Nor'West News: February 08, 2024

Thursday February 8 2024 7
Home sold for $1.2m after being
overlooked 12 months ago
• By Nikki Preston
A RENOVATED home no-one
wanted 12 months ago was in
hot demand last week, with four
people fighting over it within
seven days of it hitting the
market.
The lakefront home on Chilwell
Pl, Halswell, attracted so
much interest an acceptable offer
of $1.1 million was made within
a few days and the auction date
brought forward.
Only two of the four registered
bidders put their hands up during
Thursday’s auction and the
hammer finally fell at $1.279m
after 36 swift bids.
Harcourts Grenadier listing
agent Lin Ma said it was a fastpaced
auction that was over in
two minutes.
“They didn’t want to give
up. The bidding was very fast
because everybody was under
pressure.”
Ma said it was a massive
turnaround from a year ago
when the same property failed to
attract any bidders when it went
to auction and was subsequently
passed in.
They pulled the home off the
market before deciding to have
another go at selling it at the
start of this year due to a change
in circumstances.
The owner paid $980,000 in
February 2022, but had spent
about $100,000 renovating it.
The owners had great taste, Ma
said, and had installed a new
kitchen and bathrooms. It also
had a great view of Westlake and
a private backyard next to the
reserve. And while the owners
had been unable to sell it for
a profit last year, this year had
been a completely different story
with them walking away with
$199,000 even after factoring in
the cost of the renovation.
“It was a very good result,”
Ma said, adding prices seemed
to be similar to back when they
bought it two years ago.
“Compared to 2022, I think
it (the market) is similar to that
time. But it really depends on
the property and how you are
marketing it.”
The sale price was also above
the 2022 RV of $1.105m.The new
owners are a local couple looking
to downsize.
“They had to spend more,
but they are so happy. They just
love it, love it. It’s such a unique
house.”
Ma believed the biggest change
in the last year was that buyers
were feeling more confident that
the market had already hit the
bottom last year and were also
not expecting any further interest
rate hikes.
“Last year people were worried
the interest rates were still rising,
that kind of thing.”
– NZ Herald
RENOVATIONS: The previous owners spent $100,000 on
the property, including a new kitchen and bathrooms.
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