Neighbours join forces to secure record sales prices for their homes

6 min readDec 11, 2020

These three neighbours in Yeovil Road, Te Atatu Peninsula sold their properties as a single unit of 2427 square metres, and received a record price for the sale of a property in the Auckland suburb.

Three neighbours on Te Atatu Peninsula clubbed together to sell their homes earlier this month in a single package that saw them make hundreds of thousands of dollars more than if they had sold separately.

And they are not alone. Listing agents Rosie and Daniel Deans of Harcourts Northwest Realty say they have listings for several other groups of neighbours doing exactly the same thing. And it’s developers looking for larger sites who are buying up the properties.

Rosie Deans says the Yeovil Road sale featured three side-by-side properties on 2427 square metres that were sold at auction for $5.93 million, which is a record for a single sale on the peninsula.

The sale fetched $1.976 million per house. “This is considerably more than the $1.7 million sale price they could have expected if they had sold separately,” says Deans. “We were expecting around $5.7 million for the three, but there were six registered bidders and it went much higher.

“We had recently sold 93 and 95 Taikata Road for $4.05 million, which was an amazing $2.025 million for each property. Daniel discussed that result with the owners of the middle property in Yeovil Road, who were wanting to sell their house.

Those owners then contacted the neighbours on either side, who both agreed to sell also.

SUPPLIED

Daniel and Rosie Deans currently have four additional “group sales” on Te Atatu Peninsula on their books.

“They knew they could get a better price if they were able to offer a bigger block of land,” says Deans. “And in this instance, one of the properties was on a corner, which developers love because it improves access. The site is also zoned for terraced housing; there is no floodplain and it is just 150m from the village.”

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Deans says the owners had a legal agreement drawn up before the auction that determined how the proceeds would be split from the sale.

The agents now have another three neighbouring houses in Yeovil Road for sale, also on 2427 square metres, with a similar arrangement in place. That “package” will be auctioned on December 18, 2020.

HARCOURTS NORTHWEST REALTY

Developers are snapping up large blocks on Te Atatu Peninsula to build apartments and terrace housing.

“We are getting so many enquiries from neighbours wanting to sell together,” Deans says. “It’s quite incredible the prices these properties are fetching — they are no different from the prices of land selling in St Heliers and Remuera.”

Deans says the Yeovil Road houses that sold for over $1.9 million each would most likely have fetched $1.2 million in July.

Also listed with the firm are another three groups of side-by-side houses, one group in River Road, one in Fathom Place and another in Taipari Road.

Te Atatu Peninsula is a suburb that has been undergoing major change over the past two to three years, with the new developments, both private and Kāinga Ora social housing. This has contributed to high prices for older homes on large sections that are zoned for terraced housing and apartments under the Unitary Plan.

Neighbours join forces to secure record sales prices for their homes

Written by Mamun mal