The Star: January 13, 2022

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The Star Thursday January 13 2022 4 NEWS Latest Canterbury news at starnews.co.nz City’s luxury housing market tipped • By Catherine Smith WHILE THE average property value in Christchurch is less than half of what it is in Auckland, the city’s luxury housing market is catching up, with agents reporting that a $10 million sale is not far off. The city’s top two sales for 2021 were in Merivale, where the average house price has jumped $390,000 (32 per cent) in the last 12 months to $1.584 million. Harcourts agent Cameron Bailey, who closed the $6.7 million deal for an award-winning waterfront Cameron Bailey house on Desmond St – Christchurch’s second most expensive home in 2021 – said that it won’t be long before buyers are shelling eightfigure sums in the city. “There are houses built here that owe their owners well over $10 million, and I think there would be buyers. There’s a whole market that’s opened up around the $5 million to $8 million. Lots of people trading up, and in the next few years there will be a $10 million-plus market,” he said. “There are big houses on PLUSH: Desmond House in Merivale was the city’s second biggest sale last year. (Right) – A substantial four-bedroom house on Waiwetu St, Fendalton, is for sale with an asking price of $4.399 million. PHOTO (left): WARREN AND MAHONEY substantial pieces of land, 1000 sq m or more sections, and very high quality. When you look at what it would cost to build today, it gets pretty expensive.” Bailey said there was plenty more room for the Christchurch market prices to keep moving, with the latest OneRoof figures showing the city’s average property value had surged $205,000 (35.5 per cent) to $783,000 in the last 12 months. “That gives people the real ability to feel that they are buying well. For Auckland buyers, $10 million to $15 million in Christchurch would give you the very best house in town, compared to up in Auckland where they’d have to spend more than $20 million.” Bailey’s $6.7 million sale was topped by the $8 million paid off market for a stylish five-bedroom home on Wairarapa Tce. Two multimillion-dollar land sales in the neighbouring suburbs of Fendalton and Upper Riccarton showed that developers, one for $8 milion for a 1.3ha plot and $7 million for a 4000 sq m site by the river, were seeing huge potential for sales in the city’s top suburbs. Williams Corporation, which bought the 1.3ha plot on Wharenui Rd, Upper Riccarton, is now marketing a 52-townhouse development on the site with prices ranging from $579,000 to $1.23 million. Said Bailey: “People’s appetite for big houses and big land is changing. They’ll go for a smaller but cooler place in the heart of things.” In the upper price bracket, Bailey is marketing a large fivebedroom house on Waiwetu St, Fendalton, that has an asking price of $4.399 million. The house includes a pool, wine cellar, garaging for four cars on a 1463 sq m section with a stream boundary. “It’s a big house on big land, nothing has been overlooked. I’ve got families up-sizing looking at it. You could say $4 million is a lot of money, but there will be people out there who think it is cheap.” Bailey said buyers quickly do the math on the value of the land (in Fendalton, that’s around $2000 per square metre) and a build cost that could top $6000 per square metre. “Today that size house on that size land would cost $6 million. It’s a good buy and saves you three years out of your life to do the build,” he said. Jamie Single/Single Bunk Bed – Black WAS $ 699 Parklane Queen Bed WAS $ 899 WAS $ 2199SALE NOW $ 499 NOW $ 699 Costa 4 Piece Outdoor Lounge Set NOW $ 1799 Melve White Tallboy WAS $ 899 NOW $ 699 Melve White Lowboy WAS $ 899 NOW $ 699 LARVIK ON SALE NOW ON. SELECTED ITEMS IN STORE & ONLINE. ENDS 17.01.22. Console Table NOW $ 449 Dining Table – W160 NOW $ 599 Dining Chair NOW $ 165 Perfect for beach days! Keter Go Bar NOW $ 97 Kendal Office Chair – Velvet Rose WAS $ 249 NOW $ 199 48 MONTHS INTEREST FREE * with q Mastercard *Available on Long Term Finance (LTF) purchases until 17/01/22. Minimum spend $499. Exclusions may apply. Lending Criteria, $50 annual account fee, fees, T&C’s apply. An Establishment fee of $55 (first LTF transaction) or a $35 Advance Fee (subsequent LTF transactions) applies. Standard Interest Rate, currently 25.99% p.a. applies to any outstanding balance at end of interest free period. Rate and fees correct as at date of publication, subject to change. Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated. Scan to find store 250 Moorhouse Ave, Christchurch 0800 TARGET (0800 827438) targetfurniture.co.nz Offers and product prices advertised here expire 17/01/22. Sale Excludes Accessories.
