A shortage of large single-level apartments in Christchurch drove downsizers to a rare riverside apartment, which sold under the hammer for an impressive $2.1 million.
Christchurch real estate agents told OneRoof that plenty of retirees were looking for large single-level apartments in or around the central city, but not many were for sale.
The third-floor apartment in the Riverside Apartment block on Carlton Mill Road, in Merivale, attracted plenty of interest at its open home and saw a number of people register to bid at Thursday’s auction, Bayleys listing agent Adam Heazlewood said.
He said most of the 50 groups viewing the apartment were downsizers who were at that stage in life where they wanted simplicity.
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Many were from the wider Canterbury area looking to be in a central location and to travel more.
Bidding started at $1.386m and swiftly jumped up with just two buyers fighting over it. The auction eventually paused at $1.99m before coming back on the market and selling at $2.1m.
Heazlewood said a large number of apartments disappeared after the earthquakes and it became apparent from marketing the Riverside Apartment that there was a real shortage.
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“A lot of apartments nowadays are pokey and this is a full-floor apartment. You do find it, but so infrequently.”
The advantage of the Riverside Apartment home was its exclusivity and privacy given it was only one of five residences in the building, he said.
“It’s that lifestyle I guess and getting a good view in a central location, not having to look after the garden and the rest – it’s great.”
Larger-scale apartments start from about $2m, he said, and can go up to $4m-plus. He sold one apartment last year for $4m and had more coming online later this year which he expected would fetch even more.
All the buyers interested in the Riverside Apartment home, which was just one of five residences in the building, were downsizers. Photo / Supplied
Vivacity salesperson Aaron Pero said the main buyer group for apartments was retirees who wanted single-level apartments with at least two bedrooms and a car park.
“There’s lots of those townhouses with stairs, but as we get older we obviously want to avoid stairs and there’s not many catering to that market.”
Pero said price wasn’t as much of a factor for those buyers as getting what they wanted.
A one-bedroom apartment on Armagh Street in Christchurch sold for $590,000 to a woman in her 70s after three bidders competed for it at auction earlier this month. The sale price was $50,000 above what it had sold for in October 2021 at the peak of the market.
Pero was working with four buyers, all in the 60-plus age group, looking for two-bedroom apartments in the $1m-plus price range.
He had just listed a two-level townhouse with a lift in it on Cranmer Terrace that was due to be completed in the next few weeks and had a starting price of $3.1m. However, he said there were hardly any higher-end single-level apartments for sale.
“There’s certainly no shortage of buyers in that market, there’s just a shortage of properties to match them up with.”
The Gloucester Street apartment is on the 20th floor of Christchurch's tallest building and boasts some of the best views of the city. Photo / Supplied
Bayleys salesperson Angela Webb agreed there was a shortage of upmarket apartments for sale and is selling one of the few currently available.
Webb is selling a single-level apartment on the 20th floor of Christchurch’s tallest building which has impressive unobstructed views stretching from Kaikoura, the Peninsula to the Southern Alps.
She said only two apartments in the Fable Hotel building at 166 Gloucester Street had sold in the last five years and neither had views like this one. Both sold in the mid-$1ms.
“It epitomizes luxury living and remarkably comes at a surprisingly affordable price for buyers seeking a fully ensuited home with three spacious garage spaces right in the heart of the city.”
She said current owners were downsizing for retirement and had reluctantly decided to sell, adding that it would also suit professionals, families seeking the city lifestyle while only being metres from the Margaret Mahy playground, as well as retirees wanting a flexible lock-and-leave apartment.
The property is vacant and will be auctioned on October 12.
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