Your entry to the Christchurch housing market? Not quite. Buyers can only use this slice of land for commercial purposes.
Your entry to the Christchurch housing market? Not quite. Buyers can only use this slice of land for commercial purposes.
When real estate agents talk about the Golden Triangle this is probably not what they had in mind.
A tiny triangle-shaped sliver of land is up for sale in Christchurch and its sellers are seeking offers of more than $30,000.
"It would be the smallest piece of commercial land that we have sold," said Bayleys residential sales manager Justin Haley.
"It's very unique on that front."
The section of bare land - which at 199sq m is smaller than a tennis court - was carved off two larger, neighbouring plots of land which were being sold separately.
Opawa was historically one of the most desirable places to live in Christchurch. But don't expect to squeeze a tiny house onto the section - it's only zoned for commercial or light industrial use.
Haley said it could be used for signage or a small storage space.
The 199 sq m section is smaller than a tennis court.
"We've had a good response," he said. "There's a few challenges there but nothing that can't be overcome with some good design."
The site is relatively spacious compared to the smallest residential sale in Real Estate Institute of New Zealand records.
Research by OneRoof and its data partner Valocity recently revealed that Manukau is the toughest place in Auckland to land a home with a big backyard. Just 9.7 per cent of properties in the rating authority sit on 1012sqm or more, compared to 15 per cent for Greater Auckland.
Nationally, Wellington has the lowest share of quarter acre sections, with fewer than 3000 homes in the capital, or 7.3 per cent of total housing stock, meeting the quarter acre threshold.
OneRoof editor Owen Vaughan says that homes with large sections in New Zealand major metros are not only rare but are also typically expensive to buy. A large section in Remuera could set you back more than $2 million easily."
Smaller towns and rural locations, where prices are more affordable, have the highest percentage of large sections. The research showed New Zealand's quarter acre capital is the Far North, where 56 per cent of the region's 14,763 houses occupy 1012sq m or more and the median house value is $415,000.
REINZ chief executive Bindi Norwell said a 61sq m plot of land on Mt Victoria, Wellington, was sold in 2017 for $45,000. That is about four times as large as a parking space.
Tiny sections could provide an affordable option for homeowners, Norwell said, but buyers needed to be careful about any conditions on what can be done with the land.
The tiny sliver of land has been carved off two larger pieces of commercial property which are also for sale.
