Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


‘As is, where is’ home in Merivale zoned TC3 tops $1 million

‘As is, where is’ home in Merivale zoned TC3 tops $1 million

16 April 2014 – An ‘as is, where is’ home in Merivale, one of Christchurch’s most sought after suburbs, has sold at auction for a top price of $1.130 million.

The 721m2 section is zoned TC3, or technical category 3, indicating it is prone to moderate to significant land damage in further quakes although only minor land damage was evident at the Rhodes St property.

Listing agents Jenni and Jarod Rolton, of Harcourts Holmwood, say the price fetched for the land and house equates to $1567/m2 and compares with recent bare land sales in the chic suburb of more than $1000m/2.

‘As is, where is’ is the post earthquake term coined to describe homes which are sold without any insurance or EQC payments in place. They are either deemed uneconomic to repair or the vendor has decided to take the payout and move on.

“This home had a rental assessment of $950-$1000 a week, so bidders did see value because the structural engineering report saw it as safe to inhabit.

“The value in these properties is in the eye of the beholder,” Jenni Rolton says.

“Demand for ‘as is where is’ properties is extremely strong in some areas of Christchurch where land prices are higher. Interest is across the board. Developers see an opportunity to land bank, and rent out the home in the short term while there are still plenty of private buyers keen to take on this sort of project and use as investments.”

Rolton says the shortage of houses for sale in Christchurch, coupled with a scarcity of rental accommodation, is fuelling interest from both groups of buyers.

The 20-year-old Tuscan-style Rhodes St home was bought by a family who are looking forward to living there, she says. Occupied by the original owner before and since the earthquakes, the house comprises three bedrooms, three bathrooms, two living areas, kitchen, laundry and three car garaging.

A pre-auction bid of $930,000 opened the auction and there were five bidders.

Rolton says the insurance company commissioned a very thorough structural engineers report which was available to potential buyers, giving them confidence.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news