Two pieces of dirt in Auckland each sold under the hammer for more than $2.5 million last week – almost the same sum a first home buyer shelled out for a three-bedroom villa in the city’s popular Grey Lynn suburb.
The two bare sections were both around 800sqm in size and came with approved development plans.
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Three developers competed against each other for 48 Murvale Drive, in Bucklands Beach, at a Barfoot and Thompson auction on Wednesday.
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Bidding started at $2.218 million and quickly climbed thereafter, with the winning bid of $2.575 million more than $1.2 million above the property’s 2017 rating valuation.
The listing agents, Jessie Lu and Sham Lal, of Barfoot and Thompson, said the property was sold with building consents for four three-level townhouses with four-bedrooms and two bathrooms.
48 Murvale Drive, in Bucklands Beach, Auckland, fetched $2.575 million under the hammer. Photo / Supplied
Another bare section earning its owner big money was 10 Bayview Road, in Hauraki, on the North Shore.
The 779sqm site, listed with Bayleys agents Sam Yeung and Owen Ding, sold to a developer for $2.55 million after strong competition from five other bidders.
The property is zoned Mixed Housing Suburban and has consents already approved for two sites.
Yeung told OneRoof that demand for development sites was high.
“People see prices going up and they think if they don’t buy now, they will pay even more in the future,” he said.
Developer appetite is also strong for sites that have yet to be cleared.
Two Parnell properties that were listed together with Barfoot and Thompson agent Cindy Yu sold last week at auction for $4.4 million.
15 and 17 Garfield Street were bought by a developer after strong bidding by two other buyers at the auction. The properties have a combined section size of 716sqm and are zone Business – Mixed Use.
15 and 17 Garfield Street, in Parnell, were both bought by a single buyer for $4.4 million. Photo / Supplied
Also out in force last week were buyers looking for a home to occupy. A stylish three-bedroom villa, in Grey Lynn, sold under the hammer to a first home buyer for $2.375 million - $850,000 above its 2017 rating valuation.
There were nine registered bidders at the auction of 202 Richmond Road, four of whom made bids.
Ray White Ponsonby agent Angela Sunders, who marketed the house with colleague Paul Grace, said: "Both buyers were quite emotional. It was really nice to see people being excited about securing property and hopefully those who missed out get to secure a home soon too.”
202 Richmond Road, in Grey Lynn, sold to a first home buyer for $2.375 million. Photo / Supplied
She added: "The vendor was happy with the result as they put a lot of work into making it look good.”
