Ex­treme makeover pays off

The Press - - News - Hamish McNeilly hamish.mcNeilly@stuff.co.nz

A Dunedin home has fetched al­most $500,000 more than when the de­ceased es­tate sold five months ear­lier.

‘‘There is no price to de­ter, dream big and se­cure a pre­mium op­por­tu­nity,’’ the Har­courts real es­tate blurb said of the brick and tile three bed­room home, which sold by tender for $290,000 in May.

The ex­ten­sively de­vel­oped house then sold for $786,000 in Oc­to­ber.

Homes.co.nz data val­ues the prop­er­ties ei­ther side of the Belle­knowes home at $480,000 and

$520,000, while those on the hill­side di­rectly be­hind are val­ued at

$1 mil­lion, $945,000 and $720,000. The home was owned by late Otago Daily Times sport re­porter Alistair McMur­ran, who had lived in the home as a child.

McMur­ran, 80, died after col­laps­ing while walk­ing a track at Mt Cook in Novem­ber, 2017.

‘‘He hadn’t done much to the house,’’ Ron McMur­ran said of his late brother, who had been sole oc­cu­pant at the prop­erty for the past 20 years.

Their par­ents bought the new home when his younger brother was about six, with Alistair McMur­ran liv­ing at the prop­erty the rest of his life.

Ron McMur­ran, one of the ben­e­fi­cia­ries of the es­tate along with his sis­ter, said he would not have been sur­prised if the home sold for less than the cap­i­tal val­u­a­tion – $290,000 – due to the con­di­tion of the home.

‘‘The house wasn’t in par­tic­u­larly good or­der [and] there was a lot of work to do. The kitchen was rub­bish and the bath­room wasn’t very good.’’

The es­tate’s lawyer ar­ranged the sale of the prop­erty after a tender process with Har­courts, which mar­keted the re­de­vel­oped prop­erty last month.

Eight of­fers were re­ceived, and a cash of­fer of $290,000 was ac­cepted, McMur­ran said.

When told the re­de­vel­oped prop­erty fetched a price of $786,000 last month, he replied ‘‘you’re jok­ing’’.

He saw a re­cent on­line list­ing of the prop­erty and said the home had been ex­ten­sively re­fur­bished.

‘‘They must have spent quite a lot.’’

The agent who sold the prop­erty, Kay Lu­cas, said she was given the list­ing and the prop­erty was pre­sented well.

She de­clined to com­ment on the specifics of the sale be­cause it was yet to be set­tled.

The list­ing noted the home had new wiring, new plumb­ing, new in­su­la­tion, dou­ble glaz­ing, new wall lin­ing, kitchen and bath­room.

‘‘This is like a new house, so you can be first to live in and en­joy. It is out­stand­ingly ren­o­vated and pre­sented,’’ the agent said.

Har­courts Dunedin sales man­ager Richard Stringer said the home was ef­fec­tively a new build, and there was a short­age of those type of prop­er­ties on the mar­ket.

The prop­erty was re­de­vel­oped by a cou­ple – a builder and mort­gage bro­ker – who did not re­turn calls.

Stringer de­clined per­mis­sion for The Press to pub­lish Har­courts’ be­fore and after pho­to­graphs, and said that the in­struc­tion came from the ven­dor.

Ac­cord­ing to Quotable Value, the av­er­age value of a prop­erty in Dunedin cen­tral/north in Septem­ber was $441,992, com­pared to $398,393 the year be­fore.

Cap­i­tal val­u­a­tions across Dunedin showed the me­dian sale price in­creased by 26 per cent since July, 2016.

HAMISH McNEILLY/STUFF

A prop­erty in the Dunedin sub­urb of Belle­knowes fetched a hefty price after a six-month ren­o­va­tion.

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