A sprawling Christchurch estate is for sale with an asking price of $4.5 million – hundreds of thousands of dollars less than what the late owners paid over a decade ago.
Harcourts salesperson Cameron Bailey told OneRoof the 4036sqm property on Dyers Road, in Cashmere, represented good buying, noting that similar-sized homes near the city centre would be worth at least double that.
The late owners purchased the grand four-bedroom home in 2013 for $4.8m.
Bailey said the current asking price reflected market feedback. OneRoof data shows the most expensive sale in Cashmere since 2020 was a property on a 1159sqm section on Rossmore Terrace that sold for $2.95m in December 2021.
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“There’s nothing wrong with it at all. It’s a wonderful house,” he said.
The house, which was designed by Trengrove and Blunt Architects in 2006, would suit a large or extended family who wanted their own park, he said. It also boasted impressive views of the city and the Southern Alps.
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Bailey said the house wasn’t a development opportunity – “it is too good for that” – but noted it was rare to find such large properties spread over three titles in Christchurch. There could be potential to subdivide some of the land or build a house on the front 680sqm section, he said.
Bailey said Cashmere had bounced back in value and popularity after the earthquakes. “I think that even in the last few years we’ve seen some growth in Cashmere even when the [overall] market has [dropped]. Cashmere is still one of the best-value suburbs in town,” he said.
It also has popular schooling and a great vibe, he added.
The rare 790sqm home has a media room plus its own summer house. Photo / Supplied
The park-like section is spread over three titles. Photo / Supplied
Bayleys agent Julia Ashmore, who is taking a five-bedroom home in the suburb to auction next week, told OneRoof she often described Cashmere as the “Fendalton of the Hill”, a nod to the wealthy suburb in the central city.
She said it was more affordable than Fendalton, but the schooling appeared to be just as sought-after.
“I hear people talk about Cashmere High being on par with Christchurch Girls High and Boys High – those tend to be the three.”
Higher value homes in Cashmere tended to be higher up the hill and had better views, she said. “Some might only have a city view and some might just have the Southern Alps. They are all incredibly different.”
People are drawn to Cashmere for its impressive outlook, which can include views of the city and the Southern Alps. Photo / Supplied
“People who like that side of town start at the bottom and then aspire to moving up the hill and then when they want to downsize, they want to go back down to the bottom, but they don’t want to leave the area. I see a progression up and then a progression down,” she said.
“There’s also some quite modest homes up on Cashmere. They aren’t all palatial mansions. I think there is a mix, which keeps the market buoyant and keeps the people diverse.”
She said farmers and people living on lifestyle blocks were increasingly drawn to Cashmere because it gave them the feeling of space without all the work.
Demand was high for properties with drive-on access and a flat lawn. “They want the view but not at the expense of no outdoor living.”
She said her listing at 12 Harry Ell Drive, in Cashmere, ticked all those boxes, offering views of Tussock Hill Winery, the ocean, Kaikoura, the city and the Southern Alps,
- Click here to find more properties for sale in Cashmere
