- A young Christchurch family lost a bidding war for a bungalow after initially being the sole bidders.
- The auction resumed with a new couple, leading to a bidding war that raised the price to $845,000.
- The underbidders were devastated, while the vendor was moved by the life-changing sale.
The sale of a Christchurch bungalow this week had everything: excitement, joy and heartbreaking tears following a dramatic turn of events that no one in the auction room could have predicted.
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A young Christchurch family thought they had the home of their dream in the bag. They were the only ones bidding on the three-bedroom property on Tainui Street, in Somerfield, on Thursday.
They placed two bids against the vendor before the auction paused for negotiation. After 30 minutes of back and forth, the vendor eventually agreed to declare the house on the market at an agreed price of $800,000.
Families fell in love with the three-bedroom home in good school zones. Photo / Supplied
Harcourts Gold listing agent Andrea Rickerby said both parties thought the sale was done and dusted. The only thing left to do was to put the new price to the auction and bring the hammer down.
“We thought they had bought it ... but until it’s sold, it’s not sold.”
What neither of them knew was that during the pause for negotiations, another couple was eyeing the property. They had quickly sorted out their paperwork and were preparing to join the auction via phone.
Harcourts Gold auctioneer Mark Morrison reopened the auction and an almighty bidding war erupted. Both parties refused to give ground. The price of the home went up in tiny increments over the next 20 minutes.
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Rickerby said: “It was like tennis.”
The young family eventually dropped out and the house sold to the phone bidders for $845,000.
Rickerby said the result was “devastating” for the under-bidders, explaining that they had set their hearts on the home. “It was absolutely heartbreaking. There were tears.”
The bungalow had retained many of the original features including fireplaces, stained glass windows and Bakelite doorknobs. Photo / Supplied
“It was a beautiful character home in a heritage overlay street. It was gorgeous – just a good family home that had been well-loved,” she said.
The vendor was also moved to tears, but for other reasons. The $845,000 she got for her home was “life-changing”, Rickerby said.
She was also pleased that her home of 20 years was going to another family.
Rickerby said she was now working with the underbidders to help them find another dream home.
- Click here to find more properties for sale in Christchurch
