- A renovated five-bedroom villa in Epsom sold for over $5m after three weeks on the market.
- Over 100 buyers showed interest, with two bidders competing for the property on Wapiti Avenue.
- The villa, with an RV of $3.125m, underwent an over $1m renovation before the sale.
A smartly renovated villa in Auckland’s prized double grammar zone sold under the hammer last week for just over $5 million.
Start your property search
The five-bedroom home on Wapiti Avenue, in Epsom, pulled in over 100 groups during its three weeks on the market, with two buyers going head to head in the auction room in the end.
Barfoot & Thompson agent Wendy Sadd, who listed the property with colleague Helen Lam, told OneRoof the $5.018m sale price was “a really good outcome”.
The five-bedroom villa sat on a large 995sqm site in double grammar zone. Photo / Supplied
The house had many original features. Photo / Supplied
Records show the owners paid $1.86m for the huge villa on a 995sqm site 13 years ago and the property had an RV of $3.125m. “The vendor accepted the market value, as we had known that other back-up conditional buyers were also looking at that price level too,” she said.
“It was owned by a builder who had worked on the renovation for the past few years. He had spent well over $1m on the project.
“It was amazing how many people were looking with budgets of high $4m to early $5m in double grammar zone. There just is not a lot of quality stock.”
Discover more:
- NZ’s ‘Up’ house sells: Villa wedged in middle of Dress Smart snapped up for under $1.2m
- ‘Over 200mm of rain in 24 hours’: Buyers hammered on costs told not to skimp on insurance
- Art collector's mansion sells for $7.75m as US buyers fly in for lifestyle estates
The house boasted original period features, stylish bathrooms, garaging for three cars, and wraparound verandahs with views of Mount St John and Mount Hobson.
Lam told OneRoof that the RV of $3.125m had drawn in a lot of hopeful buyers, but didn’t reflect the value of the recent upgrades.
Sadd and Lam are expecting that some of the buyers who missed out will switch their attention to another recently renovated five-bedroom villa on the same street.
The agents are now marketing a completely rebuilt villa at 27 Wapiti Avenue with an asking price of $4.95m. Photo / Supplied
27 Wapiti Avenue sits on a 608sqm site and boasts double glazing, an Italian designer kitchen with Gaggenau appliances, two bathrooms, and three bathrooms. It has an asking price of $4.95m – more than double its RV.
“It’s for those who want a lock-up-and-leave home,” said Sadd.
Lam added that many of the buyers looking for properties in the $5m price bracket had specific requirements. For most families, that meant being in zone for Auckland Grammar, Epsom Girls Grammar, Remuera Intermediate, Cornwall Park School, and within walking distance to St Cuthbert’s College, she said.
The agents noted that bridging finance had become more difficult to obtain or manage for buyers who wanted to trade up to their next house. Most were having to rely on conditional offers, which had slowed the movers market.
- Click here to find more properties for sale in Auckland
