Key Takeaways
- A quake-damaged house in Christchurch’s elite suburb of Merivale has sold for $2.5 million at auction.
- The 645sqm property was sold "as is, where is" and will be demolished to make way for the buyer’s dream home.
- The sale price works out to $3875 per square metre, a record for Merivale and one of the highest prices paid for land in Christchurch.
- The strong demand for prime land in Christchurch’s elite suburbs is driving up prices, with buyers willing to pay top dollar for the right location.
Introduction to the Sale
The recent sale of a quake-damaged house in Christchurch’s elite suburb of Merivale has made headlines, with the property selling for a staggering $2.5 million at auction. The 645sqm property, located on Helmores Lane, was sold "as is, where is" and will be demolished to make way for the buyer’s dream home. The sale has highlighted the strong demand for prime land in Christchurch’s elite suburbs, with buyers willing to pay top dollar for the right location.
The Auction Process
The auction for the property was highly competitive, with eight bidders vying for the chance to purchase the land. Bidding opened at $1.75 million and quickly shot past the property’s rating value (RV) of $1.8 million. The property was declared on the market at $2.2 million and sold seven bids later for $2.5 million. The vendor had bought the property in 2017 for just over $1.1 million and had planned to build a new home on it, but changed their plans and put it on the market after moving out of the city.
The Attraction of Merivale
The sale price of $2.5 million works out to $3875 per square metre, a record for Merivale and one of the highest prices paid for land in Christchurch. According to Bayleys agent Adam Heazlewood, the strong demand for prime land in Christchurch’s elite suburbs is driving up prices. Heazlewood noted that Helmores Lane is considered one of the city’s best addresses, with the location being "unbelievable" and surrounded by some of the most expensive homes in Christchurch.
Comparison to Other Sales
The sale of the Merivale property is not an isolated incident, with other properties in the area selling for high prices. Earlier this year, a vacant 582sqm section on Cox Street, in Merivale, sold for $1.545 million, which works out to $2654 per square metre. Heazlewood said that both sales show the strength of demand for sites in Christchurch’s elite suburbs, with the metre rate record being broken several times this year.
The Future of Christchurch’s Property Market
The sale of the Merivale property is a sign of the growing demand for prime land in Christchurch’s elite suburbs. As the city continues to rebuild and grow, it is likely that we will see more sales like this in the future. With the city’s population growing and the economy thriving, the demand for high-end properties is likely to continue, driving up prices and making Christchurch’s elite suburbs some of the most sought-after areas in the country.