Buyers in Christchurch can typically expect to pick up a house for less than half a million dollars, with city's median property value sitting at $450,000.
So what can house-hunters get for six times that amount?
A four-bedroom, two-bathroom home on 1.1ha of freehold land about 10km north of Christchurch CBD.
130 Styx Mill Road, in Casebrook, was sold under the hammer this week for $2.85 million - $1.14 million above the 2019 rating valuation.
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Ray White agents Chris Nielsen and Jenna Mills, who were marketing the property, had two offers prior to the auction and four active bidders on the day.
“The campaign was incredibly active throughout with a mix of private buyers and developers – that’s one of the many reasons we had over 50 groups through during the opens,” Nielsen says.
The house was built 33 years ago and had never been on the market before. It was pitched as having development potential, with the large section zoned Residential New Neighbourhood. "It's a fantastic opportunity for an astute purchaser to explore the commercial possibilities," the listing said.
The sale price is easily Casebrook's highest this year - and well above the suburb's median value of $480,000.
It's not Christchurch's most expensive home of 2020, though. Two other properties have achieved higher sale prices this year: a house on Garden Road, in the wealthy suburb of Merivale, fetched $4.6 million and a property on Clifford Avenue, also in Merivale got $3.15 million.
Ray White New Zealand South Island regional manager Jane Meyer says the auctions in the region are busier than ever, going against predictions made in March.
“Anyone thinking that the Christchurch auction market is somewhere nearing its peak should think again – we’re seeing exceptional results after exceptional results week-on-week – it’s just getting stronger,” she says.
It's not just the top end that's feeling the heat. A 1930s bungalow sold for $472,000 after attracting more than 30 offers this week.
