The 114-year-old home is unlikely to be demolished, a real estate insider says.
A dated kitchen and bathroom, small living areas and a total floor space of just 94sq m - this is what $1.4 million-plus will get you in Ponsonby.
A 1900 villa on Norfolk St sold at auction for $1.441 million, $511,000 over its valuation of $930,000, which was set in 2011.
The three-bedroom weatherboard home has been in the same family for 42 years.
Photos show an interior with worn kitchen, bathrooms and woodwork. But it also boasts a flat 435sq m section with dual access from Norfolk St and Douglas St, a rare find in the upmarket central Auckland suburb.
Barfoot & Thompson agent Chris Batchelor said the owners recently made the decision to pass the "cherished home on to someone who will inject some love into it".
He said the property's potential was evident.
"This property was very unique - first time on the market in 42 years, great flat site and right in the heart of Ponsonby."
The agent had a pre-auction offer of $1.33 million.
"The auction took off and went another $111,000 finishing with a final sale price of $1.441 million.
"Properties of this calibre are always going to go for premium prices if exposed to the market well."
Real Estate Institute of New Zealand chief executive Helen O'Sullivan described the sale as a "pretty full price ... given the condition the property was in".
"But I guess the location is pretty sought after and not easy to come by.
"It's not wildly out of kilter with other prices hit in Ponsonby. And location is a pretty huge factor there, there are not a lot of sales in Norfolk St these days."
Ms O'Sullivan said it was likely the new owners would restore the property rather than knocking it down and rebuilding.
"In a part of town like Ponsonby there are heritage restrictions. A knock-down and rebuild is something that needs to be worked through quite carefully.
"In that part of town it's more often a complete gut and full internal refurbishment ... retaining the exterior and the footprint of the property."
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