A newly built five-bedroom house in one of Auckland’s last remaining affordable suburbs has sold under the hammer for just over $1 million.
Fifteen bidders, four of whom were investors, battled it to secure the house at 3a Fleming Street, in Manurewa at the Ray White auction on Saturday.
The listing agent, Rubal Singh, told OneRoof that he expected the house to sell below the million-dollar mark but having investors in the room pushed up the price to $1.0705 million.
"The investors pushed the boundaries and it was a very competitive auction," he said.
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Singh said the market had shown no signs of slowing time over the holiday period.
“People are going completely bonkers. The end of last year was huge but now people have had time to gather their thoughts and have hit the market with force.”
Developers competed to secure the house in South Auckland. Photo / Supplied
3a Fleming Street is zoned mixed housing urban, which would allow for more dwellings on the 850sqm section.
"There are a few freestanding five-bedroom houses in this part of Manurewa. On a section this size size you could have built three five-bedroom houses but vendors only built one."
Manurewa is one of few remaining suburbs in Auckland where homes typically sell for below $800,000, however prices are climbing rapidly. According to the latest OneRoof-Valocity figures, Manurewa’s median property value has grown 22 percent - $140,000 - in the last 12 months to $770,000.
86 Browns Road, in Manurewa, sold for $1.3 million, more than double its CV. Photo / Supplied
Another big sale for the suburb was 86 Browns Road, which was bought by an investor for $1.3 million – more than double its 2017 rating valuation of $590,000.
The three-bedroom property sits on an 860sqm section zoned mixed housing urban.
Singh said there were eight active bidders at the auction, most of whom were developers and investors. He said the buyer intended to hold onto the land.
“Properties like this are not very common in the area because of the large site and future development possibilities. There’s potential for subdivision or putting denser housing on it, about six town houses” Singh said.
On the other side of Auckland, and at other end of the affordability scale, a three-bedroom renovated home sold under the hammer at the weekend for $2.322 million – almost $1 million above its 2017 rating valuation.
41 Cambourne Road, in Sandringham, sold for $2.322 million. Photo / Supplied
Ray White Kingsland manager Tim Hawes said interest in 41 Cambourne Road, in Sandringham, was high, with about 300 people going through the open homes and 11 bidders registered for the auction.
He said the property was bought by a family looking to downsize.
“People want to put down their roots here. It’s a great area,” he said.
