Renovated quake villa flipped for $1.3m

The three-bedroom villa on Corson Ave, Beckenham, was sold under the hammer for $1.305m, shattering expectations by more than $200,000. Below, What the villa looked like when the vendors picked it up six months ago. Photo: Supplied

Renovators who bought a Christchurch quake-damaged villa for $715,000 six months ago got just over $1.3 million for it at auction.

The three-bedroom, two-bathroom home on Corson Ave, Beckenham, benefited from a complete overhaul.

The earthquake-damaged villa was bought for $715,000 six months ago. Photo: Supplied

Within two weeks of hitting the market, the renovated property attracted 78 viewings and a pre-auction offer of $1.1m, OneRoof reported.

Rebecca Toone.

Four people registered for the auction but only two put their hands up in the room.

The buyer who made the pre-auction offer got the keys in the end after 21 heated bids. The hammer came down at $1.305m – $205,000 more than the reserve and $375,000 above RV.

Ray White listing agent Rebecca Toone told OneRoof it was a “hard-fought auction”.

Heathcote Building and Design Ltd bought the villa in a run-down condition in November and repaired and renovated it.

“They’ve definitely put in a lot of money to bring it to what it is now,” she told OneRoof.

Heathcote Building and Design re-levelled the villa, upgraded the sewer and stormwater systems, gutted the insides, replaced the kitchen and bathrooms (including adding an ensuite), installed underfloor heating, a new heat pump and new flooring, painted inside and out, and carried out extensive landscaping.

The villa’s original character features, including the large bay windows, were retained during the extensive renovations. Photo: Supplied

Toone said the company wanted to retain the home’s original character and features, so it commissioned extra panelling, skirtings and architraves to fit with its period style.

“They just don’t want to let down the character, and that’s a real pretty one.”

The company has rescued several old villas in south Christchurch over the past few years – especially in Cashmere and Beckenham – and developed a good following for their homes.

“It’s a big job, and it’s not for everyone,” she said.

The home needed a lot of work, including re-levelling and relining. Photo: Supplied

Toone said there was a lot of interest in renovated character homes – especially in these old established areas where there were clusters of renovated villas and bungalows built between 1900 and 1940 – and the price reflected that.

“I think people realised it would be over $1m. So, families and professionals, older people downsizing from farms – that was a demographic that came through,” she told OneRoof.

The $1.305m sale price also exceeded the vendor’s expectations by at least 15%, Toone said.