The other three bidders had already sold.
The home was originally built for a prominent timber merchant in the 1930s and was a showcase for their work. “The soul and charm of the property was just phenomenal. You felt like you were walking into a piece of history,” Andrew said.
“It is just an absolute landmark in Parnell. I thought it was going to be popular, but probably not quite as popular as it ended up.”
The result seemed to be the exemption. Auctioneers told OneRoof that the market was quiet.
Ray White auctioneer John Bowring said: “There is a lot of property being passed in at between $800,000 and $1.4m [in Auckland]. So they’re almost at risk more than a $5m property.
“Three million to five million is just a fantastic price range at the moment."
Bowring said some of the buyers at the end of the market were less reliant on borrowing and could make cash offers.
Ray White’s head auctioneer, Sam Steele, said properties that had been on the market for a while, that weren’t up to scratch, or had owners who were hanging out for prices from the market peak were struggling.
“Anything special, anything that is well presented, anything that’s been beautifully done is garnering a lot of attention,” he said.
“Someone who grasps what's happening in the buyer-sphere at the moment - they are getting good results.”
Data released by Cotality this week showed the housing market downturn to be the longest and deepest in around 30 years, while separate OneRoof figures showed the challenges sellers face in Auckland.
The city's average property value fell by 1% to $1.25 million over the quarter. That’s $13,000 lower than three months ago and $28,000 below where it stood a year earlier.
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