- Luxury apartments in central Christchurch are selling for $1m or more above their RVs.
- High demand from wealthy buyers has led to quick sales, often within a week.
- Agents report consistent interest, with some properties selling for more than double their RVs.
Luxury apartments in the most sought-after buildings in central Christchurch are selling for $1 million or more above their RVs amid a frantic buying spree by wealthy empty-nesters, retirees and professionals.
Start your property search
The newly renovated penthouse in The Gloucester building, on Gloucester Street, Christchurch Central, was snapped up within seven days of hitting the market, with the buyers swaying the sellers with an offer of just under $3m.
A smaller apartment in the same building also sold within a week after an offer of $1.15m brought forward the auction. Competitive bidding pushed the final sale price to $1.17m.
The Gloucester in Christchurch Central is one of several apartment blocks seen by buyers as being extremely desirable. Photo / Supplied
Vivacity listing agent Aaron Pero, who sold both apartments, said that sales above RV were common in the current Christchurch market. He’s taking a two-bedroom apartment in The Gloucester to auction on November 27, and is eager to see if it shoots past its RV of $800,000.
Pero said there was plenty of demand for apartments at the upper end of the Christchurch market, with buyers typically targeting listings in The Gloucester as well neighbouring West Fitzroy Apartments, at 66 Armagh Street.
Often, the buyers are just waiting for one to hit the market. “[The Gloucester] has a good reputation, so when people see apartments come up, they jump on them,” he said.
Discover more:
- Christian couple’s life-size ark finally sells after getting $1.5m price tag
- Disgraced dentist's home sells for $880,000 at mortgagee auction
- 'Can’t find my husband, but have found a buyer' - giant house fetches $2m-plus
He had noticed a lift in demand in the last few months, with more apartment auctions being brought forward. It was a stark contrast to previous months when some were struggling to attract any offers.
Bayleys agent Adam Heazlewood agreed that interest in Christchurch’s prestige apartments was strong, “and it will just continue to grow”.
Heazlewood has sold a good number of apartments in The Oxford building, at 66 Oxford Terrace, and noted that properties there were consistently getting over $4m, more than double their RVs.
Apartments in The Oxford, in Christchurch Central, consistently sell for more than RV. Photo / Supplied
A three-bedroom apartment on the full sixth floor of The Oxford is for sale with a price indication in the mid-$4ms. Photo / Supplied
He is currently selling a three-bedroom, three-bathroom apartment on the sixth floor of The Oxford, and his marketing pitches it as boasting one of the inner-city’s “finest with views” – out to Hagley Park, the Avon River, and even the Southern Alps in the distance.
“It’s arguably the best apartment location in the city. And that’s not just me – that’s what buyers, the owners all seem to acknowledge – I get no argument to it,” Heazlewood told OneRoof.
“Some sell real quick, some take a little bit longer, but generally there’s proven consistent demand for those apartments.”
Heazlewood said that many of his clients were empty-nesters and ready for a lifestyle change, or had a holiday home elsewhere and wanted a city pad.
However, prestige apartments in desirable locations were tightly held. “It’s a hard lifestyle to replicate. To get a premium large-scale apartment with good basement parking and a full floor plate – where a whole floor is owned by you – it’s not that common.”
- Click here to find more properties for sale in Christchurch
