The buyer intends to knock down the Kipling Ave house to
make way for two new townhouses. Photo / Supplied
A developer has paid $2.41 million for a five-bedroom
family home in Epsom, with plans to knock it down and build two
The real estate agency that sold 11 Kipling Ave says the
price is unheard of for a piece of land its size which was
not being purchased for the house sitting on it.
The property went for more than double its valuation of $1.18
The auction attracted a room full of developers and 62 bids
by six groups, Harcourts Eden-Epsom director James Marshall
Interest was so high that the auction was brought forward a
week after a pre-auction offer of $1.5 million was made.
That price point became the reserve, but bidding quickly
escalated to $2.41 million.
The winning bidder, a Chinese developer, plans to subdivide
the section and build two standalone townhouses to sell.
The home was unable to be moved in one piece because of its
brick foundations and weatherboard walls so would have to be
knocked down, Mr Marshall said.
The 1950s weatherboard house, sitting on a 984sq m section,
was last sold to a family in 1983 for $139,000 when it had a
valuation of $79,500.
The couple's children have grown up and left home so they are
Mr Marshall calculated the sale price at $2450 a square
"It's an exemplary result for something that's not even a
"We are constantly amazed when records continue to get
broken, but this one eclipses anything we've seen.
"We do this every day, but this particular property went well
past our and the vendor's expectations."
He said that based on comparable properties and the
pre-auction offer, the couple valued their home at $1.5
"Epsom really has become the country's largest Asian
community," Mr Marshall said.
"We used to talk about Howick being the old Asian community,
now it's Epsom."
11 Kipling Ave, Epsom
1950s weatherboard, five bedrooms, 1 bathroom
Sold: $2.41 million
CV: $1.18 million
Last sale: 1983, $139,000
- Alanah Eriksen of the NZ Herald