Simply telling the Truth, Superhero Hall of Fame, New Zealand Housing Crash, Avengers on the Horizon

Simply telling the Truth, Superhero Hall of Fame, New Zealand Housing Crash, Avengers on the Horizon,

The owners of a South Auckland home have been hit with a million-dollar loss after reselling their house just one year after buying it in a further sign of how far Auckland house prices continue to fall.

The owners paid $2.3 million for the St George St home in Papatoetoe in December 2021 but yesterday resold it at auction for $1.305m.

The Herald understands the grim sale is related to personal issues rather than pressure from the falling housing market.

The Herald is unsure why the owners paid $2.3m for the house in 2021 when its council valuation was $1.425m at the time.

A real estate agent connected with the recent sale said they could not comment.

The home’s most recent Barfoot & Thompson marketing material said it was a “winner takes all - urgent sale” situation.

“Our vendor’s circumstances dictate that this beautiful family home is now on the market and make no mistake it WILL sell on, or before, the Auction Day. Get in quick to make the most of the short auction campaign - this is a one-off opportunity to pick up a much-admired home,” it stated.

The home features four bedrooms, three bathrooms, a sleepout, two lounges and a large kitchen.

It also sits on an 860sq m block, potentially opening it up for future development.

Yesterday’s auction at Barfoot & Thompson stretched for about 45 minutes, rising from an opening bid of $1m in mostly small steps to its final sale price of $1.305m.

It took close to a minute and a half at the start of the auction before any opening bid was made for the home.

That slow pace was in stark contrast to the ferocious opening bidding for the St George St home at its previous auction on December 1, 2021.

On that occasion, the opening $1.2m bid was made before the auctioneer even finished describing the house.

Then - when the auctioneer rejected $1.2m as too low a starting bid - a $2m bid was made just seconds later.