The worst house on the street will cost you over $2 million in Point Chevalier
You can expect to pay over $2 million for this ramshackle 1920s home on a full site on the northern end of the Point Chevalier Peninsula.
Never mind that this house and its outbuildings are rusty and possibly rotting – the property is still valued at $2.65 million.
And that’s because it’s a full 696m² site in Point Chevalier, Auckland, just one block from the waters edge.
Listing agents Derek von Sturmer and Lawrence von Sturmer of Ray White Point Chevalier say they are looking for buyers with budgets over $2 million. “The instructions are clear, this must be sold, and with flexible terms and conditions available, there is no excuse to pass up this opportunity.”
The house, at 21 Johnstone Street, is not far from the new three- and four-bedroom homes on Huia Road that went up for auction on The Block NZ last October, for prices ranging from $2.692 million to $2.825 million of dollars.
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The high rating reflects the site’s development potential in a suburb where most large sites either have infill housing or have been redeveloped.
The house itself, which was built in the 1920s, is vacant and the section is overgrown. The photos show that the paint is long gone from the exterior panels and the roofing iron. The original fittings are still in the 94m² house and the kitchen cabinets also look dated. But a few stained glass windows remain, as well as the original tiled fireplace surrounds.
Council records show the property was sold in December 2021 for $2 million – no prior sale is shown. Derek von Sturmer says the property had been in the same family for many decades.
“We have young families interested in keeping the house, which has good bones,” he says. “Doing a modest renovation and cleaning up the section makes a lot of sense in terms of getting your money back. If you want to move up the property ladder, you still have that subdivision potential down the line. For example, you could build a new house behind and have a view of the water, and sell the existing house.
CoreLogic figures show Point Chevalier was one of Auckland’s top five suburbs in terms of property growth over 20 years. It recorded a 576% growth that took its median value from $298,800 to $2,020,400.
However, last month CoreLogic noted that Point Chevalier was the Auckland suburb where median property values had fallen the most over the previous three months. Values fell 4.6%, translating to the dollar falling more than $100,000 since March.
The suburb’s many attractions include its proximity to beaches, good schools and the city.
Just a year ago, a former Block NZ home at 26b Newell Street sold under the hammer for $3.18million after the auction went ahead.
The sale prompted listing agent Lawrence von Sturmer to say at the time, “If we had 20 houses like this, we’d sell them all in a week.” “At the moment there is a real shortage of houses similar to this one, but we have a strong demand.
“My entire sales team lives here and owns property in the suburbs. We know the area very well. It’s a great place to live and it’s always popular.