Properties near new stadium being snapped up for Airbnbs

Otago Daily Times

4 days ago

A surge in interest from out-of-town investors has been cited for pushing up the price of central city townhouses near Christchurch's new $683 million stadium.
OneRoof reported a two-bedroom, two-bathroom property on Lichfield St - 33m away from One New Zealand Stadium - smashed expectations after it went for $705,000 last Wednesday.
Seven investors battled it out for the property in the auction room, OneRoof reported.
A Nelson buyer won the auction after 26 bids were placed. OneRoof reported everyone in the auction wanted to run it as an Airbnb.
Vivacity director and agent Aaron Pero told OneRoof investors were looking for townhouses or apartments in Christchurch's mixed-use zone so they could use them as short-term lets all year.
The stadium is due to open in April 2026, but Pero told OneRoof smart investors were thinking ahead and getting in early.
"Now it's [the stadium] getting more attention, and it's impossible to miss now, a lot more people are realising they need to buy now.
"As soon as it's finished, everybody is going to jump on that bandwagon," Pero told OneRoof .
Ray White agent Ali Ahmadi told OneRoof over the last few weeks there had been a noticeable spike in inquiries from out-of-towners looking for a property near the stadium in the mixed-use zone.
"Causing all of this are the headlines about the stadium being near completion and the new downtown plans.
"People are seeing it in the media and know this is where they need to invest their money."
He told OneRoof he has been fielding inquiries from Auckland and Wellington investors.
One told him not enough motels and hotels had been built in Christchurch since the earthquakes to meet future demand.
"Everyone thinks that it's the Airbnb market that will have more interest after the stadium is built because they don't think that the type of accommodation we have for guests is enough."
Ahmadi told OneRoof that investors were the primary buyers at the moment and were mainly seeking centrally located properties in the mixed-use zone.
Other townhouses outside the zone were getting a look-in, though. A three-bedroom, one-bathroom apartment for sale for $529,000 at 103/226 Salisbury Street is in the residential-use area and attracted more than 900 views within 24 hours of hitting the market.
Harcourts agent Mark McLoughlin told OneRoof some investors were "getting in early" in anticipation of the stadium opening.
He said a two-bedroom, one-bathroom apartment with a covered car park on Sugarloaf Lane, opposite the Justice Precinct, sold for $719,000 in April.
McLoughlin said an investor paid $20,000 more than the asking price after several offers were received.
'I showed them on the Wednesday and we did the multi-offers on the Friday.'
McLoughlin agreed some investors were getting in early in anticipation of the stadium opening.