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HARCOURTS NORTHWEST REALTY
These three neighbors on Yeovil Road, Te Atatu Peninsula sold their properties as a single 2427 square meter unit and received a record price for the sale of a property in the Auckland suburb.
Three residents of the Te Atatu peninsula came together to sell their homes earlier this month in a single package that saw them earn hundreds of thousands of dollars more than if they had been sold separately.
And they are not alone. Listing agents Rosie and Daniel Deans of Harcourts Northwest Realty say they have listings from several other neighborhood groups that do the exact same thing. And it is the developers looking for larger sites who are buying the properties.
Rosie Deans says the Yeovil Road sale included three side-by-side properties across 2,427 square feet that sold at auction for $ 5.93 million, which is a record for a single sale on the peninsula.
HARCOURTS NORTHWEST REALTY
These are three more properties on the same street, where neighbors have come together to sell as a single unit, with an auction to be held on December 18.
The sale reached 1,976 million dollars per house. “This is considerably more than the $ 1.7 million asking price they could have expected if they had been sold separately,” says Deans. “We expected around $ 5.7 million for all three, but there were six registered bidders and it went up a lot more.
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“We had recently sold 93 and 95 Taikata Road for $ 4.05 million, which was an incredible $ 2.025 million for each property. Daniel discussed that outcome with the owners of the intermediate property on Yeovil Road, who wanted to sell their home.
Those owners then contacted neighbors on both sides, who agreed to sell as well.
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Daniel and Rosie Deans currently have four additional “group sales” on the Te Atatu Peninsula on their books.
“They knew they could get a better price if they could offer a larger plot of land,” says Deans. “And in this case, one of the properties was on a corner, which developers love because it improves access. The site is also zoned for semi-detached houses; there is no alluvial plain and it is only 150 meters from the town ”.
Deans says the owners had a legal agreement drawn up before the auction that determined how the proceeds from the sale would be divided.
The agents now have three other neighboring houses on Yeovil Road, also 2,427 square meters, for sale with a similar layout. That “package” will go up for auction on December 18, 2020.
HARCOURTS NORTHWEST REALTY
Developers are acquiring large blocks on the Te Atatu peninsula to build apartments and houses with terraces.
“We are getting a lot of inquiries from neighbors who want to sell together,” says Deans. “It is quite incredible the prices that these properties are reaching, they are not different from the sale prices of land in St Heliers and Remuera.”
Deans says that the Yeovil Road homes that sold for more than $ 1.9 million each would likely have sold for $ 1.2 million in July.
Also on the signature list are three other groups of adjoining houses, one on River Road, one on Fathom Place and one on Taipari Road.
The Te Atatu peninsula is a suburb that has undergone major changes in the last two or three years, with new developments, both of private social housing and Kāinga Ora. This has contributed to the high prices of older homes in large sections that are zoned for townhouses and apartments under the Unit Plan.
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Prime Minister Jacinda Ardern talks about rising house prices and reacts to calls for the Government to intervene in the decision-making of the Reserve Bank.
