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The apartment in Grorud was sold on Friday for NOK 2.4 million. More than 100 were on display, according to the realtor.
The 34 square meter house in Grorud was built in 1963. Several parts of it have remained unchanged since the year of construction.
Estate agent 1
Published:
The house next to the center of Grorud was built in 1963, and various parts of the apartment have not changed since the year of construction.
– Interest in the house was above all expectations, says Mohsin Ali, department manager and real estate agent at Eiendomsmegler 1 Stovner.
A total of 138 showed interest in the house and more than 100 people are said to have stopped to see it.
The kitchen furniture is from 1963 and several fronts are missing.
Estate agent 1
The last time the house was sold was in 1992, then for 275,000 crowns. On this occasion, it was suggested that the house cost just under NOK 1.7 million.
– The house finally sold for 2,400,000 crowns after a bidding round with 13 different bidders, says Ali. That’s 700,000 crowns above the suggested price.
“Object of demolition”
The apartment has an area of 34 square meters and is located on the fourth floor. This gives a price of NOK 70,000 per square meter, well above the national average and slightly below the Oslo average.
The advertisement for the apartment does not hide the fact that the apartment is not in optimal condition. Ali is aware that this is a renovation object, and various parts of the house, such as the bathroom, need a complete renovation.
– Naturally, the seller is very happy with the result. There is often uncertainty associated with how the market responds to homes listed as “demolition objects,” says Ali.
The bathroom is from 1963, and according to the announcement of the house it needs a complete reform.
Estate agent 1
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– A good market
On the same street another 34 square meter apartment is sold. This is not marketed as a refurbishment item and has a total price of just over NOK 2.2 million.
– He’s only been out for a couple of days. So far, there is good interest in the house. But there aren’t a hundred registered pieces, says DNB Eiendom broker Lise Egge.
– There are popular apartments. It is right next to the center of Grorud and a public transport hub for traveling in and out of Oslo.
She says sales are expected to be good here too.
– The seller is realistic and satisfied with the quote.
– Do you have any ideas about house prices and the market in the area?
– It’s a good market. There has been a bull market here in the area for many years, with some buzz here and there. This is an area where many people buy their first home.
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Higher growth in Oslo
In Oslo and in the rest of the country, there has been a hot development in the housing market recently.
And the growth has continued throughout the fall. In September, which is normally a month of falling prices, house prices in Norway surprised with a jump of 0.4%.
The rebound was strongest in Oslo, with growth of 7.7% in twelve months.
– We are now in a situation where it may be difficult for many to enter the housing market in the future, Eiendom Norge’s manager Henning Lauridsen said when he presented the September figures earlier this month.
The strong development in the housing market comes at a time with a record low key interest rate of zero, which the brokerage industry has pointed to as a major pricing factor.
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Carl Geving, director of the Norwegian Real Estate Association (NEF), previously warned of a “strong cocktail” for the Oslo housing market, where zero interest rates are combined with a housing shortage.
When E24 spoke with the main broker in early October, he thought that inflation in the capital would only increase.
– There are many reasons to fear an abnormally strong price development in Oslo in the future. September is usually a weak month, but it was the opposite. I also think October will be unusually strong, Geving said.
