The owners of an old Christchurch bungalow pocketed an extra $163,000 on auction day after a bidding war broke out for the home due to its location and development potential.
While a nine-year-old home in Wigram that hasn’t been lived in for four years because the owners are overseas also sold for $72,000 above its pre-auction offer.
The auction for the three-bedroom, one-bathroom bungalow on King Street, in Sydenham, was brought forward after just 10 days on the market with the owners happy with a pre-auction offer of $515,000.
However, when the auction was held last week, the price quickly soared as six people battled it out.
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Several bidders dropped out in the high-$500,000s and when it reached the early $600,000s there were just two buyers going head-to-head. It eventually sold under the hammer for $678,000.
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Harcourts Grenadier listing agent Debbie Pettigrew said the price had exceeded her expectations.
“I think they both just really wanted it and that’s when you get those prices.”
The new owners had only viewed it two days earlier and secured it over the couple who had made the acceptable pre-auction offer.
Pettigrew said most of the buyers had planned to live in the house and then later subdivide the large 758sqm section. The neighbouring property already has four properties on it.
The house was well-presented, well-maintained and zoned for popular Cashmere High School and Beckenham Te Kura o Pūroto.
Pettigrew said people were chasing good locations rather than price points.
“That side of town – Sydenham, Somerfield – all around the foot of the hills – I think we get better than you’d expect prices around there because the areas are perceived to be desirable. They are actually lovely areas to live in.
“So it’s not just the lower price point because I’ve sold some other lower-priced properties and struggled, it’s where they are that’s what counts.”
An auction for a four-bedroom, three-bathroom home on Kittyhawk Ave in Wigram was also brought forward at $985,00 and sold last Friday for $1.057 million – $56,000 above RV.
Properties with four bedrooms and three bathrooms like this one on Kittyhawk Avenue in Wigram are hard to find. Photo / Supplied
Harcourts Gold listing agent Yuting Yin said the major drawcard for the three bidders was that two of the four bedrooms were masters giving it a total of three bathrooms.
Most people who viewed the property, which was on the market for just one week, were families. The new owner is on her own, but her parents are looking at moving in with her from overseas and she wanted to start a family.
“There’s a lack of two masters in the market. There are quite a few four bedrooms, two bathrooms on the market, but not four bedrooms, three bathrooms. So, you need to have something outstanding to get people to do a brought-forward.”
The property was built in 2014, but the owner hasn’t lived in the property since moving overseas before Covid four years ago.
Meanwhile two ‘as is, where is’ properties also attracted plenty of attention when they were auctioned on Thursday.
A three-bedroom, one-bathroom villa on Aylesford Street, St Albans, attracted seven registered bidders with three people fighting it out until it reached the sale price of $441,000.
While another 1910s “weatherboard beauty” on Winston Street, St Albans, had three registered bidders. The auction opened at $200,000 before pausing at $360,000, for negotiation. It was then withdrawn from auction and sold for $385,000.
Competition for 'as is, where is' properties such as this one on Aylesford Street, St Albans, was also strong with seven people registered to bid. Photo / Supplied
Harcourts Grenadier listing agent Jonny Nicholls said both properties sold above the owners’ expectations.
He said there was a shortage of good quality homes on the market – both insured and uninsured ‘as is, where is’ properties.
“Combine this with the fact that many buyers perceive that we are at or very close to the bottom, and it’s creating a lot more activity in the marketplace because buyers know that real estate in Christchurch is effectively on sale now – and perhaps it won’t be forever.”
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