Bidders who bought The Block homes at auction last week may have bagged bargains.
Top price was $961,000 for Ben and Libby's do-up - $157,000 over the $804,000 reserve.
According to QV New Zealand, the average value for a Takapuna house is $1,150,000. Capital valuations plus the cost of extensions and other work add up to around $1,200,000 for each of the four Anzac Ave homes used in the TV3 show.
The brother and sister won $80,000 and under the show's rules contestants got to keep whatever their do-ups fetched above reserve, giving them a tidy sum of $237,000.
Winning bidders were Lisa and Stuart Hampton, who plan to use the house as business premises.
Production company Eyeworks New Zealand bought the four homes from an investor for $635,000 each in February.
All were solidly built, three of brick and the fourth of weatherboard and are handy for Lake Pupuke, Takapuna Beach and good schools.
They back on to Takapuna Croquet Club and have views to the city.
Their capital value was $740,000, and the discounted price reflected their rundown condition.
Three of the homes were last sold in 2004 for prices ranging from $610,000 to $660,000.
The fourth property, renovated by Rachel and Tyson, sold in 2006 for $765,000 and had a larger floor area.
But their project fetched the lowest price - bang on reserve at $798,000, meaning the couple had nothing to show for nine weeks' work.
Interestingly, the prices for the homes decreased in order of the auctions.
Ben and Libby's property at 78 Anzac Ave was first and fetched top price.
Second was Sarah and Richard's house at 76 Anzac Ave which sold for $870,000. The couple made a profit of $64,000 from the reserve price of $806,000.
Next were Ginny and Rhys, whose house at 80 Anzac Ave sold for $805,000.
The couple made a profit of $11,000 from a reserve of $794,000.
Rachel and Tyson's property at 74 Anzac Ave was last and bidding struggled to meet the $798,000 reserve - only $33,000 above its 2006 price.
Auckland investor and property consultant Olly Newland wondered whether sending all four properties to auction at the same time was the best way to get the highest prices.
"That's the way the market plays. You win some, you lose some," he said.
Paul McKenzie, marketing manager for realestate.co.nz, said it was hard to find completely renovated homes, each with $60,000 worth of new chattels, at that price anywhere in Auckland.
"The bottom two houses were very good buys and the buyers have done very well."
Unlike Mr Newland, he did not believe having four similar houses at the same time influenced the outcome. The bottom two houses, he said, should perhaps have gone for more.
Mr McKenzie said the truncated mean asking price (meaning the top 10 per cent and the bottom 10 per cent asking prices are excluded) was $985,000 in Takapuna. "It is not mysterious. In Auckland we are at some of the highest average asking prices ever. In Takapuna that is a lot more," he said.
Anne Duncan, of Anne Duncan Real Estate, said the lesson from The Block was a basic one.
There was little building of new homes or units in Auckland but people were coming into the city increasingly.
She held 10 auctions on Wednesday - eight sold, all above reserve.
One of the houses she sold at auction last Wednesday went to a buyer who had gone to five auctions that day.
"If you are not planning on leaving Auckland, I would advise people not to sell - right now there are not enough homes to live in."
If you think Ben and Libby did well, consider this: Earlier this year the Australian version of the show surprised both viewers and real estate agents when the winning couple sold their Melbourne terraced house for $A1.62 million, blitzing the $1.11 million reserve.
- © Fairfax NZ News
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