Two $3m house sales in Christchurch in one day: Buyers splash cash on luxury homes

Buyers are prepared to pay big sums for Christchurch homes as the city’s formerly sluggish housing market plays catch-up at speed with the rest of the country.

The city has racked up several multi-million-dollar sales at auctions this month, showing that the heat at the bottom more affordable end of the market is in evidence at the top end too.

A four-bedroom house with sea views at 44 Panorama Road, in Clifton, was snapped up last week by an Auckland buyer for $3 million - $700,000 above its 2019 rating valuation – while a five-bedroom home on a large section at 32B Glandovey Road, in Fendalton sold to a local family for $3.1 million on the same day.

The listing agent for both luxury homes, Bayleys’ Julia Ashmore-Smith, told OneRoof that a $3 million sale price was rare for city - “it’s a lot of money for Christchurch”.

“$2 million is the new $1 million. Once you go over that and get closer to $3 million it’s a different demographic. There are fewer buyers in that pool,” she said.

She said that while the buyer of 44 Panorama Road, Clifton was from Auckland, local buyers were still the most active players in the market, with the two under-bidders on 44 Panorama Road both from Christchurch.

“There’s a lot of talk about Aucklanders coming down and depriving Christchurch locals for property but the majority of buyers I get are local buyers," she said.

Ashmore-Smith’s listings aren’t the only the properties fetching big sums under the hammer.

At Harcourts’ auctions this week, a four-bedroom designer home at 12 Carnaby Close, in St Albans, sold for $2.66 million - $910,000 above its RV – while a do-up opportunity on 1234sqm section at 24 Holmwood Road, in Merivale, sold for $2.55 million - $710,000 above RV.