A six-bedroom mansion in desperate need of a makeover has sold under the hammer for $2.8 million – more than $1 million above its 2019 rateable value.
Three bidders competed to secure 14 Waiwetu Street, in Fendalton, Christchurch, at the Bayleys auction last week, with the property eventually snapped up by a buyer from out town.
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Agent Steve Ellis had listed the property as a development opportunity, as the tired 1940s-build house sits on 1667sqm section in the city’s wealthiest neighbourhood.
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However, the buyer only has plans to put a family home on the site. "It’s blue-chip land and sub-dividable, but there will be a family home built there,” Ellis said.
The house was in need of a make-over. Photo / Supplied
The agent, who marketed the property with colleague Raj Bhana, said buyers were beginning to recognise the value of land in Fendalton, comparing it to Remuera, in Auckland, where the median property value is well over $2 million and top end homes fetch upwards of $5 million.
“If this house had been in Remuera, it would fetched double what it got here,” he said.
Another Fendalton renovation project selling under the hammer last week was 7 Sunningvale Lane.
The three-bedroom brick house, which sits on a 754sqm freehold section, fetched $1.015 million – $275,000 above its rateable value – at Harcourts’ auction.
Mark Wang, the listing agent with colleague Danny Liu, said it was bought by a developer who would most likely demolish the house.
Wang said: “The prices in Fendalton are going up by quite a lot because it’s a sought-after area. Many people want to move here but not many properties are coming up for sale.”
According to the latest OneRoof house price figures, Fendalton’s median property value rose 38% to $1.14 million in the months since the Covid lockdown ended in May last year.
7 Sunningvale Lane, in Fendalton, Christchurch, fetched $1.015 million at auction. Photo / Supplied
