Do-up fetches similar price to done-up

18 Paice Ave - the renovated. Photo / Supplied

Slim price differential at auction for neighbouring Mt Eden homes, one in original state and one renovated.

It's a cautionary tale for Kiwi DIY enthusiasts - two neighbouring houses on identical sections, both built in 1910 on the same Mt Eden street and going under the hammer within hours of each other this week.

One is a renovated "classic bay villa behind a picket fence" featuring polished floors, traditional veranda, modern kitchen and french doors leading to a deck, lawn and heated pool.

The other is an untouched relic, purchased 74 years ago by the now deceased estate owner, featuring dated retro interior, Axminster carpets, pink bathroom and near original layout.

20 Paice Ave - the relic. Photo / Supplied

Both Paice Ave properties sit on 587sq m of land and are subject to zoning restrictions, which means they cannot be demolished. And both were auctioned on Wednesday.

The "blank canvas" at number 20 was snapped up by a Kiwi phone bidder in Vienna for $1.535 million - $405,000 over CV.

The renovated house next door at number 18 sold four hours later for just $50,000 more - $1.585 million. The buyers were a Kiwi couple who only placed their first bid at the auctioneer's "going twice" call after he sought "instructions" because the property had failed to reach reserve.

The sale price was $265,000 over the property's CV.

Harcourts agent Mike Robson, who marketed the 18 Paice Ave villa, said he wasn't surprised the price gap was so slim. Despite his property being renovated by a previous owner, which included removing the traditional hall and putting in an ensuite, it still needed work.

"A lot of people are looking to do a renovation on it so it is a do-up in some respects."

He felt some prospective buyers had been more interested in the house next door - "it's more of a blank canvas" - on which they could start from scratch and stamp their own vision.

Three other do-up homes on the street had sold in the $1.5 million range in recent weeks, "which is pretty amazing because they still need $300,000 spent on them to get them up to standard", he said.

Bayleys agent Kirstin Collins marketed 20 Paice Ave for descendants of Dudley Watson, a former tram driver who was known as the Mayor of Paice Ave and had lived in the property for three-quarters of a century.

She said the new owner was a Kiwi who planned to renovate the property into his family home.

While the house next door at number 18 was more modern with its own sleepout, it still needed work to make it a traditional villa, she said.

In contrast number 20 was ready for someone to "put their own touches on it".

She estimated it would cost $300,000 to $400,000 to fully renovate the house - bringing the potential total spend to just shy of $2 million.

Mr Dudley's relatives were thrilled with the sale price of their old family home. "But there's obviously a sense of sadness because there's a big chapter of their life closed."