Finding an affordable property is hard – but there are still some gems out there. Each week, Homed is featuring a first-time-buyer friendly home on the market that might (just about) come in within budget.
In the past, a two-bed, semi-detached home like this one would have been more for downsizing into rather than stepping up onto the ladder with.
But those days are long gone, and first time buyers are seeing smaller units as an affordable option for a first home. Besides, to call this unit in Upper Riccarton a “granny flat” is like calling Helen Mirren a “granny” – it might be true, but it doesn't give you the whole picture.
“It was originally built in the 1970’s but has been brought into the 21st Century with the renovation,” says agent Leeann Marriott, of Harcourts. “I personally love the openness of the property.”
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That sense of openness is due in part to a fresh, all white interior, which Marriott describes as a “careful and considered renovation”.
Some features of the reno stand out: The chevron subway tiles in the open-plan kitchen and the back-lit round mirror in the bathroom, giving it an inner city apartment feel.
The 70sqm home has two double bedrooms, a single bathroom, and separate laundry, as well as an external garage with an automatic door. There is also a small courtyard at the back of the home, for a barbecue or sitting with your morning coffee.
A short bike ride from Ilam gardens, and a stroll from the Upper Riccarton Domain, what this two-bed unit in Christchurch lacks in outdoor space, however, it makes up for in location.
Hagley Park is a 15-minute bike ride away.
“The location is superb,” says Marriott. “It appeals to the first home market due to its proximity to Canterbury University. Local transport is around the corner, and it is walking distance to local shopping areas.”
According to Homes.co.nz, the property was last sold in February 2022 for $350,000. The current owners, who chose not to be named, are now asking $469,000.
The average sale price for the area is about $750,000. There are several lots of units nearby, all estimated to be worth between $450,000 and $550,000.
In April, Christchurch saw “the brakes go on” the housing market for the first time in two years – this matched a slowing the market felt all over the country.
According to the Real Estate Institute, Christchurch’s median in February was a record $731,000.
Median values calculated by CoreLogic in March show Christchurch’s priciest suburb remains Fendalton (median value $1.62 million), followed by Kennedy’s Bush ($1.61m), and Scarborough Hill ($1.58m). The cheapest is Phillipstown ($428,200).