- An “as is, where is” home in Cracroft sold for $1.005m at auction.
- The property attracted significant interest, with 10 buyers registering and 50 bids placed.
- The buyer plans to restore the derelict house, which sits on a 4420sqm section.
An “as is, where is” eyesore home that’s sat empty for at least a decade smashed expectations at a fast-paced auction this week, selling for $1.005 million to a local buyer who plans to restore it to its former glory.
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The property on Worsleys Road, in Cracroft, was built around 50 years ago but suffered in recent years following the death of its owner. The once-grand home is something of a landmark in the suburb thanks to its distinctive roofline.
Thursday’s auction attracted huge interest, with 10 buyers registering to bid.
Harcourts listing agent Matthew Loose said the sale was an “amazing result”, adding that the price exceeded both his and his overseas vendor’s expectations. “She is really happy,” he told OneRoof.
Bidding kicked off at $450,000 and rose steadily in $5000 and $10,000 increments. Harcourts Grenadier auctioneer Ned Alison announced the property on the market at $830,000, but the hammer didn’t come down until $1.005m after a total of 50 bids.
The house has been neglected for many years, and the windows are either broken or boarded up. Photo / Supplied
The property, which sits on a 4420sqm section, had been expected to sell for land value, which was $580,000, but the sale price was closer to its RV of $1.23m.
Sitting high in the hill suburbs since the 1970s, the once grand home had fallen into disrepair in recent years. Every window in the two-storey house was either smashed or boarded over. The roof desperately needs cleaning, weeds are pushing up through the deck, and graffiti covers the exterior walls.
Loose said there had been huge interest in the home, ranging from people looking for a building site to some wanting to repair the house.
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He had done more than 30 private viewings at the property and fielded interest from as far north as Auckland and as far south as Wānaka.
The buyer was from Christchurch, knew the area and was hoping to salvage the old home. “It was a wonderful location, the appeal of the size of the section and people saw an interesting opportunity and that brought out a lot of buyers,” he said.
“No developers were looking at it. It was either end users or people looking at it for themselves.”
Loose said the impressive result just showed the power of auctions. “Put people in a room and create some competition, and the magic can happen sometimes. There’s no guarantee that it will, but it did happen this time.”
The property sits on a 4220sqm site in Cracroft, a popular Christchurch hill suburb. Photo / Supplied
Loose had sold a neighbouring 4ha block for the late owner’s family several years earlier, and the 4220sqm site was the last remaining asset to be sold.
He previously told OneRoof that Cracroft and the surrounding hill suburbs of Cashmere and Kennedy’s Bush were sought-after areas, because they offered good schooling, nice views and were still good value.
“If you compare values – your Cashmere, Cracroft, Kennedy’s Bush on the hill – if you compare the values there to Merivale and Fendalton, you are still getting bang for your buck in terms of value for money.”
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