- A bungalow in Epsom sold for $2.403m, nearly $2m more than its 1997 purchase price.
- The 1930s home attracted eight bidders, with two flippers winning after a heated auction.
- The property drew interest due to its location in the double grammar zone.
A “must-sell” bungalow in Auckland’s double grammar zone has been picked up for just over $2.4 million, with families losing out to flippers who have grand plans for the character home.
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The late owner of the three-bedroom house on Ferryhill Road, in Epsom, had purchased it as an investment property in 1997 for $440,000.
The deceased estate attracted significant interest, with eight buyers registering to bid at the Ray White City Realty auction on Wednesday.
The three-bedroom, one-bathroom bungalow has been rented out for the last 27 years. Photo / Supplied
The bidding kicked off at $1.4m and quickly escalated in increments of $30,000-$50,000 to $2.25m, at which point the auctioneer, Cameron Brain, declared the property was on the market. Suddenly, two new bidders – both flippers – entered the race and pushed the price to $2.403m.
Ray White listing agent Susan Woods-Markwick, who marketed the property with colleague Hugh Free, said the auction was won by two friends who planned to resell the house after bringing it up to modern standards.
She estimated the pair would end up spending about $1m transforming the property into a four-bedroom, three-bathroom home with two living areas.
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“It’s not a quick flick this one, it’s going to be a long-term flick – within the next two years,” she said.
Ray White auctioneer Cameron Brain said the auction fight heated up once the property was on the market, telling OneRoof the number of bidders was well above the average. “It was more competitive than a lot of the ones at the moment,” he said.
Woods-Markwick told OneRoof that the house had attracted a real mix of buyers during the marketing campaign.
Auctioneer Cameron Brain: "It was more competitive than a lot of the ones at the moment." Photo / Supplied
“A third wanted to extend and renovate because a lot of the home was quite original. Another third were families wanting to live in the home and do those renovations over time,” she said.
The vendors were “beyond happy” with the result and had even sent Woods-Markwick a bunch of flowers.
Woods-Markwick said the sale showed there was good demand for homes in this “tightly-held pocket of Epsom”, with more than 50 groups turning up to the open homes during the four-week campaign.
“Good quality properties in good school zones are commanding a lot of interest. When it’s a double grammar zone, you can’t go wrong.”
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