- A Christchurch estate sold for $4.15 million, $650,000 below its 2013 purchase price.
- The Dyers Pass Road home was initially listed at $4.5 million, with the price dropped twice.
- The sale is the highest in Cashmere in five years, with the new owners retaining all land.
A sprawling Christchurch estate has found a buyer after its price was slashed by hundreds of thousands of dollars.
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The grand four-bedroom, four-bathroom home on Dyers Pass Road, in Cashmere, sold last month for $4.15m - $650,000 below what the late owners paid for it in 2013.
Harcourts Gold agent Cameron Bailey, who marketed the trophy home with colleague Christeen Flynn, told OneRoof that the sale price reflected current market conditions in Christchurch.
The rare 790sqm home has a media room plus its own summer house. Photo / Supplied
The park-like section is spread over three titles. Photo / Supplied
“There are a lot of people at the moment selling houses for less than what they paid," he said, noting that sales activity at the lower end of the market was busier than the top end.
The Dyers Pass home, considered to be the suburb's most expensive property, was initially listed for sale in August last year for $4.5m.
The marketing indicated the vendors' urgency. “Our vendors are keen to see a SOLD sticker - this property is part of an Estate and simply MUST be SOLD!” the listing on OneRoof said.
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The asking price was dropped twice since the property hit the market - first to $4.299m, and then to $4.15m.
The property attracted two offers, with a local Christchurch family the successful buyers.
The sale price is the highest in Cashmere in at least five years, according to OneRoof-Valocity data. The house was designed by Trengrove and Blunt Architects in 2006, on a park-like setting. It boasts impressive views of the city and the Southern Alps and comes with a summer house.
Harcourt agent Cameron Bailey is selling a grand home at 92 McCormacks Bay Road, in Redcliffs, in Christchurch. Photo / Supplied
Bailey said families and empty-nesters were the main buyer types. “The property had a massive section, great views, and a very big house.”
Properties over 1500sqm were a rarity in Christchurch, so to have one that was 4036sqm in size, spread over three titles, made it a standout in the market.
Bailey said the new owners planned to retain all of the land. He added that the cost of building the same house now would be huge. “That’s the attraction in this market - you can buy property below what you can build them for,” he told OneRoof.
Bailey has another chunky prestige estate on his books. He has the listing for 92 McCormacks Bay Road, in Redcliffs, a five-bedroom home on a 2803sqm section. The property also features a tennis court, a gym, an indoor pool, and landscaped gardens.
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