Jaws dropped as a rapid-fire auction for a secluded cottage in Christchurch's Port Hills soared to $1.21 million, smashing its RV by $360,000.
The auction for Crater Rim Cottage on Worsleys Road, overlooking Governors Bay, opened at $700,000 and didn't stop until more than 130 bids later.
Ray White Metro owner Richard Withy said two of the five registered bidders went toe-to-toe in a relentless battle for the two-bedroom property.
“Everyone’s jaws were down towards the ground, going, ‘When is it going to stop?’," he said of Thursday's auction.
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“It was a long auction. There were all ranges of emotions from enthusiasm to frustration – you could hear the tone of the voice in the bids – because they just kept going. Both parties obviously really wanted it because it is so unique.”
The property on Worsley Road attracted phenomenal interest mainly from young couples and downsizers. Photo / Supplied
Ray White agent Ahmad Sultani had marketed the property as "Selling a Secret", and the campaign lived up to the billing. More than 100 groups attended open homes during the three-week sales campaign.
“We had interest from the get-go.”
The eventual buyers were locals who weren't even planning to purchase a new home, he said.
“They were downsizing. They sort of said, 'Look, we had no intention of buying at all', but came and had a look during the first weekend of open homes and fell in love with it.
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“They had been planning to renovate their property, but decided it was too good to say no to.”
Sultani said the 1960s cottage appealed to young couples and downsizers seeking a lifestyle property rather than a traditional family home.
“You are sort of buying a lifestyle as well, not just a home,” he said, noting the property's privacy and peaceful setting.
“It was quite a unique property where you were getting 3215sqm section with a two-bedroom cottage. You are sort of escaping the city and far away enough from the busy lifestyle, but you can still be at the bottom of the hill within 15 minutes, or going to Governors Bay to the beach or the water. There are biking tracks; there are walking tracks all around you as well.”
Sultani said the result was a standout even in a market where well-positioned homes continue to attract strong competition.
“The vendors were very, very happy and stoked, and the new owners are stoked to be buying something like that and moving into it.”
The result is the latest sign of enduring demand in the Cashmere Hills and Governors Bay area.
It follows another eye-catching Governors Bay sale just weeks ago, when the owner of a property on The Terrace secured hundreds of thousands more than expected. Three buyers battled for the four-bedroom, three-bathroom home at a Harcourts Grenadier auction. Bidding opened at the reserve price of $1.15m before the property eventually sold for $1.35m.
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