Twin sections are going under the hammer in one of Christchurch’s most expensive suburbs that continues to chalk up $3 million-plus sales.
The sections at 7 and 9 Thornycroft Street are to be sold for the second time in just over a year after the owner changed their mind about building a big home on them and bought another property in the same area instead.
The sections, which are 909sqm and 770sqm respectively, sold as a parcel last year for a combined $3.05m.
Bayleys listing agent Adam Heazlewood says the sections are now surplus to the owner’s requirements and will likely be auctioned off separately this time because people seem to be interested in just buying one to build a new home on.
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However, his listing adds that those with grand aspirations could buy the two adjoining sections and “craft an extraordinary estate”.
Heazlewood says there are not too many bare sections for sale in Fendalton with just three others currently listed for sale on OneRoof. “It is quite a rare offering in that regard.”
Fendalton continues to be very desirable, and a shortage of listings is creating more competition for some houses, he adds.
“Areas like Strowan, St Albans, Cashmere – many have actually been going very well compared to two to three months ago.”
It comes as Fendalton property values have risen an average 3.6% in the last three months, OneRoof-Valocity data shows. Neighbouring Merivale has seen values rise 6.5% and Huntsbury is up 4%.
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Bayleys salesperson Steve Ellis says out-of-towners from Auckland and Queenstown and expat Kiwis returning to Christchurch looking to spend $2m to $4m on a property in the sought-after school zone are helping keep the market solid.
“They often have a different perspective of value because of where they have been living and the value of real estate overseas, so they are very good buyers.”
“School zones remain a big factor in Christchurch. We are a school zone city – Boys High, Girls High and all of the sought-after primary schools.
“The cold hard reality is it underpins your value because the demand is much higher in the sought-after school zones.”
He recently sold a near-new four-bedroom, four-bathroom home with a swimming pool and a stream boundary on Penhelig Place in Fendalton to a local family who wanted to be more central and zoned for the popular schools. The property sold in May for $2.92m.
Bayleys salesperson Adam Heazlewood says Fendalton continues to be a very desirable suburb. Photo / Kai Schwörer
A near-new four-bedroom home on Penhelig Place, Fendalton, sold in May for $2.92m. Photo / Supplied
Another property on Royds Street, sold by Harcourts Holmwood, went for $3.325m in March. Both sale prices have only recently been published.
There are also several high-end properties in Fendalton for sale including a new four-bedroom, three-bathroom home at 20A Wroxton Terrace priced at $3.249m and an architecturally-designed four-bedroom, three-bathroom home at 63A Glandovey Road.
“Fendalton does have a lot of large high-value homes, there’s no doubt. It’s always been one of our more established areas. Land is valuable – really good land can sell from $1500 to $2000 per sqm in Fendalton, which for Christchurch values is right up there.”
However, there is also a mix of older 1960s and 1970s in the suburb, and Ellis is selling a two-bedroom, one-bathroom unit at 2/48 Jeffreys Road marketed as being perfect for first-home buyers, downsizers or investors.
An auction for a three-bedroom, two-bathroom townhouse on Idris Road, in neighbouring Strowan, attracted plenty of interest when it was called at auction last week.
Harcourts Gold auctioneer Mark Morrison says bidding was “fast and furious” with six buyers fighting over the property.
The brought-forward auction opened and was on the market for $750,000 but didn’t sell until it reached $880,000, netting the owners an extra $130,000.
“It’s not Fendalton or Merivale, but it’s on the cusp of them.
“I guess the attraction is it’s entry-level into Strowan where you get all the benefits of Fendalton and Merivale in terms of great school zoning, but for under $1m. That would be the appeal.”
At the same auction a four-bedroom, two-bathroom home on Glandovey Road, Fendalton, sold for $1.62m in what Morrison describes as a slow and considered auction with two bidders in a tussle over it.
The auction opened at $1.1m, it was announced on the market at $1.56m and finally sold for $1.62m.
- Click here to find more properties for sale in Fendalton
