There have been several like examples in previous weeks.
There is no doubt that there is a feeding frenzy for popular houses in popular price ranges but the fact is that examples like this are the exception and not the rule.
Prices are rising In Auckland and have already started to spread to other main centres. I estimate 10-15% increases have occurred over the last 12 months (which is plenty by anyone’s standards) in good leafy suburbs but the extremes like this example are rare. It is not hard to find just the opposite examples of great losses as compared to CV’s. And that’s the point. CV’s are rough estimates and and should not be relied upon. When a CV is computer created there is far too room for error. Registered valuations are far more reliable.
Mt Albert house fetches $400k above valuation
By Anne Gibson NZ Herald
Jul 6, 2012
A Mt Albert house has fetched $416,000 above its valuation, further evidence of the Auckland’s hot June property market.
The three-double bedroom bungalow at 25 Monaghan Ave, off Martin Ave between Carrington Rd and New North Rd, had an Auckland council valuation of $670,000 but sold at auction for 62 per cent above that at $1,086,000.
That deal follows another this week at 42 Rautara St in Orakei, bought a year ago for $590,000 and sold for $846,000 by Juliet Blair who is going away and didn’t want to rent the house out.
In the Mt Albert case, Greg Whitta of Anne Duncan Real Estate said the house was on the market only 23 days, 100 parties inspected it, six bidders registered and it sold under the hammer. Its reserve was set in the $900,000 bracket.