- A three-bedroom villa in Ponsonby sold for $1.34m, nearly $500,000 below its RV.
- The property, one of the “Six Sisters”, was pitched to builders and renovators.
- Ray White agent Georgina Munro said the overseas owners were “realistic” about the low reserve.
In a suburb where dumps can cost more than $2 million, a three-bedroom villa in Auckland’s Ponsonby was snapped up at auction today for $1.34 million.
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The John Street house, one of the sought-after “Six Sisters”, went to auction with a declared reserve of just under $1.3m, so the extra $40,000 was appreciated – but the sale price was almost half a million dollars below the RV.
The buyers in the Ray White auction room made nine bids in total, and the action was over in less than 10 minutes.
The property had been pitched to “builders, renovators and interior designers with vision”.
Ray White listing agent Georgina Munro told OneRoof told OneRoof there were only two registered bidders at the auction and the property had sold to New Zealand telephone bidders based in the United Kingdom.
While unsure of their long-term plans, she said the property would be a home for them to return to and she thought they would renovate in time.
She said ahead of the sale that the owners lived overseas, in Melbourne, and were “realistic” about price, hence the low reserve.
The villa – one of the landmark Six Sisters – was well presented but needed an upgrade. Photo / Supplied
The vendors were realistic about price, the listing agent said. Photo / Supplied
One of the three bedrooms has a balcony. Photo / Supplied
“We have motivated vendors who want the property sold. They have owned it for 12 years,” she had said.
“They initially purchased it to be a family home, which they were going to renovate and extend, but a job opportunity meant that they’ve remained overseas.”
She added: “It has been a really successful rental for them, but it’s time to sell it, and they’re absolutely prepared to meet the market.”
Records show the vendors bought the house in 2010 for $780,000. They listed it for sale in 2024 and again at the start of the year, but didn’t get any bites until this week.
Munro said: “It hasn’t been upgraded in some time and it’s due for a cosmetic refresh. Potential buyers were talking about putting in a new kitchen and bathroom. Some are talking about changing the layout to extend the property.
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“We’ve had families wanting to live in the area through to first-home buyers, renovators, and those actually overseas who want to return home to Ponsonby and call it home. We’ve had great traffic through the property, and with the declared reserve option we’re expecting a result.”
Fellow Ray White agent Jason Trowbridge, who’s been selling real estate in Ponsonby for over 30 years, said bargain and Ponsonby were two words rarely seen in the same sentence. “It is the first time I have seen something offered at this sort of level for many years. I would be buying at $1.3m. I think this is a rare opportunity,” he told OneRoof earlier this week.
One of the neighbouring Six Sisters homes managed to fetch $3.365m at the height of the market in 2021, highlighting the potential of 127 John Street. “That was renovated from the ground up really, and it’s got three bedrooms, the master with a large walk-in robe and they’ve put in garaging beneath, landscaped and extended,” Munro said.
And a four-bedroom, four-bathroom home on John Street, Ponsonby, recently sold for just over $6m.
The three-bedroom, 96sqm house for sale at 4A Fitzroy Street, in Auckland’s Ponsonby, has watertightness issues. Photo / Supplied
Bargain-hunters weren’t as enthusiastic for another Ponsonby “bargain” on the auction block today. A 96sqm home on neighbouring Fitzroy Street, billed as one of Ponsonby’s skinniest properties, was passed in at $220,000 after 16 bids at Barfoot & Thompson’s auction room.
Barfoot & Thompson listing agent Carl Madsen told OneRoof last week that the three-bedroom house had watertightness issues and would likely be demolished by a new owner.
The buyers at the auction were warned at the outset of the property’s issues by Barfoot & Thompson auctioneer Marian Tolich, who drew attention to deletions in the contract of vendor warranties and claims for compensation.
She noted that the property was also on a crosslease and there could be difficulties and limitations around the feasibility of future development.
“The vendors have made enquiries with the crosslease neighbour at 4B Fitzroy and are aware that she objects to and opposes any development of the subject property beyond the existing site, footprint and dimensions.”
Apart from that, “what a great location”, she said. “Honestly, a hop, skip, and a jump to Ponsonby Road, you've got a good little group of local shops there, and it is what it is, but it's a great location.”
Madsen told OneRoof after the property passed in that negotiations were underway, and he expected a sale.
- Click here to find more properties for sale in Ponsonby
