Buyers have long been prepared to pay a premium for homes in Remuera, but how much would they pay for a bare piece of land in the prestigious Auckland suburb?
It turns out the answer to that is $4 million. A 1034sqm empty section at 89 Basset Road sold under the hammer for more than $1 million above its 2017 CV after strong bidding at Barfoot and Thompson's auctions today.
READ MORE: Find out if your suburb is rising or falling
Although buyers are currently paying top prices for sections in good locations, this one was different; it's zoned for a single dwelling, not multiple townhouses or apartments, making the sale price stand out all the more.
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Barfoot and Thompson agents Leila and David MacDonald, who brought the double grammar zone property to market, said there were three active bidders competing at auction, and other buyers sitting on the side-lines waiting to make a move if the property passed in.
David MacDonald said an unoccupied site in Remuera were few and far between, which contributed to the successful auction result.
37 Ventnor Road, in Remuera, sold under the hammer for $5.4 million - more than $1 million above CV. Photo / Supplied
“Sites of such large size and with sea views are very rare. In a last year or so there were only about two or three,” he said.
The site previously had four units on it but these were demolished years ago. According to OneRoof records, the property last sold in 2014 for $2.515 million.
“I’m sure the buyers will do something with it but because it is zoned for a single house it’s a dream site for someone to build a house they want but can’t find it elsewhere,” David MacDonald said.
Remuera properties that did come with houses did equally well at auctions today. A luxury lodge-style five-bedroom home at 37 Ventnor Road sold for $5.4 million - more than $1 million above its 2017 rating valuation - after strong bidding.
The property was jointly marketed by Barfoot and Thompson agent Alex Baker and Bayleys agent Wei Wei Elder.
Baker also got a good result for a charming three-bedroom kauri home at 12 Warrington Road. The house, which he marketed with Barfoot and Thompson agent Stephen Rendell, sold for $2.8 million.
2 Mountain Road, in Mt Wellington, was pitched as a home and income opportunity and was snapped up for $2 million. Photo / Supplied
Outside of Remuera, properties with added extras were finding buyers. A brick and tile house on 677sqm of flat land at 10 Erima Avenue, in Pt England, sold for $1.324 million, after being pitched as development opportunity by Barfoot and Thompson agents Jane Wang and Dragon Zhou.
And a home and income property at 2 Mountain Road in nearby Mt Wellington sold under the hammer for $2 million. The 1017sqm is zoned for mixed house suburban but comes with two 1920s homes that can provide the new owner with sold income. The property was marketed by Bayleys agents Colleen Milne and Johanna Leighton.
