Buyers splashing out on trophy homes in top Christchurch locations

Wealthy buyers are splashing out on luxury and lifestyle homes while overseas trips remain beyond reach, real estate agents say.

While first homebuyers and investors are heating up the lower end of the real estate market, agents are also reporting emerging demand for high-quality residences and holiday homes with extra features.

“We’re seeing people who typically would have been travelling at this time of year. Instead they’re wanting to upgrade their homes and they are looking for high quality.

The house was designed by the seller, architect Regan Johnston, and has won several awards.

Agents were seeing buyers wanting properties that “ticked all the boxes” and they were not constrained by a budget, he said.

Johnston said the price for his home was “within cooee” of what he expected, despite its $1.65m rating valuation.

High-end architecturally designed homes could easily sell for $1m above rating valuations, which did not measure a home’s quality or appeal, Johnston said.

“It costs the same to build a well-planned home or a poorly planned home. RVs don’t reflect that.”

In his design practice, Johnston was seeing increased demand for “premium locations” as people planned high-value homes or holiday homes.

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Source: STUFF

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