- Christchurch siblings sold their homes for over $4m after a heated auction.
- The 2552sqm Upper Riccarton site attracted developers due to a recent zoning change.
- The land’s high-density zoning allows up to four-storey buildings, but costs may limit height.
A brother and sister who lived next door to each other for more than 50 years sold their homes for more than $4 million at a heated auction last week.
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The siblings decided to call time on the 2552sqm site in Upper Riccarton, Christchurch, after a recent zoning change made the land and surrounding area an attractive proposition for developers looking to build high-density housing.
Harcourts listing agent Sean Innes said the property was part of a larger estate that the family had owned for close to 100 years.
His vendors had built their own homes on the site in the 1970s and had “lived there the best part of their adult lives. They’ve watched Upper Riccarton change and grow.”
A brother and sister built the homes on the family property in the 1970s and have lived side by side ever since. Photo / Supplied
Harcourts listing agent Sean Innes says while the houses are beautiful, the real value is in the land. Photo / Supplied
They had grown up in the original home on the site that was sold to developers a few years ago and all that remained of the estate were the two houses on the corner of Brake and Leslie streets. The siblings and their respective partners had bought new homes elsewhere in Christchurch before listing the two homes for sale.
The two properties were marketed together and, Innes said, attracted huge interest. “Even though the houses are beautiful, the ultimate value was in the land.”
There were seven registered bidders at last week’s auction – mainly developers. The action kicked off with an offer of $1m and quickly escalated over 20 bids to $4m, when the auction paused for negotiations.
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Innes could not reveal the exact sale price but confirmed it was above $4m.
The eventual purchaser was an experienced developer who was exploring his options for the site. While the high-density zoning rules allowed for up to four-storey apartment buildings to be built on the site, Innes said not many developers were building that high because of the costs involved compared with building a three-storey property.
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