Christchurch property for sale after last selling for $30,000 in 1981

The house last sold in 1981 for $30,000. Photo / Supplied

A tiny Christchurch flat could fetch around 16 times what it last sold for.

The tidy two-bedroom property in the St Albans area of Christchurch has just gone on the market, with an estate agent headlining its listing with: "Last Sold for $30,000 in 1981."

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"Incredibly 40 years on - the time has arrived for the family to sell 1/24 Radnor St," it says.

The 1970s built 90sq m flat goes under the hammer at auction on August 12.

The two-bedroom house will be auctioned next month. Photo / Supplied

With a 2019 rating value of $365,000, and NZME's property website OneRoof estimating it's worth around $490,000, the "front north-facing townhouse" is expected to be popular with first-time buyers.

"This is a nice home with great neighbours, and a real community feel," the listing says.

"Yes; you could do some upgrading but alternatively, live in it and consider these options later."

But the listing has attracted widespread comment online, with a Reddit thread titled "Real estate agents rubbing it in" getting more than 120 comments.

Estate agents say the property would suit a first-time buyer. Photo / Supplied

"Taking into account inflation, that $30,000 in 1981 is equivalent to ~$142,000 now," one poster says.

Another says, "I'm trying to think of all the things I could possibly do with the spare cash I'd have if my mortgage was a mere $142,000. I keep coming back to "Scrooge McDuck pool of money."

Last week, the Herald revealed that an elegant 11-bedroom mansion with sweeping Christchurch city views was going on the market.

The 1928-built Hackthorne Gardens home in the suburb of Cashmere has just been listed for sale and sits on a huge 4034sq m hilltop site in the lower Port Hills.

Yet despite being an historically important, three-storey timber home with views over Christchurch, the ocean and Southern Alps, the city council valued it at only $2.6m in 2019.