Remember when the words ‘$1 million dollar property’ used to imply a mansion right on the beachfront? Those days are long gone – Real Estate Institute of NZ statistics for April show that the median house price in Auckland has reached a record high of $1.125 million. So, if you have $1 million to spend, you might get a peek of the sea, but forget the beachfront mansion. Hibiscus Matters decided to find out what can be bought locally for $1m.
This three bedroom, one bathroom property on Whangaparāoa Road, in Army Bay recently sold for $1.12 million – a full 40 percent above its capital value (CV). It was only on the market for nine days. Real Estate agent Anita Dobson, who sold the property with Kieran Barakat, describes it as a Lockwood-style property that had been shifted onsite, with sea views and a double garage. She says while the market is hot and Hibiscus Coast homes are skyrocketing in value, she is encouraging people to get a current valuation.
Janne Adams of Bayleys says it can be tricky to find something in the $1m range. The example she gives is this Stanmore Bay home and income which recently sold for $1.2m – a renovated three bedroom, two bathroom home with sea views and a separate two bedroom apartment. It was built in the 1980s. Janne says, whatever the price, properties are continuing to sell very quickly. “This has been the most buoyant market I have been in my 20 years in real estate,” she says.
Todd Cooper says the sale of this property in Florence Ave, Ōrewa, is a good example of what’s currently happening around the $1m price point. The single level home was listed at $950,000 in hope of a quick sale. However, after just one open home there were multiple offers including the successful one, which was $1,025,000 – $75,000 above the asking price. He says the property was immaculately presented with single car garaging and enough off-street parking to park a campervan or boat, which Todd says is becoming a necessity for buyers. A large, fenced garden was another selling point. Todd says currently there are more buyers than listings and competition for properties means quick sales. “We have not seen a trend like this since the market boom back in 2015/2016,” Todd says.