A “super cool” home in Christchurch’s seaside suburb has sold for the second time in 20 months, with the owner making an impressive $181,000 profit.
The 1930s Irish-inspired home on Menzies Street in Sumner sold for $1.812 million after multiple offers were made on the property, which has an RV of $1.6m.
The owner purchased the three-bedroom, two-bathroom property for $1.631m in November 2021.
But after she took possession of the property, Stuff.co.nz reported that she got into a legal stoush with the previous architect owner over a broken boiler. She even put signs outside her house in May last year tallying up the days she had “no hot water", “no heating" and a “stuffed boiler”.
Start your property search
Harcourts salesperson Cameron Bailey told OneRoof all the legal issues have been resolved and the boiler has been replaced with a new heating system. “There's no boiler there anymore, it's all run-off heat pumps.” The listing described it as a “carefully curated, super cool, and super warm home”.
Read more:
- The elite suburb that's become a magnet for doctors ... and Aucklanders
- Quirky Queenstown ‘castle’ that’s hosted world leaders and top celebrities is up for grabs
- ‘No one could believe it’: House snapped up in six days as buyers return to the auction rooms
The major renovation, which included using natural and recycled fibres, floor-to-ceiling tiles and installing skylights in the master bedroom and ensuite for stargazing, had been carried out prior to her owning it by local architects for their family home. They won a number of awards for it including the major renovation award at the NZIA Architecture Awards and two Gold Pins at the Best Awards in 2020.
Bailey said the owner was ready to make her next move and the “unique and special property” had been bought by a Sumner resident. The owner has mostly made changes to the decor since moving in, he said.
“Everyone is talking about the market going down, but in that particular property it sold for more than what they paid for it.”
“It was a very cool house. The more I was there, the more I wanted to buy it myself.”
The impressive renovation used natural materials, fittings and fixtures made by local craftspeople. Photo / Supplied
The Glandovey Road home sold for its asking price of $2.699m. Photo / Supplied
It comes as the number of properties listed on the market shrinks creating more competition for properties.
“There’s a shortage of stock out there at the moment so we are actually finding there’s a bubble in the market where people that are on the market at the moment are getting multi-offers and pre-auction offers and all sorts of things happening.”
Another property in one of the city’s poshest suburbs managed to net its owners $349,000 more in five years – but still sold well below its latest RV of $3.35m.
The Glandovey Road home in Fendalton bordered by a stream was snapped up by a downsizer who paid the asking price of $2.699m. It had been listed for sale earlier in the year with a different agency for $2.85m.
The modern three-bedroom, two-bathroom home was built after the earthquake, had a beautiful aspect and was in a good central location, Bailey said.
“What we are finding is if houses are priced right, buyers will pay the asking price.”
Bayleys salesperson Adam Heazlewood said there had been a rise in properties, often high-end homes, going into a multi-offer situation usually with two or three buyers. Often the property might have passed in at auction and then sell shortly after.
“We have just been having it very regularly. I can't tell you how often we've been getting multi-offers. It's surprising – we've probably never filled out so many multi-offer forms since the market came backwards.”
A home on Centaurus Road in Cashmere sold for $1.6m, which was above its asking price of $1.595m, after two buyers put in offers. Heazlewood has also had several homes – one on Totara Street and another on Jeffreys Road, both in Fendalton – sell after receiving three and four offers respectively.
Heazlewood said multi-offers help drive the price up. “You may be just getting more than one (offer), which is a great outcome because ultimately you are going to get a good price if you get competition and a multi-offer is competition.”
- Click here to find more properties for sale in Sumner and Fendalton
