Nor'West News: February 08, 2024
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Thursday <strong>February</strong> 8 <strong>2024</strong> 7<br />
Home sold for $1.2m after being<br />
overlooked 12 months ago<br />
• By Nikki Preston<br />
A RENOVATED home no-one<br />
wanted 12 months ago was in<br />
hot demand last week, with four<br />
people fighting over it within<br />
seven days of it hitting the<br />
market.<br />
The lakefront home on Chilwell<br />
Pl, Halswell, attracted so<br />
much interest an acceptable offer<br />
of $1.1 million was made within<br />
a few days and the auction date<br />
brought forward.<br />
Only two of the four registered<br />
bidders put their hands up during<br />
Thursday’s auction and the<br />
hammer finally fell at $1.279m<br />
after 36 swift bids.<br />
Harcourts Grenadier listing<br />
agent Lin Ma said it was a fastpaced<br />
auction that was over in<br />
two minutes.<br />
“They didn’t want to give<br />
up. The bidding was very fast<br />
because everybody was under<br />
pressure.”<br />
Ma said it was a massive<br />
turnaround from a year ago<br />
when the same property failed to<br />
attract any bidders when it went<br />
to auction and was subsequently<br />
passed in.<br />
They pulled the home off the<br />
market before deciding to have<br />
another go at selling it at the<br />
start of this year due to a change<br />
in circumstances.<br />
The owner paid $980,000 in<br />
<strong>February</strong> 2022, but had spent<br />
about $100,000 renovating it.<br />
The owners had great taste, Ma<br />
said, and had installed a new<br />
kitchen and bathrooms. It also<br />
had a great view of Westlake and<br />
a private backyard next to the<br />
reserve. And while the owners<br />
had been unable to sell it for<br />
a profit last year, this year had<br />
been a completely different story<br />
with them walking away with<br />
$199,000 even after factoring in<br />
the cost of the renovation.<br />
“It was a very good result,”<br />
Ma said, adding prices seemed<br />
to be similar to back when they<br />
bought it two years ago.<br />
“Compared to 2022, I think<br />
it (the market) is similar to that<br />
time. But it really depends on<br />
the property and how you are<br />
marketing it.”<br />
The sale price was also above<br />
the 2022 RV of $1.105m.The new<br />
owners are a local couple looking<br />
to downsize.<br />
“They had to spend more,<br />
but they are so happy. They just<br />
love it, love it. It’s such a unique<br />
house.”<br />
Ma believed the biggest change<br />
in the last year was that buyers<br />
were feeling more confident that<br />
the market had already hit the<br />
bottom last year and were also<br />
not expecting any further interest<br />
rate hikes.<br />
“Last year people were worried<br />
the interest rates were still rising,<br />
that kind of thing.”<br />
– NZ Herald<br />
RENOVATIONS: The previous owners spent $100,000 on<br />
the property, including a new kitchen and bathrooms.<br />
Bespoke, Upscale & Personalised Care<br />
The reassurance of quality is built into everything we do at The Russley. The Ashley Care Suites set a new standard<br />
of care. We sought to provide a care offering and environment that was exceptional. Creating a beautiful residence<br />
from which tailored and meaningful care could be delivered, overlaid with an upscale hospitality offering<br />
73 ROYDVALE AVENUE, CHRISTCHURCH 03 357 9392 RUSSLEYVILLAGE.CO.NZ