The price of an Otahuhu house increases 74% in nine months

Short headline: 
Is Otahuhu the next Grey Lynn?

Could Otahuhu, traditionally one of Auckland's most working class suburbs, soon have BMWs and Audis parking cheek-by-jowl on its main street as their owners sip lattes at curbside cafes nestled between chic boutiques?

Otahuhu may not quite be there just yet, but it could well be the next Auckland suburb destined for price-escalating gentrification judging by the result of one of last week's auctions in the suburb.

The house at 67b Nikau Rd was an old bungalow that had been given a bit of a makeover.

Freshly painted and with a new kitchen and bathroom and recently polished wooden floors, the three bedroom house with double carport had been purchased in September last year for $352,000, according to QV.co.nz.

It's current rating valuation, issued after September's sale, was $445,000.

Last week Bayleys sold it at auction for $612,000.

Extraordinary perhaps, but it was still the cheapest stand alone house that Bayleys sold at auction in Auckland last week.

The only property that went for less was a Kingsland apartment that went for $602,000.

The most expensive sale was an Epsom house that sold for $3.08 million.

To see the full results of Bayleys Auckland auctions last week, which includes sales in Albany, Forrest Hill, Devonport, Glenfield, Bucklands Beach, Epsom, Mission Bay, Mt Roskill, Red Beach and Grey Lynn, with photos of all properties, including those that didn't sell, click on this link.


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