First home buyers at Thursday’s Harcourts Grenadier auction were frustrated at how tough the Christchurch property market was.
First home buyers in Christchurch are still struggling to get on to the property ladder as added pressure from relocating Kiwis puts more heat on the market.
A recent auction at Sumnervale Drive in Sumner illustrated where that pressure was coming from when an Aucklander moving to Christchurch bought a two-bedroom house for $925,000 – 62 per cent more than its rateable value (RV) of $570,000.
Harcourts sales consultant Carol Williams said several first home buyers were among those bidding.
Harcourts/Stuff
This property at Sumnervale Drive in Sumner sold for 62 per cent above its rateable value – a trend that has been seen with other sales in the area.