‘Fast and furious’ auction for empty section of Christchurch


An empty section in a popular Christchurch seaside suburb attracted unprecedented interest from buyers last week, selling at auction for nearly double its RV.

The section owned by Christchurch City Council was among several properties that lit up auction halls, with a luxury home in Kennedys Bush breaking the suburban sale price record after being bought for 2.6 million dollars.

Agents told OneRoof there was still plenty of energy in the Christchurch housing market, with buyers “buzzing”.

At Bayleys Christchurch auctions last Thursday, the standout property was a bare 682sqm section on Cliff Street in Moncks Bay. It sold under the hammer for $860,000, making it the most expensive non-waterfront lot to sell in the area in recent years. He had a $440,000 2019 RV.

Bayleys Ferrymead agent Marilyn Still, who marketed the property with colleague David Archibald, said the sale “has exceeded all expectations”.

She said bids came ‘fast and furious’ from seven active bidders at the five-minute auction, with buyer interest coming mainly from locals wanting to build a new home on the site.

Christchurch City Council had acquired the land in the red zone after the earthquake, but decided to sell it after repair work carried out in the surrounding area made it safe again.

“Prime residential land is in high demand here and all of the registered bidders were residents of the seaside area,” Still said.

“Local people know the value of living in this wonderful area and move there continuously. Moncks Bay is very popular. It has a yacht club at the end of the street and a very popular little beach.

A new four-bedroom, two-bathroom luxury home on Saddle Vale Rise in Kennedys Bush also did well in the auction room. The property fetched $2.6 million after two buyers competed.

The sale price is a suburban record, beating the $2.561 million paid in June last year for a house on Kapuka Lane.

Bayleys Merivale agent Adam Heazlewood said the architecturally designed 330sqm house had been hugely popular, with around 70 groups visiting the property during the three-and-a-half-week marketing campaign.

“There were two buyers at the end who were really excited and it was a great auction.”

Heazlewood said Kennedys Bush offers “beautiful views and a rural feel” while being relatively central. “It’s just a really nice part of town and there are some really nice leisure facilities nearby. It’s just a lovely setting in a good side of town.

At the auction of Harcourts Grenadier 12 of the 17 properties of the block sold under the hammer. Four bidders competed for an ‘as is’ set of townhouses on Torvill and Dean Lane, Cashmere, with the properties selling for $800,000. Three bidders also competed to own a four-bedroom, three-bathroom home on Wakatu Avenue, Redcliffs, with successful buyers ultimately depositing $1.5million.

Karen Phillips, sales manager for Harcourts Grenadier City, said the number of homes sold at auction had increased in the past week. The agency’s clearance rate has hovered around the 50% to 60% mark, but last week it hit 71%.

Phillips said there has been a noticeable increase in the number of buyers in the market, including more first-time home buyers. “Anything between $600,000 and $1 million is fine.”

There’s also a lot of interest in properties between $1 million and $1.5 million, but not a lot of stock in that price range at the moment, she said.

Just under half of the 14 properties auctioned at Harcourts Gold in Christchurch sold under the hammer, with six potential buyers bidding on a one-bedroom house on Arnold Street, Sumner, which eventually sold for 845 $000.

Some five properties attracted three bidders each, including a property on Derby Street in St Albans which sold for $1.3 million, a house on Jimmy Andrews Terrace in Lincoln which fetched $1.19 million, and a house on Parklands Drive, Huntsbury, which sold for $805,000.

-OneRoof.co.nz

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