A vintage 1950s bungalow with stunning harbour views in the Canterbury beach town of Akaroa sold at auction last week for $2.13 million.
That was nearly $1m above its 2019 rating valuation of $1.19m.
Bayleys agent Chris Mangels, who marketed 109 Beach Road with Robert Berry, said the property was a deceased estate on a 981sqm freehold section.
Ten bidders competed for the property, with bidding for the three-bedroom home starting at $1.2m. It took only a handful of bids to pass the $2.025m reserve price. The eventual buyer was from Canterbury.
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"The house was built in the 1950s but was in modest but liveable conditions with opportunities to enhance it, but the location being the biggest drawcard," Mangels said.
The 1950s bungalow sits on a 981sqm section by the ocean. Photo / Supplied
“The location is absolutely supreme on the waterfront with a big site and a big lush lawn which is blending into infinity with the ocean."
Mangels said expensive properties in Akaroa mainly sold to buyers from around the Canterbury region who were looking for a change of lifestyle.
“Regional buyers are prepared to pay that price well over RV for quality properties. Also, people’s working habits have changed, so they have a low maintenance property in Christchurch and their little escape, especially with no ability to travel overseas,” he said.
113 Beach Road, Akaroa sold for $2.4 million last year. Photo / Supplied
But this has not beaten the historic town’s highest sale price for the year, set in December at $2.4 million for the house next door at 113 Beach Road.
“The next door sold for over $1 million above the RV because it’s a special patch with nice properties. At the moment high-end properties are selling really well,” said Mangels, who marketed the 1970s three-bedroom original home too.
According to Valocity’s March figures, the median property value in Akaroa is $605,000. The Canterbury median value has risen 3.8% post-Covid to $510,000.
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