Rich pickings for Christchurch's wealthy

BIG SPENDS: A property in Horotane Valley is among some recent big sales in greater Christchurch.
BIG SPENDS: A property in Horotane Valley is among some recent big sales in greater Christchurch.

Christchurch has had its second $4 million-plus house sale in four months, and more luxury homes are going up for sale as cashed-up Cantabrians go house-hunting.

The top end of the market has been revived by the region's fast growing economy after a quiet spell since the last property boom ended in 2007.

Since November there have been several home sales over $3m including two over $4.5m. And real estate agents say they could sell more if they had them.

On Huntsbury hill, a vast and luxurious modern home with a floodlit tennis court and indoor pool has just sold for $4.5m, following the $4.8m sale before Christmas of a nearby Cashmere hill home.

The Huntsbury buyers are a successful but low-profile local business couple with a teenage family, described by Harcourts agent Grant Chappell as "hard workers and doing well".

Chappell said much of the demand for luxury homes was from big players in construction.

"They have all got the best cash flow for years, and they are all spending".

Agent Rosemarie de Jong of Bayleys said there were too few luxury homes for the number of buyers wanting them, leading some people to build instead.

"We're restricted in what we can show them. We've lost some of the homes in that bracket, and some are still damaged and buyers don't necessarily want that."

De Jong was about to list a modern home near Mona Vale in Fendalton for about $4m.

The top-end buyers so far were all Cantabrians, spending both insurance cheques and their own cash, she said.

Other luxury homes for sale in the $4m to $5m bracket include a Horotane Valley home described in advertising as a "world-class masterpiece".

Modern homes for sale in Gardiners Rd, Harewood, and the Esplanade in Sumner, plus a renovated historic home in Allandale Rd in Governors Bay, are also expected to fetch at least $4m.

Agent Brian Langley of Sotheby's International said buyers in that price range wanted space around their home for "some peace and quiet when they finish their day".

Langley noted that the luxury home and luxury car markets move together, and both were now performing strongly.

"There are some very wealthy people in Christchurch," he said.

He was also getting interest from overseas buyers.

It is not only owners of top-end properties enjoying the market revival. The agent's commission for a sale between $4m to $5m would be about $150,000, with owners having to pay for marketing costs as well.


Recent big Christchurch sales:

Dyers Pass Rd, Cashmere $4.8m

Millway Pl, Huntsbury $4.5m

Straven Rd, Fendalton $3.4 m

Glandovey Rd, Fendalton $3.2 m

For sale at $4m plus

The Esplanade, Sumner – 10-car garage and sea views

Horotane Valley Rd, Heathcote – a former House of the Year

Gardiners Rd, Harewood – replica heritage style, outdoor pool

Allandale Rd, Governors Bay – restored historic home on 7.5ha -

The Press