- A hillside home in Redcliffs sold for $3m after competitive bidding at auction.
- The sale was $760,000 above the CV, highlighting strong interest in Christchurch’s high-end properties.
- Listing agents emphasised effectiveness of auctions for luxury homes, citing multiple recent successful sales.
A hillside home sold for $3 million after four buyers went head-to-head at a Christchurch auction this month.
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Bidding on the four-bedroom architecturally-designed property on Avery Place, in Redcliffs, opened at $2m and quickly reached $2.875m, when the property was announced on the market.
A local buyer stumped up an extra $125,000 to secure the property, with the hammer coming down at $760,000 above the CV.
The Avery Place home boasted impressive water views. Photo / Supplied
“There was good strong bidding. It was a good scrap,” said Harcourts Gold managing director Chris Kennedy, who ran the auction.
Listing agent Cameron Bailey said the auction price achieved by the Avery Place property was proof that good quality homes in Christchurch were continuing to attract strong interest from buyers.
He also cited the recent sale of another luxury house, on Tomes Road, in St Albans. That property was popular with local buyers looking to upgrade and had attracted four registered bidders, three of whom put their hands up in the auction room.
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Bidding started at $900,000 and ended with the hammer coming down at $1.61m – $200,000 above CV.
Bailey believed Christchurch was an “honest market” in which to buy and sell right now.
“There’s a lot of stock out there so people can benchmark what’s a good house and what isn’t. They can also see what they’ve got to pay.”
He said he had just listed a property in the $5m price bracket and had shown seven qualified buyers through it in the first week alone.
Kennedy said the Avery Place sale showed the results auctions could achieve for high-end homes in the city. “Years and years ago people would say, ‘Don’t take a high-end property to auction because people won’t publicly spend that money’, but we’ve seen $3 and $4m sales in our auction rooms at Harcourts Gold.”
A modern home on Tomes Road, in Saint Albans, sold under the hammer for $1.61m. Photo / Supplied
A classic Fendalton home on a stream boundary with a large section attracted both developers and homeowners. Photo / Supplied
At Bayleys’ auction room in Christchurch, a four-bedroom home on Kotare Street, in Fendalton, exceeded expectations by at least $20,000 when it sold for $1.62m.
Listing agent Steve Ellis said two bidders had battled it out – one of whom was an owner-occupier, the other a developer. “It was a nice solid result for the vendors – they were happy. It wasn’t crazy money, but it was solid.”
Ellis said he had noticed more buyers in the auction room in recent weeks. “They are starting to feel comfortable again with the affordability equation,” he said.
He said conditional buyers risked missing out if they weren’t in a position to compete.
While some vendors with more expensive homes were reluctant to sell at auction, Ellis believed it was the way to go. “If you are going to get a wild price, competition is your best way.”
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