Casebrook property goes for $1.14m above rateable valuation

Auctions continue to boom in Christchurch with sellers getting well over the rating valuation.

The latest big seller, 130 Styx Mill Rd in Casebrook, went under the hammer for $2.85 million – $1.14 million above the 2019 rating valuation.

It continues a trend in the city in recent months, real estate agents say.

Ray White agents Chris Nielsen and Jenna Mills, who were marketing the property, had two offers prior to the auction and four active bidders on the day.

“The campaign was incredibly active throughout with a mix of private buyers and developers – that’s one of the many reasons we had over 50 groups through during the opens,” Nielsen said.

The Styx Mill Rd property was built 33 years ago and had never been on the market before. It was pitched as having development potential, with the large section zoned Residential New Neighbourhood.

“It’s a fantastic opportunity for an astute purchaser to explore the commercial possibilities,” the listing said.

It has four bedrooms, two bathrooms and sits on 1.1ha.

Ray White South Island regional manager Jane Meyer said the auctions in the region are busier than ever, going against predictions made in March.

“Anyone thinking that the Christchurch auction market is somewhere nearing its peak should think again – we’re seeing exceptional results after exceptional results week-on-week – it’s just getting stronger,” she said.

It’s not just the top end that’s feeling the heat. A 1930s bungalow sold for $472,000 after attracting more than 30 offers.