A trophy home in Christchurch’s most expensive suburb has sold for almost $1 million more than its RV.
The five-bedroom, four-bathroom house on Memorial Avenue, in Fendalton, netted $3.25m as three bidders tried to outsmart each other at a Bayleys auction last week.
Listing agent Sarah Eastmond told OneRoof that the bidding was calculated and considered.
“It was one bid and then a big pause, another bid and then a big pause,” she said of the tense five-minute-long auction.
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After an opening salvo of $2.2m, the bidders kept the pressure on and the property was declared on the market at $3.2m. Two final gambits of $25,000 saw the hammer come down at $3.25m.
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The vendors, who are shifting to Australia, bought the house in 2018 for $1.38m but had made significant improvements, installing a heated swimming pool and cabana, renovating the kitchen, adding an extension, and resurfacing the tennis courts.
“Good quality properties are always going to attract good interest,” Eastmond said, but the land size of 1510sqm was also a factor.
“There have been a lot of beautiful properties around the 1000sqm mark that have sold in the last 12 months for between $2m and $3m, but just not that large a parcel.”
The executive home was also set back at the end of a cul-de-sac and backed onto Cobham Intermediate and Burnside Primary. “So you’ve got access to a reserve and a playground after school hours.”
The owners purchased the Memorial Avenue home in 2018 and had made significant improvements including a new kitchen. Photo / Supplied
A family also bought a four-bedroom home on Rossall Street, in Merivale, at auction for $1.95m. Photo / Supplied, in Merivale,
Eastmond said although the property was zoned for the city’s most popular state schools, most of the families who had shown interest had their children enrolled in the nearby private schools, and a local family ended up winning it.
Also attracting heat at the Bayleys auction were two established homes on nearby streets. A four-bedroom, two-bathroom house on a 635sqm section on Rossall Street sold for $1.95m (above its RV of $1.47m), and a four-bedroom, two-bathroom home on Wai-iti Terrace sold for $1.725m (above its RV of $1.68m).
Listing agent Adam Heazlewood, who sold the Rossall Street home, said demand for properties in Fendalton and neighbouring Merivale was still high.
He compared Fendalton to Auckland’s Remuera, where there were nice homes, nice surroundings and nice amenities. “It’s the full package.”
A lot of the sections were around 700sqm, but there were some with substantial landholdings which very rarely came up for sale, he said. He had previously sold a Fendalton property on 3000sqm.
“Land value is obviously a major component especially given the land expense in those suburbs.”
Heazlewood said there had been a slight increase in demand for properties with auctions going from having a single bidder to multiple bidders. “It’s picking up.”
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