Akaroa bach sells for $1 million above RV

113 Beach Road sold for more than $1 million higher than its rateable value. Photo / Bayleys Canterbury

The Akaroa housing market is on fire post-lockdown, with a number of properties selling way above their rateable value.

One property at 113-115 Beach Rd has sold for $2.4 million with an RV of $1.38m.

Bayleys Canterbury real estate agent Chris Mangels said there were seven bidders at the auction and it had a starting bid of $1m.

The property was designed by architect Doug Bellamy in 1970 and has three bedrooms and two bathrooms.

It does not have a garage but has two car parks.

"This property was a stand out for us. It was an amazing sale and, post-Covid, Akaroa is proving to be a great place to go."

The Beach Rd property is not the only one to sell for much higher than its RV since the lockdown.

Another is 42 Hempleman Drive, which sold for $1.62m with an RV of $870,000.

42 Hempleman Drive. Photo / Bayleys Canterbury

The four-bedroom, three-bathroom property boasts stunning panoramic views of Akaroa Harbour with a large open-plan living space.

8 Langlois Lane sold for $1.54m and had an RV of $1.05m.

8 Langlouis Lane. Photo / Bayleys Canterbury

The five-bedroom, three-bathroom property has a main bedroom which opens out to the front deck and a view of the harbour.

64 Onuku Rd sold for $1.28m with an RV of $850,000.

64 Onuku Road. Photo / Bayleys Canterbury

The two-storey property is located in Glen Bay and has five bedrooms and two bathrooms.

Mangels said he thinks the area's property market is hot now because it has always been undervalued.

"Now with the Covid situation and low-interest rates coupled with lifestyle being at the forefront of everyone's minds, I think it seems like a good option for people."

Meanwhile, Christchurch's real estate boom shows no signs of diminishing, with leading agent Ray White's Christchurch offices shifting 24 properties worth a combined value of more than $16.5m last week.

Seventeen of the properties went under the hammer, with the remainder snapped up before the scheduled auction date.

"It was a crazy week of auctions with six properties called forward with pre-auction offers and outstanding results," said Ray White New Zealand South Island regional manager Jane Meyer.

She said internal auction data showed the auction day clearance rate in Christchurch last week was 82.8 per cent – a huge increase of 21.22 per cent year-on-year.

The Real Estate Institute of New Zealand revealed there were 1333 house sales throughout Canterbury in November, an increase of 31.7 per cent over the same month last year.