- Two Auckland state homes worth over $4 million have sold, but the sale price is undisclosed.
- The properties on Puroto Street, Meadowbank, were marketed to developers and investors by Ray White.
- The 1684sqm site, listed by Kāinga Ora, is zoned for development and could fit six to eight townhouses.
Two Auckland state homes worth more than $4 million have been snapped up, but what they sold for is being kept under wraps.
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The agents marketing the neighbouring properties on Puroto Street, in Meadowbank, declined to comment on the sale but confirmed the properties had sold.
The two-bedroom duplexes have a combined RV of $4.475m, overlook the Ōrākei Basin, boast views of the Sky Tower, and are just metres from a train station.
The two-bedroom duplexes have a combined CV of more than $4m. Photo / Supplied
The homes themselves are likely to be bowled. Photo / Supplied
The houses sit on a 1684sqm site zoned for development and were listed for sale by Kāinga Ora as part of its $500 million real estate sell-off.
Ray White listing agents Michael and Tatyana Ataman had pitched the property to “developers, land bankers, and astute investors”.
“The vendor is highly motivated to sell, making this an unbeatable opportunity,” their listing on OneRoof said.
They told OneRoof last month that a developer could put six to eight townhouses on the site, as it had stormwater and sewer connections.
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The land butted onto a special ecological zone at the Ōrākei Basin, so some development plans might need council approval, they said.
The New Zealand Herald reported last month that the Government plans to sell up to 900 state homes nationwide a year, with houses in high-value suburbs to be sold first.
The Government has identified around 200 state homes worth $2m-plus.
State homes used to dominate Meadowbank, but successive sell-offs have changed the suburb’s look and feel, with older homes bulldozed and replaced with new builds. The immediate neighbourhood has proved popular with private apartment and townhouse developments.
Ray White agent John Lantz said that Puroto Street was a premium spot and boasted views that would cost millions more in neighbouring Remuera.
Agents told OneRoof that there was demand for move-in-ready large family homes in Meadowbank. Photo / Fiona Goodall
“If that were Lucerne Road, with those same views, you’d be paying triple the price,” he said.
Lantz said there was a shortage of high-quality family homes in Meadowbank. “There’s an abundance of town-house-style places, cross lease, on small sections with little land. But families here want to upgrade, they want a good backyard for the trampoline and swings, maybe room for a pool down the track. There are not enough of those.”
Lantz said that while the newer townhouses were commanding prices from high $1ms, move-in-ready family homes on bigger sections were selling in the $2ms. “No one's got an appetite for a house that needs work.”
Barfoot & Thompson agent Rawdon Christie, who recently sold three ex-state homes for Kāinga Ora in neighbouring Ellerslie, agreed that the market lacked good-sized family homes with four bedrooms.
“Places that are all done and are really tidy, they will sell, and sometimes for surprisingly good prices,” he said.
However, homes outside this bracket were taking longer to sell. “Before, buyers would compromise on maybe the cladding, or the outlook or the room configuration. Now they go, ‘That’s not quite right, we’ve got the time to look elsewhere.’”
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