- Flippers sold an earthquake-damaged villa for $1.305m after buying it for $715,000.
- The renovated Christchurch home attracted 78 viewings and a pre-auction offer of $1.1m.
- Ray White agent Rebecca Toone says the sale price reflects the extensive renovations and demand.
Flippers who bought an earthquake-damaged villa for $715,000 six months ago got just over $1.3 million for it at auction last week.
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The three-bedroom, two-bathroom home on Corson Avenue, in Beckenham, Christchurch, benefitted from a complete overhaul.
Within two weeks of hitting the market, the renovated property attracted 78 viewings and a pre-auction offer of $1.1m.
Four people registered for the auction last Thursday, but only two put their hands up in the room.
The Christchurch family who made the pre-auction offer got the keys in the end after 21 heated bids. The hammer came down at $1.305m – $205,000 more than the reserve and $375,000 above RV.
What the villa looked like when the vendors picked it up six months ago. Photo / Supplied
Before: the Corson Avenue kitchen was not up to scratch. Photo / Supplied
After: the kitchen is light-filled and bright, with excellent indoor–outdoor flow. Photo / Supplied
Ray White listing agent Rebecca Toone said it was a “hard-fought auction”, adding that the strong demand and impressive sale price were testament to the “hard grind” that had gone into it.
Heathcote Building and Design Limited bought the villa in a run-down condition in November last year and spent almost six months repairing and renovating it. It was “in the best condition of its life” when it hit the market last month, she said.
Toone said it was a big project. “We are not going to talk figures, but they’ve definitely put in a lot of money to bring it to what it is now.”
Heathcote Building and Design re-levelled the villa, upgraded the sewer and stormwater systems, gutted the insides, replaced the kitchen and bathrooms (including adding an ensuite), installed underfloor heating, a new heat pump and new flooring, painted inside and out, and carried out extensive landscaping.
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Toone said the renovators were keen to retain the home’s original character and features, so they commissioned extra panelling, skirtings and architraves to fit with its period style.
“They just don’t want to let down the character, and that’s a real pretty one.”
Heathcote Building and Design has rescued several old villas in south Christchurch over the past few years – especially in Cashmere and Beckenham – and developed a good following for their homes, Toone said.
“It’s a big job, and it’s not for everyone,” she said.
Before: The home needed a lot of work, including re-levelling and relining. Photo / Supplied
After: the villa’s original character features, including the large bay windows, were retained. Photo / Supplied
Toone said there was a lot of interest in renovated character homes – especially in these old established areas where there were clusters of renovated villas and bungalows built between 1900 and 1940 – and the price reflected that.
“I think people realised it would be over $1m. So, families and professionals, older people downsizing from farms – that was a demographic that came through.”
There were nine open homes held even before the auction was brought forward and more than 70 groups through the doors.
The $1.305m sale price also exceeded the vendor’s expectations by at least 15%, which she said was testament to their strong reputation and high-quality work. “The fact that the auction was brought forward at $1.1m meant they were happy to sell at $1.1m. So, if no one else bid, $1.1m was the sale price, so you can imagine they are happy.”
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