Neighbouring sections in Fendalton, Christchurch, sold under the hammer last week for a combined $3.05 million – the exact same price the vendor paid for them 17 months earlier.
The empty plots on Thornycroft Street were sold off separately after the vendor ditched plans to build a big house on them.
Two buyers battled it out for the 909sqm section at Bayleys auction on Thursday, driving the eventual sale price to $1.675m.
Another buyer bought the 770sqm section shortly after for $300,000 less.
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Bayleys agent Adam Heazlewood said it was “amazing” that they sold for the same price the vendor paid for them in March 2022. “It’s remarkable and a good sign for the market,” he told OneRoof.
Heazlewood, who listed the properties back in March 2022, was asked to resell them earlier this month after the vendor decided to buy an existing home instead of embarking on a build project.
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They were initially marketed as being sold either as individual sections or together, but as the campaign progressed they ended up garnering a lot more interest from people wanting to buy them separately.
Both buyers are locals who plan to build a house for themselves on their respective sites.
“There is quite a size and shape discrepancy so it's all relative. That first one is technically the pick of them as it’s bigger and it’s more flexible with what you can do with it. But you couldn’t go wrong, they are both marvellous sites and it just depends on what your preference is,” Heazlewood said.
“There are still some sections out there that are sitting and it just shows the blue-chip stuff is always going to have a demand regardless of what the market is doing and this is a prime example.”
- Click here to find more properties for sale in Fendalton
