A Christchurch home that had been in the same family's hands for more than 100 years fetched an impressive $1.43 million at auction this week.
Five buyers battled it out for the earthquake-damaged property, a rare 912sqm corner site on Kauri Road, in Riccarton.
Bidding at the auction, held at Harcourts Papanui's offices on Thursday, opened at $600,000, and quickly escalated, with the property announced as on the market at $1.23m. After a total of 50 bids, the property finally sold for $1.43m. There were 11 registered bidders, but only five got their hands up with two left fighting it out right until the very end.
Harcourts listing agent Louis McFadden said the property was sold "as is, where is", with bidders including developers and retirees.
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The auction result had exceeded everyone’s expectations as previous feedback on the price was around the $900,000s to early $1ms and the RV was $1.26m.
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The vendor was especially delighted, and planned to use some of the money from the sale to repair earthquake-damaged headstones in Akaroa and Woolston cemeteries.
The Kauri Road property was marketed for its huge development potential. Zoning means it can be subdivided, allowing for either a new home to be built on the site and the remaining land sold off or for construction of multiple townhouses or units.
There was no mention of the size of the home or any photos of its interior included in the listing.
Instead, the listing promoted the property’s close location to Riccarton Mall, the Christchurch Farmers Market at Riccarton House & Bush, and zoning for Christchurch Boys' High School, Christchurch Girls' High School and Villa Maria College.
Harcourts agent Louis McFadden, right, congratulates the vendor after the auction. Also pictured are Harcourts agent Jack Milligan and Milly Collins. Photo / Supplied
“Opportunities to acquire sections in this sought-after location are few and far between, making this a rare chance that should not be overlooked,” the listing added.
Thursday’s auctions helped top off a record month for Harcourts Papanui which achieved the highest number of sales written on the board ever – even slightly above the peak of the Christchurch property market mid-last year.
Last month a home on Mount Pleasant Road in Mount Pleasant with water views that was marketed as “renovate, demolish or sub-divide” sold under the hammer for $1.11m.
- Click here to see more properties for sale in Riccarton
