Properties in the sought-after Christchurch hillside suburb of Cashmere are being snapped up as buyers compete against each other to try and get a foot hold into the area.
A high-end home on Crichton Terrace in Cashmere was on the market for just two days when the auction was brought forward after receiving an acceptable pre-auction off.
But that acceptable offer was kicked to touch as two buyers fought it out and the modern four-bedroom, two-bathroom home finally sold for $2.050m - $150,000 more than the pre-auction offer and almost double its RV.
The average property value in Cashmere is $1.09m - above the city-wide average of $755,000 but also well behind the most expensive suburb of Fendalton where the average is $1.665m, according to OneRoof-Valocity data.
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Bayleys salesperson Adam Heazlewood, who sold the Crichton Terrace home, said Cashmere was the one suburb that seemed to be bucking the trend and had had a resurgence.
“The demand was immense for that property, but we are finding Cashmere in general has amazing buyer demand at present.”
While not the most expensive or exclusive suburb in Christchurch, he said it seems to appeal to people due to the good schooling and often impressive views it offered over the city.
A large stately home on Heaton Rhodes Place, in Cashmere, recently sold for $2.35m. Photo / Supplied
A five-bedroom home on Stambridge Place, in Cashmere, received multiple bids. Photo / Supplied
“Cashmere was equally elite to Fendalton in the 1990s and early 2000s and I just feel like the earthquakes set it back a lot more than Fendalton, but now it’s making a real charge and the desirability and market demand is just unbelievable,” he said.
“I’m like genuinely surprised – if somewhere is bucking the trend at the moment, it is Cashmere.”
He’s marketing an architecturally designed “As is, Where is” 1960s property at 51 Dyers Pass Road, in Cashmere, complete with covered in-ground pool, which is to be auctioned next month after being held by the same owners for 52 years.
Harcourts salesperson Cameron Bailey agrees the area is quite “hot” at the moment and said it is because it offers good value for money.
“It’s a great location - it offers a lot, but the difference in prices from say Fendalton to Merivale to Cashmere is quite a lot.”
A modern townhouse in Merivale on a 400sqm site recently sold for about $2.225m, whereas a large home on Heaton Rhodes Place on a 1326sqm section with a pool sold at auction earlier this month for $2.35m. He has also just sold a five-bedroom, two-bathroom home on Stambridge Place for $1.205m after multiple bids were put forward.
A five-bedroom home on a 2682sqm section at 51 Dyers Pass Road, in Cashmere, goes to auction on December 10. Photo / Supplied
A "must sell" five-bedroom home at 5 Dyers Pass Road, in Cashmere, which goes to auction on December 8. Photo / Supplied
“For me it represents great value compared to what you can get in some other suburbs for the same amount.”
After the earthquake the hills areas such as Cashmere, Sumner and Scarborough were slower to bounce back than suburbs including Merivale, Fendalton and Avonhead which created the gap in values, he said.
Most people wanted to live on the hills for the views.
“They’ve all got different degrees of views. Some have got panoramic views, some have got intimate views, some are looking between houses so they’ve got different levels of views.
Bailey said there’s a lot of nice character houses on the hills, including a large renovated character house with great views on Dyers Pass Road, which is being sold by auction next month.
Ray White Metro sales manager Richard Withy said the demand for properties in areas such as Cashmere, Somerfield, Mount Pleasant and St Martins is high and there’s less choice than some other areas.
Cashmere has always been a good area, he said, and hovering between the mid to high price range can also be seen as slightly more affordable than other areas.
“You are getting good school zones, you are getting views – you are getting a lot of those boxes ticked for potential buyers and the way they look at it.”
134 Dyers Pass Road, in Cashmere, is an architectural icon designed by William Taurau Royal. It goes to auction on December 8. Photo / Supplied
The first week of open homes for a four-bedroom, two-bathroom home at 134 Dyers Pass Road had 90 groups through and those numbers are more in line with what they were seeing at the peak of the market, he said.
Ray White Metro salesperson Rebecca Toone, who is marketing the property, said Cashmere is definitely flavour of the month.
Cashmere High School is a real drawcard along with Port Hills and the Halswell Quarry for recreation and its close proximity to the CBD, she said.
“It’s a real tight community especially up in the hills getting the views.”
Toone said the properties usually have decent sized sections and after Covid people want to be at home and enjoy what they have rather than be cramped up in an apartment.
