The Star: February 15, 2024

first-time buyers
A three-bedroom, one-bathroom
bungalow on Garvins Rd in
Hornby, has also attracted plenty
of first-home buyer interest.
Bayleys salesperson Angela Webb
said it was increasingly difficult
for first-home buyers to find a
house under $575,000 to make
the most of the government’s
First Home Grant scheme so
many were forfeiting it.
“There is becoming a short
supply of properties at that price
level. What we are seeing is
people are moving across suburbs
and buying in suburbs which
they previously wouldn’t have
done just to get something under
that price level.”
Along with Mairehau, suburbs
such as Woolston, Bromley and
Hornby were also popular firsthome
buyer suburbs, she said.
A renovated three-bedroom,
one-bathroom home at 37
Garvins Rd, in Hornby,had also
been a hit with first-home buyers
and has had 70 buyers through
its doors over its three-week
campaign.
Webb said there appeared to be
more confidence in the market
overall, but especially from firsthome
buyers.
Some investors are also starting
to return to the market by looking
at student rentals, blocks of
flats or new builds.
“They are not really competing
in that second-hand affordable
first-home buyer market.”
Harcourts salesperson Zani
Polson said first-home buyers
were looking at around the
$500,000 and $600,000 mark and
should not rule
out two-bedroom
homes with a
similar sized
footprint as a way
of getting on the
property ladder.
“It will be a
little more affordable
and there will
Zani Polson
be a little less competition and
they still have the opportunity to
add some value if they need to.
But equally if they are ok with a
two-bed and they don’t need an
office in a room then sometimes
a two-bed is just as sufficient.”
Polson said a lot of the firsthome
buyers were young couples
and, in most cases, they were
looking for standalone houses
preferably on freehold sections.
“Buyers are a lot more comfortable
and have a deposit and their
pre-approvals and want to buy
before house prices go up.”
She had also noticed an increase
in first-home buyers working
with mortgage brokers, which
she believed was a good move.
- NZ Herald
Latest Canterbury news at starnews.co.nz
THE ELDERLY owner of a
classic 1950s Christchurch home
hugged her agent and was in
to tears when her home of 30
years sold for an impressive $1.1
million as buyers fought over it.
The 93-year-old had already
moved into a retirement village
and was sitting in the front row
at last Thursday’s auction watching
four buyers tussle over her
Wai-Iti Tce home, in Fendalton.
It drew huge interest during
its first weekend of open homes
with more than 41 groups
traipsing through its doors leaving
rows of shoes at the front
door.
By the end of the three-week
campaign more than 70 people
had shown up to its open
homes.
The auction for the threebedroom,
one-bathroom home
opened at $800,000 and rose in
$25,000 bids until it hit $1.025m
when it was announced on the
market.
Two bidders then dropped
out of the race, but another took
their place making smaller bids
of between $5000 and $10,000.
But it was the couple in their
60s that had been part of the
auction the whole way making
one of the first bids and also the
final bid. They were downsizing
and planned to move in and
renovate.
Harcourts listing agent Mark
O’Loughlin said the 93-year-old
owner had been sitting beside
him during the auction and was
“ecstatic”. The sale price was
significantly above its RV of
$950,000.
“She was in the room sitting
in the front crying, she just
couldn’t believe it.”
“She was just cuddling me,
saying, ‘Mark, I can’t believe it’.”
The house-proud owner then
Thursday February 15 2024 The Star
NEWS 9
Owner blown away after
house sale tops $1 million
POPULAR: There was intense competition for the 1950s
brick home on Wai-Iti Tce, in Fendalton, which sold for
$1.1m.
PHOTO: NZ HERALD
asked if she could still go to the
house and do the gardening.
“I said, ‘yes you can, until
you give them the keys you can
still do the garden’. That’s her
treat every day, she leaves the
rest home and drives in the car
and goes and spends a couple of
hours in the garden.”
The other buyers who missed
out were young families wanting
to buy in the sought-after school
zone, while one wanted to build
his dream home on it.
– NZ Herald
• Chambers restoration nears
completion, page 10
Bespoke, Upscale & Personalised Care
The reassurance of quality is built into everything we do at The Russley. The Ashley Care Suites set a new standard
of care. We sought to provide a care offering and environment that was exceptional. Creating a beautiful residence
from which tailored and meaningful care could be delivered, overlaid with an upscale hospitality offering
73 ROYDVALE AVENUE, CHRISTCHURCH 03 357 9392 RUSSLEYVILLAGE.CO.NZ