Just one person bid on the three-bedroom, two-bathroom home on Coopers Rd in Burwood on Thursday.
The auction paused at $400,000 leaving the owner and buyer to negotiate a sale behind closed doors. But after almost half an hour later the 1960s property was announced on the market and sold for $460,000.
The property, which had been marketed as being “budget-friendly”, was bought by a woman for her family.
Bayleys listing agent Angela Webb said the mother and daughter planned to live in it and slowly renovate it, she said. “They loved the property and are really looking forward to moving in.”
The size of both the home and the section and the price had been big drawcards, Webb said.
“It’s become harder and harder to buy affordable properties in Christchurch. That price bracket is getting quite swamped out, there’s a lot of first-home buyers shopping.”
The previous owner had owned the rental property for almost three decades and told OneRoof last month that she had decided to sell because of the rising costs facing landlords.
She was happy with the result and pleased to be able to move on and look for new investments, Webb said.
The property was described as an affordable project and it had an original kitchen along with the carpet reclaimed from the Tivoli Theatre when it closed in the 1990s,
Long-term tenants of the property previously embraced the home's art deco vibe and created a different 1950s theme in every room complete with tea trolleys and old ashtrays.
“They used to have real tours through the house showing all the stuff. They were there for years and years... it was quite remarkable what they had in there,” the owner said.
By Nikki Preston
OneRoof.co.nz
