Western News: September 07, 2023
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Thursday <strong>September</strong> 7 <strong>2023</strong> 3<br />
DWELLING: The basic three-bedroom home on an 1123sq m section on Glenmore Ave, Casebrook, sold for $597,000.<br />
Bidding war for quake-damaged home<br />
• By Nikki Preston<br />
AN UNINSURED Casebrook<br />
home that needs earthquake<br />
repairs has sold under the<br />
hammer for $597,000, stunning<br />
both the trustees and agents.<br />
Half a dozen property traders<br />
battled it out for the threebedroom,<br />
one-bathroom home on<br />
Glenmore Ave at the Harcourts<br />
Gold auction, with the eventual<br />
sale price exceeding the property’s<br />
RV of $580,000.<br />
Harcourts Gold agent Debbie<br />
Soper said the auction was a<br />
“cracker”.<br />
“For an ‘as is, where is’ in Casebrook,<br />
which we all sort of saw as<br />
being in the $400,000s, $597,000<br />
was just nuts,” she said.<br />
The bidding opened at<br />
$220,000, but most had dropped<br />
out by the time it reached the high<br />
$400,000s, she said.<br />
The auctioneer announced the<br />
property as being on the market<br />
at $500,000 and, by the time the<br />
bidding reached $540,000, there<br />
were just two buyers left.<br />
“Two people were really, really<br />
fighting it out and trying to get rid<br />
of the other one, and they both<br />
just hung in there as long as they<br />
could and the underbidder just<br />
couldn’t.<br />
“It got to the stage where it just<br />
didn’t make sense,” said Soper.<br />
The property was located down<br />
a long shared driveway, making<br />
access to the large 1123sq m section<br />
tricky, she said.<br />
It was in “original and raw”<br />
condition and even the toilet seat<br />
was missing.<br />
Some wanted to do up the<br />
property and resell it, while<br />
others saw potential in developing<br />
the land or adding a second<br />
dwelling. One bidder only<br />
viewed the property minutes<br />
before the auction and entered<br />
the room just as the bidding<br />
kicked off.<br />
“Not everybody wanted to<br />
develop that section either, most<br />
people were looking to repair the<br />
house, update it, and put it back<br />
on the market.<br />
“But the margin will be pretty<br />
slim to do that at that level, so<br />
you’ve got to make the section<br />
work really.”<br />
The trustees who put the<br />
property on the market after the<br />
elderly owner moved into a rest<br />
home three months ago were at<br />
the auction.<br />
Said Soper: “The trustees could<br />
tell this was insane . . . they held<br />
their poker faces really well.”<br />
She said the sale price was<br />
higher than recent sales on<br />
nearby Farrington Ave, where repaired<br />
properties in better condition<br />
and zoned for the desirable<br />
Burnside High School have gone<br />
for prices in the mid-$500,000s.<br />
A three-bedroom, onebathroom<br />
home with only<br />
an “as is, where is” garage<br />
on Farrington Ave sold for<br />
$565,000 in February, while a<br />
neighbouring property on the<br />
same street, which had been<br />
repaired, went for $550,000 in<br />
June. She said “as is, where is”<br />
properties “go really well” and<br />
the market overall is gaining<br />
momentum on the back of a<br />
steady winter.<br />
“I said to someone: ‘They are<br />
always selling for as much as<br />
the repaired properties at the<br />
moment. But it depends on what<br />
it is and where it is as well’.<br />
“To be fair having the big<br />
section was an enticer, but for<br />
most people they couldn’t make<br />
it work.” – NZ Herald<br />
HOMESTAY FAMILIES WANTED<br />
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FOR MORE INFORMATION<br />
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Or email: canterburyhomestay@gmail.com<br />
Just a quick note to say thank you very much for the professionalism and<br />
care that you have taken selling Eve’s home. One can never underestimate<br />
the level of stress that this process can cause, especially on someone of<br />
mum’s age.<br />
The way you have been patient with her, kept her informed and been<br />
so kind to her has made this so much easier and for that we are very<br />
grateful.<br />
- David -<br />
Phone or text 027 555 7<strong>07</strong>9<br />
REINZ Residential Salesperson of the Year* 2020 - <strong>2023</strong><br />
No.1 Harcourts Canterbury 2012-<strong>2023</strong><br />
cameron.bailey@harcourts.co.nz No.1 Harcourts New Zealand 2017-<strong>2023</strong><br />
No.1 Harcourts Internationally <strong>2023</strong><br />
www.cameronbailey.harcourts.co.nz Licensed Sales Consultant REAA 2008<br />
*Residential Salesperson of the Year across all brands in New Zealand.
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