Latest Canterbury news at starnews.co.nz for $10 million sale “People have got the appetite for big houses, even as it’s cooling in the heartland prices. There are a lot of $2 million to $4 million sales. The economy is still strong and buyers are out there.” Bayleys agent Adam Heazlewood, who brokered the $7 million sale of the 4000 sq m plot on Fendalton Rd, said that while the city averaged around 10 sales a year worth over $5 million, there was room for more sales in the upper price brackets. “There are plenty of buyers in the high end. The biggest limitation is that the sellers have nowhere to go so aren’t listing. “However, by the end of last year, we were seeing supply start to creep up. There will be more $3m to $4m properties, even the odd one or two for $6 million to $8 million this year.” He estimated that the high-end buyers were as much locals as out-of-towners, although Auckland buyers are surprised at what their $3 million from the sale of a “fairly ordinary” Auckland house would buy them in Christchurch. “But I’m still surprised at how much local wealth there is. And it’s in that higher bracket that people really see the value,” he said. “Out-of-towners do tell me that the housing quality here is higher on average. The major benefit of QUALITY: A stylish house on Innes Rd, Merivale, sold for $3.485 million just before Christmas. the post-earthquake rebuilds is that houses have been majorly refurbished or rebuilt. There’s great architecture in the city,” he said. “And here, you’re not paying $8000 to $10,000 per square metre for a quality build, you get a great house for $5000 to $7000 per square metre, and land costs are a lot less too. “There’ll be a lot more opportunities for buyers this year.” In one of the last Christchurch auctions of the year, three bidders fought to secure a stylish near-new four-bedroom home on a sprawling 1821 sq m site on Innes Rd, in Merivale. Bayleys agent Wendy Miles, who marketed the property with Angela Webb and Charlotte Heaslip, said bidding was heated. “These post-earthquake builds on a huge level section attract all the interest,” she said. “The two under-bidders are now looking for $3.5 million properties. They have pretty specific needs when there spending that sort of money, but the demand is there and they don’t have to have sold first.” – NZ Herald •From page 1 Smith was relaxing on the lounge couch with the air conditioning on when a neighbour raised the alarm about 6pm. “I heard a knock on the door but couldn’t see anyone. So I opened the lounge door and the hallway was full of smoke,” said Smith, who had stripped down to a pair of boxers after biking home from work. “I opened the bedroom door and my bed was on fire.” Smith retreated to the lounge, grabbed Doozer by the collar and fled through the front door as intense heat blew out windows. “I left my phone inside and the most painful part was not being able to ring Darcy to tell him the house was on fire. I felt helpless because I couldn’t do anything. “I sat out on the road in my undies and watched the house burn down. I was a bit dumbfounded about what actually happened.” Fire and Emergency New Zealand investigators told Lutton a laptop charger was the likely cause. “I don’t know how they’ve managed to narrow it down to that, but the charger was plugged in and has obviously ignited or done something that’s started the fire Thursday January 13 2022 The Star NEWS 5 ‘The old house ain’t looking too sharp’ in his room,” he said. Smith retrieved his mobile but lost most possessions, including clothing, his birth certificate and other identification documents, a wallet, and about $5000 in car parts for his Nissan Silvia. Fortunately someone gave him a shirt as firefighters extinguished the blaze. A mate then provided a bag of clothing. Lutton, part owner of the nearby Bairds Collision Centre, was alerted to the blaze by a neighbour and appreciated the efforts of emergency services, his insurance company and the local community who rallied. “The fire brigade were wicked and massive. Massive thanks to the neighbours and family and friends who obviously all pulled together,” Lutton said. “A couple of dudes down the road, I don’t even know, they came down with a big pile of fish and chips for me, my family and friends that were helping me out.” Lutton was philosophical once he witnessed the devastation. “The old house ain’t looking too sharp anymore but I managed to go in and save a picture of the old boy (dad),” Lutton said. “I grabbed that, the beers I had in the fridge, and just sat outside and watched the house simmer away.” FRIDAY TO SUNDAY ONLY new season NZ corn ..............................................99 c each NZ yellow nectarines $ 5 .99 ..... kg NZ BEEF brisket $ 14 .99 ........................ kg Check our website for your local stores opening hours All our fresh meat is 100% NZ FARMED. specials VAlid 14th - 16TH january 2022. WHILE STOCKS LAST! ONLY AVAILABLE AT RAEWARD FRESH HAREWOOD RD, TOWER JUNCTION WWW. .CO.NZ Like us on Facebook
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