- More than 20 buyers competed for a three-bedroom villa, selling for $2.275m.
- The property, occupied for 50 years, requires extensive work but attracted developers and flippers.
- Agent Deborah Thompson says the buyer likely plans to demolish and rebuild on the 534sqm site.
More than 20 buyers fought over a tired-looking villa at a “manic” auction last month.
Start your property search
The three-bedroom deceased estate on Seccombes Road, in Epsom, Auckland, sold for $2.275 million – almost $500,000 above RV – after 30 frantic bids.
Barfoot & Thompson agent Deborah Thompson said the sale price exceeded her clients’ expectations. “We were all absolutely gobsmacked,” she said.
The property, occupied by the late owner for 50 years, was sold in “as is” condition. While it retained some original features, including a coal fire, it required extensive work.
The old villa retained many of its original features including a coal fireplace. Photo / Supplied
The central location including its proximity to Newmarket was one of the main drawcards. Photo / Supplied
Thompson said the property had attracted a lot of interest from developers, flippers and owner-occupiers, with more than 120 people going through the open homes during the sales campaign.
Four pre-auction offers were made on the property, but the vendors decided to hold out for the auction, which Thompson said was the right call.
The bidding opened at $1.5m, and the offers just kept coming. “It was such a manic auction,” Thompson said. The eventual winner was a “savvy bidder” who made several bold bids of $100,000 to scare off the competition.
Discover more:
- Sacred Heart old boy paid $38m for rich lister's waterfront mansion
- Biggest deal since Dotcom: Coatesville mega-mansion sells for close to $18m
- Fairytale ending for 'broken castle': Historic manor sells for more than RV
Thompson believed the buyer planned to demolish the villa and build a new home on the 534sqm site.
She said the number of original homes on freehold sites in the area was shrinking. “There’s just less and less land with a house on it. It’s just the opportunity cost of what it could be.”
Most of the freehold sections in the suburb that had come to market had been snapped up by developers and replaced with multiple units or townhouses, she said.
A few streets away at 31 Ranfurly Road in the suburb is another deceased estate for sale, but this one is in a zone earmarked for development.
An original villa at 31 Ranfurly Road, in Epsom, is attracting a lot of attention from flippers and developers. Photo / Supplied
Harcourts agent Gabriel Elkhishin told OneRoof that the four-bedroom villa was attracting a lot of interest, mainly for the 759sqm double grammar zone site.
“I’ve got people looking at it purely for land value. Demolishing it, building their dream home. I’ve got people looking at it as a money-making scheme in terms of buying it, renovating and reselling or buying or developing and reselling the end product.”
Elkhishin declined to give a price indication, but the property has an RV of $3.4m.
- Click here to find more properties for sale in Auckland
