- An empty 582sqm section in Merivale sold for $1.545m, matching prices of nearby houses.
- The auction attracted 12 bidders, with the final buyers planning to build their next home.
- Harcourts’ John Fulton said the $2654 per sqm rate is the highest in Merivale recently.
An empty section in a top Christchurch suburb has sold under the hammer for $1.545 million - well above its RV of $1.16m.
Start your property search
The 582sqm plot on Cox Street, in Merivale, attracted 12 registered bidders, six of whom put their hands up at Harcourts Holmwood’s auction room on Wednesday.
The property was announced on the market at $1.5m, and the auction turned into a two-way battle between a developer who planned to build two high-end homes on the site and a couple who wanted to build their own home there.
The new owners are downsizers who had been unable to find an existing house that met their needs and decided to buy the section to build their next home.
Harcourts listing agent John Fulton told OneRoof that the sale price was the highest per sqm in Merivale and neighbouring Fendalton for quite some time.
Discover more:
- Former Cabinet minister’s Northland home sells for around $1.475m
- Shortland Street star: ‘I’m a single, fabulous woman - I no longer need this mansion’
- ‘They don’t do fire sales’ - Kāinga Ora sells house in top Auckland suburb for under $1m
“You can almost pick up properties on the same street for around the same price, so it’s pretty amazing to think we ended up [with] $1.545m just for the site,” he said.
Fulton said vacant sections in Merivale were rare and highly prized by developers because the suburb was zoned for intensification. Sections with older homes in the suburb have sold for around $1.5m in the past, but required costly demolition work.
A search of Merivale listings on OneRoof found more than 30 priced under $1.5m, including a two-bedroom new-build on Donald Place asking $689,000, and an older character home on Chapter Street inviting offers over $1.499m.
Fulton said the Cox Street property would likely double in value once it had a home on it.
The property was originally owned by Christchurch City Council and occupied by residential units. These were damaged in the Christchurch earthquakes and subsequently demolished.
The vendors paid $890,000 for the site in 2018, according to OneRoof records. They had planned to build their dream home on the site, but decided to stay put in an existing home in neighbouring Fendalton.
- Click here to find more properties for sale in Christchurch
