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<\/p>\nA non-descript house sold under the hammer last week for $700,000 more than its $1.6 million RV in what the agent said was one of the hottest auctions in recent years. <\/p>\n
Seventeen developers and one investor registered for the auction of a three-bedroom property on McFarland Street, on the border of Remuera and Meadowbank.<\/p>\n
Bidding was intense and kicked off at $1.4m, said Banson Chong, projects manager for Bayleys Remuera. Nine bidders raised their hands over three minutes, with conditional buyers waiting in the wings just in case the property passed in. <\/p>\n
\u201cThe level of buyer engagement and competition was particularly interesting given the current commentary around market conditions,\u201d he told OneRoof. <\/p>\n
\u201cThe successful purchaser is a developer who is currently looking at the potential to build three to four freestanding homes on the [700sqm] site, subject to the usual planning, design and consenting requirements. <\/p>\n
\u201cWe effectively finished the auction with 17 unsuccessful cash, unconditional buyers, and we also had another 12 conditional buyers who had expressed interest but were not in a position to bid unconditionally on the day.\u201d <\/p>\n
<\/p>\n
Bayleys agent Banson Chong says the auction of the house on McFarland Street, on the edges of Remuera, was intense. Photo \/ Supplied<\/p>\n
Many were still actively looking for their next development opportunity in central Auckland, and particularly in Remuera, Chong said. <\/p>\n
\u201cFor me, the most significant part was the depth of competition. It was not simply one or two determined buyers pushing the price \u2013 there were multiple parties genuinely competing for the property.\u201d<\/p>\n
OneRoof records show the property last changed hands 12 years ago for just over $800,000.<\/p>\n
What made the property so attractive for developers was the combination of its 700sqm landholding, Mixed Housing Suburban zoning, and that it had both stormwater and wastewater services available on site. <\/p>\n
Good development sites in established parts of Remuera were tightly held so when a property combined usable land, appropriate zoning, infrastructure and location, it could attract significant attention, Chong said. <\/p>\n
This part of Remuera had proven demand for well-designed new-build homes. <\/p>\n
Discover more:<\/p>\n
– Ex-All Black Julian Savea sells luxury estate, buys new one over the road<\/a><\/p>\n – ‘King of Lockwood’ selling his lakeside chateau after more than 40 years<\/a><\/p>\n