Several million-dollar-plus sales in Christchurch’s auction rooms this week was like stepping back in time for one auctioneer when nearly every property was swooped up at auction as a lack of good houses is creating more competition.
A luxury home in one of Christchurch’s most sought-after and richest suburbs soared past its $2.48 million RV selling for an impressive $3.125m after Canterbury buyers went head-to-head over it.
The property on Ngahere Street, in Fendalton, was announced on the market at $3.075m - but two bidders continued to battle it out until the hammer came down at $3.125m.
There were four registered buyers in the room, with three actively bidding for it for much of the auction.
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Bayleys agent Adam Heazlewood said good quality, architecturally designed homes were in demand right now, with 81 groups turning up at the opens homes for Ngahere Street. “Honestly, it was just a lovely property.”
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The house was built in 2019 and designed by Connell Architecture (now Figure and Ground) and came with a high-end kitchen, open scullery and breakfast bar, in-slab hydronic heating system and gas fireplace.
Fendalton is one of Christchurch's most expensive neighbourhoods, with the suburb's average property value a high $1.49m, and its popularity hasn't waned all that much during the downturn due to its school zones, proximity to the university, Riccarton Bush and the CBD.
All three properties called at Bayleys Christchurch auction room last Thursday sold under the hammer without any pausing for negotiations. The properties ranged from $600,000 for an original three-bedroom, one-bathroom home in Bishopdale to the $3.125m Fendalton home
“There’s definitely a turn-around,” Heazlewood said.
Bayleys listing agent Adam Heazlewood said the house at Ngahere Street, in Fendalton, had a lot of redeeming properties. Photo / Supplied
A home at Somerton Rise in Westmorland drew interest from all around New Zealand. Photo / Supplied
At a Harcourts Gold auction the same week, a bidding war broke out over a three-bedroom, two-bathroom home on Somerton Rise, in Westmorland. Bidding opened at $800,000 before four buyers pushed it up until $1.4m - $220,00 above its RV of $1.18m.
There were four of the seven registered buyers pushing the price up to $1.4m after a total of 37 bids in a fast-paced auction.
Some 91 people viewed the home, and they received several pre-auction offers including from a North Island buyer who had not even set foot in the home.
Harcourts Gold agent Mark O’Loughlin said the market-driven sales price was above what his downsizing vendors had expected, and what he had appraised the home to be worth.
The major drawcard for the three-bedroom, two-bathroom property is that it is a single-level home on a flat section with spectacular views. It is also in the Cashmere High School zone.
O’Loughlin said auctions seem to be doing well because there is a limited number of properties for sale and owners are selling not necessarily to make money, but because of a job transfer, school zones, health and wellbeing, and some for financial reasons.
The 'as is, where is' property on Jacksons Road, Fendalton drew interest mainly from buyers wanting it for its land only. Photo / Supplied
At the same Harcourts Gold auction, there was a fight over an "as is, where is" character home on Jacksons Road, in Fendalton. Bidding started at $1.5m and it finally sold under the hammer for $2.2m.
The sprawling five-bedroom, four-bathroom home, which has an RV of $3.99m, was marketed by agent Cameron Bailey at people either wanting to restore or redevelop the 1148 sqm site.
Harcourts Gold auctioneer Mark Morrison said it was a “slow and considered” auction and most of the interest seemed to be from people wanting it for the land rather than saving the house.
Morrison said the auction felt like those at the peak of the market in 2020 and 2021 when 100% or near 100% of properties sold on the auction day.
“It sort of takes us back to the heady days of 2020 and 2021 where you do 100% days or you would sell all but one. It kind of felt like that. It was a refreshing day in the auction room.”
Of the 12 houses called, 11 sold under the hammer and ranged in price from $530,000 to $2.2m. The clearance rate was 91%.
It’s a big jump on the average 56% properties that have sold at Harcourts Gold auctions during the first half of the year.
“It’s only one week in isolation so you don’t read too much into it, but there’s no doubt that the overall vibe from the agents is that there are a lot of people out there looking, there’s definitely more interest.”
Other auction rooms had clearance rates more in line with the rest of the year with eight of the 19 properties called at Harcourts Grenadier selling under the hammer.
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