A three-bedroom 1960s unit in one of Remuera’s prime streets sold at auction for more than $2 million last week after six bidders fought to get a foothold into Auckland’s double-Grammar zone.
The home on Victoria Avenue, marketed by Barfoot & Thompson agent Philip Oldham as needing a “rejuvenate, redecorate”, was one of a pair of mid-century units. It was staged the day before lockdown but was sold based on vendor photographs, with no viewings or open homes.
Oldham told OneRoof that three buyers tried to beat the crowd with pre-auction offers, with the third being accepted. Twelve buyers registered to bid, but half were knocked out by the opening call of $1.7m with the rest pushing up another $325,000 in 60 bids over 23 minutes.
He said the property had thousands of views online because it was interesting to a wide range of buyers from investors to owner occupiers, “people wanting a location that has everything.”
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The property, one of a pair at the bottom of Victoria Avenue, Remuera attracted three pre-auction offers and 12 registered bidders. Photo / Supplied
“We were very, very pleasantly surprised at the $2.025m price. A similar unit next door sold in February for $1.65m, and that’s what we’d used for [price] guidance.”
Buyers could not view the property in person but the vendor supplied his own photographs of the staged property. Photo / Supplied
While Oldham could not disclose details of the buyer, he said that disappointed under-bidders were now asking him for similar properties, some have been looking for a while. He said new listings were starting to flow through now that Auckland was in level 3, but it was far too soon to make the call that they would make up for the weeks of lost time and listings over lockdown.
A two-bedroom unit in the Remuera village end of Victoria Avenue sold in August for $1.7m. Photo / Supplied
“Remuera right now has just 68 listings. This time last year we had 90, but we’d usually have 175 to 190. It’s nowhere near satisfying demand, and we’ve still got the constant problem of people who won’t list until they’ve secured something new.”
Barfoot & Thompson auctioneer Murray Smith, who called the Victoria Avenue auction, said the 60 bids were fast and furious, and the price was good.
Also during lockdown, a two-bedroom flat on Orakei Road in Remuera fetched $1.393m. Photo / Supplied
“For $2m for three bedrooms in Grammar zone is really rare nowadays, it’s a good buy.”
In early August, a renovated two-bedroom unit in the six-block Victoria Heights building at the Remuera village-end of Victoria Avenue sold for $1.7m and another two-bedroom 1970s flat at the corner of Orakei Road fetched $1.393m during a lockdown auction.
