The price of an ordinary 1960s house in an ordinary Auckland suburb rises from $417,000 to $850,000 in four years

This house at Green Bay in Auckland sold for $850,000.

An unremarkable 1960s-era four bedroom house in the Auckland suburb of Green Bay was sold at auction by Bayleys for $850,000 last week.

Green Bay is one of Auckland's inner-west suburbs, sitting between Blockhouse Bay and Titirangi.

The house (pictured at right and below) was typical of its era, with weatherboard construction and was tidy but still in original condition.

It sat on a 675 square metre section, which would not be big enough to subdivide.

It had an interesting sales history.

According to QV.co.nz the house was sold in March 2011 for $417,000 and then sold again in December 2013 for $596,000 and then again at last week's auction for $850,000, which means its price has more than doubled in the last four years.

Its rating valuation was $540,000.

Pictured below: the interior of the Green Bay house that sold for $850,000.

Other highlights of last week's Bayleys auctions include a two bedroom home unit in the North Shore suburb of Glenfield which sold for $590,000, a three bedroom apartment in Auckland's CBD which went for $1.48 million, a 1950s-era bach overlooking Chateris Bay in Lyttelton Harbour which went for $240,000 and a 90ha dairy farm at Mangatangi near Miranda in the Waikato which sold for $2.8 million.

See below for the full results of last week's Bayleys auctions around the country, with photos and details of all properties, including those that didn't sell.

 

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9 Comments

Land per capital in AKL halved?

This is just showing how wrong the things are and how out of control. No proper action taken in the correct time resulted in this situation. Thousands of Kiwis are out of the market, our kids will never be able to buy the house in Auckland (im talking about 'Aucklanders').

it is liveable, fully rentable home. Most likely it was bought by someone already owning a a house as an investment (anticipating 30% deposit rule coming) or by cashed up person that have just sold a property in the city for $1.xx m

It is sad story for 'regular' people wanting to have a family home for their kids. But hey....'who said that everyone has to have a house ?!?'

"our kids will never be able to buy the house in Auckland (im talking about 'Aucklanders')."

Never? Are you implying prices always up or won't go down?

The Irish, US, Spanish property busts will pale in comparison when this baby finally blows.

When you run out of suckers the ponzi will come to it's inevitable end.

And just think... in each of those four years during which the price was on the way to doubling, so many of the the comments on interest.co.nz were telling us that house prices were about to collapse.

You can buy an old house like that in our area for about $180,000. Everyone will leave and retire to the provinces with cash.

Why has this gone for the same amount as 14a Mayville Ave which is just down the road and looks immeasurably better? Is the latter's sale price(in the results above) accurate?

http://www.bayleys.co.nz/Listings/Auckland/Waitakere-City/New-Lynn/1700210

Greenbay house was on a full site and Mayville is a cross-leased. Big difference.

Wow! Is that how millionaires live!?!