New townhouses are popping up in New Brighton, Christchurch’s most undervalued seaside suburb, where a beachfront property can still be picked up for just over $1 million.
But while the affordable new-builds and beachfront homes are proving popular with Christchurch locals, who are being drawn to New Brighton’s affordable lifestyle, agents say the commercial redevelopment is lagging behind.
New Brighton’s average property value is $528,000 – down from $544,000 three months ago – and is similarly priced to Addington, Avondale and Avonside, according to OneRoof Valocity property figures.
Ray White New Brighton salesperson Holly Jones said the suburb’s eclectic mix of properties from beach bungalows, new townhouses to large beachfront homes is all part of its charm.
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A big drawcard for families moving into the suburb has been Avonside Girls’ High School and Shirley Boys’ High School relocating to the area three years ago, Jones said, while first-home buyers like that they can still pick up a three-bedroom, one-bathroom home for under $550,000.
“The demographic in the area is changing. We’ve got high schools there now. We’ve got the hot pools. There’s a whole lot of developments drawing people in.”
Jones said New Brighton, known as Brighton to locals, is still seen as affordable and “significantly” cheaper than Sumner where similar homes would sell for about double the price.
She just sold a modern five-bedroom, three-bathroom property close to the beach on Rocking Horse Road for $1.2m, which was described as having home and income potential.
“It is undervalued,” she said.
A modern five-bedroom, three-bathroom property close to the beach on Rocking Horse Road, New Brighton, sold for $1.2m. Photo / Supplied
New two-bedroom, two-bathroom townhouses are selling on Seaview Road from $595,000, a two-bedroom bungalow at 1/43 Shackleton Street is a deadline sale and a beachfront property at 57 Kibblewhite Street is to be auctioned off early next month.
And while uptake for commercial redevelopment has been slower, Jones is confident that having more people moving into the area will boost it.
“It’s really exciting to see, it is building the momentum and it’s giving people a lot of confidence to build as well.”
Bayleys agent Shaun Creek agreed New Brighton has always been undervalued both in terms of the lifestyle it offers and house prices.
“It’s always been hugely undervalued and anyone living in Brighton for any length of time will be telling you as locals we’ve all been waiting for the tide to turn so to speak.”
Creek said the area has recently been getting a lot more attention and along with the Williams Corporation’s sell-out development on Marine Parade, other smaller developers have picked up beach bungalows in need of repair after the earthquakes to build between four and eight townhouses on.
It is these developments handy to the beach that were hugely popular with owner-occupiers and investors at the peak of the market last year, he said.
1/43 Shackleton Street in New Brighton is a two-bedroom, one-bathroom bungalow on a deadline sale, ending November 1. Photo / Supplied
Creek is selling four townhouses at 167 Palmers Road with an asking price of $699,000 that would be good for first-home buyers, investors or downsizers.
The former Ozone Hotel site at 2 and 22 Bowhill Road is also for sale and offers a huge opportunity because it is zoned part commercial and residential, he said. The hotel was demolished after being damaged in the earthquake.
Creek said New Brighton had a lot to offer and people were travelling across town to go to the new He Puna Taimoana hot pools and neighbouring Sundays Cafe, take the children to the playground or for a splash in the paddling pool.
However, the commercial space is still letting the area down, he said.
“We are certainly seeing the residential space being quite popular, it’s probably just the commercial call of the Only Brighton Mall just lagging behind.”
The former Ozone Hotel site, measuring 3911sqm in land size, at 2 and 22 Bowhill Road is for sale and is zoned part commercial and part residential. Photo / Supplied
And while there are some pockets of New Brighton Mall, including the Switch Burger Bar, that have been revitalised, he said, overall it still needs an overhaul.
Harcourts Gold managing director Chris Kennedy said a couple of larger developments in the suburb along with the hot pools have made a big impact and are drawing people into New Brighton.
His agency is selling a property at 7/105 Hawke Street which at $595,000 is being marketed as the “best value new home under $600,000”.
There’s also three-bedroom, two-bathroom homes on 163 and 164 Marine Parade under development.
Over the last decade the site has, according to its listing, been “notorious in New Brighton for all the wrong reasons” but the two derelict seaside houses were finally bowled last year after a developer bought them off the overseas-based owner.
Despite being hit hard in the earthquakes, Kennedy said there were now some “wonderful opportunities” in the area because there was always a pull to beachside suburbs.
“It will over time become stronger and stronger.”
