The overseas owners of an earthquake-damaged Christchurch home pocketed much more than they expected at auction last week.
The abandoned Bower Avenue property, which borders Waimairi Beach Golf Club, in Parklands, sold in an “as is, where is” condition for $1.01 million – $160,000 above the on-market price.
Bayleys listing agent Shaun Creek told OneRoof a family member had been looking after the Bower Avenue property as best he could since the owners left New Zealand 14 years ago for Japan.
Creek said the four-bedroom house would have been amazing when it was first built in the 1970s, but had lost its shine. The decor was dated, the inground swimming pool was littered with branches and leaves and the Christchurch earthquakes had caused structural damage.
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That didn’t put off the nine bidders – a mixture of developers and renovators – who registered for last Thursday’s auction.
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The auction opened at $600,000 and the house was announced on the market at $850,000. A couple who plan to renovate the house made the winning bid, beating a developer in the final minutes of the auction.
Creek said the new owners had ambitions to live in the house. “They have plans to restore the home, which was pretty cool. It should be quite stunning to watch that progress.”
He added: “The underbidder was looking at it more as a development opportunity.”
Creek said the vendors had wanted to get fair market value for the house and that’s what they got. “We had no idea it was going to sell for that much and neither did the owners, but clearly for these guys it was at value at that level,” he said.
The home on Bower Avenue, in Parklands, still features some of the original decor. Photo / Supplied
The inground pool has been decommissioned and is full of garden waste. Photo / Supplied
He said there was nothing else like it in the area. “It’s always been a home that’s captured people’s attention. There are some good sales in the suburb but nothing comparable to this when it comes to land size.”
Most homes in Parklands are on sections of around 600sqm and usually sell for between $800,000 and $1m. The Bower Avenue house was on a 2000sqm section bordering the golf course. “This was one out of the box, which was exciting,” Creek told OneRoof.
“It was a really interesting one. The owners needed it sold, it was going to be sold.”
Another pleasant surprise for a different set of owners at the Bayleys auction on Thursday was the sale price for a luxurious four-bedroom property on Paparoa Road, in Papanui. They got $225,000 more than what they had been prepared to take.
Bayleys listing agent Adam Heazlewood said there had been a lot of interest in the property. Fifty groups turned up to its first open home and eight bidders registered for the auction.
The four-bedroom, two-bathroom home on Paparoa Road, in Papanui, is the second most expensive home to sell on the street. Photo / Supplied
The modern home appealed to a lot of people due to its appearance, being on a single level with a large covered outdoor entertaining area. Photo / Supplied
The house was snapped up by a young local family for $2.85m – more than the on-market price of $2.625m and the $2.16m RV.
Heazlewood said it was a “phenomenal” result. The sale price was only $50,000 below the street record, which is held by a much larger home on a much bigger section. “Some homes are always in demand and are literally recession-proof,” he said.
“It was a very attractive home and I’m sure if I put it to the market last year or the year before etc the demand would have been largely the same.”
Paparoa Road was a popular street with young families, he said, and the house ticked a lot of boxes being single level with a pool and a large covered outdoor entertaining space.
Unlike the more expensive suburbs of Fendalton and Merivale, it was not zoned for Christchurch Boys or Girls High. However, people who lived on the street tended to send their children to St Andrews College instead, he said.
“It is a lovely suburban area that is filled with quality homes. Lots of families and empty-nesters live off the street and it’s just close to all the key amenities. It’s great.”
Papanui also offered more value for money, he said, noting equivalent properties in the other blue-chip suburbs would fetch $4m or $5m.
“It’s just different price range and demographic. I’d say the vast majority of people who buy on Paparoa Street are families with young children. That’s high-end for the area right, but when you go to Merivale and Fendalton sure you do sell to families but there’s a lot of empty-nesters and semi-retired people that you are selling to in the high-end of that suburb.”
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