A stylish four-bedroom lodge-style home on Rotorua’s Lake Rotoiti sold under the hammer on Thursday for $5.7 million – more than $4m above its 2020 RV.
The listing agent, Bayleys Rotorua manager Beth Millard, told OneRoof there was strong competition to secure the house on Wharetoroa Drive, after 94 groups had viewed the property through its brief Christmas holiday campaign.
An offer of $5m brought the auction forward to this week, but Millard said that bidder lost out to a Waikato farming family during the intense two minute-long auction.
She said a Rotorua local and an Auckland-based bidder had missed out too.
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It beats the record for Lake Rotoiti set in November when a modern four-bedroom home on a 2189sqm site on the water at Te Akau Road sold for $4.65m. In the same month, Bayleys also sold a Whangamoa Drive property for $3.33m and another on State Highway 30 went for $3.65m in August.
The sale price breaks the previous Lake Rotoiti record of $4.65m set in November last year for a home on Te Akau Road. Photo / Supplied
Millard earlier told OneRoof that tightly-held properties at Lake Rotoiti were “pretty hot at the moment.”
“This is so cool for our city. People are discovering the lakes and have real emotional ties. And now they’ll see that people who love our area, they can build their dream home and really go for it.”
The 302sqm tech-smart home was designed by Yvette Jay of Yvette Jay Interior Design. Photo / Supplied
She said that the hundreds of enquiries for the luxury property came from all over New Zealand as well as overseas-based Kiwi expats thinking about returning home.
“It is fair to say that some of these folk were a little taken aback as to what has happened with values around the Rotorua lakes. “
The rebuild added new wings surrounding an original bach, and included a sunken lounge looking over the lake. Photo / Supplied
Millard and her team had explained to would-be buyers how the total lack of property for sale at Lake Rotoiti had created a real surge in values, sharing earlier record sales figures and suggesting buyers would need to start with a budget of at least $4.5m. The ratings valuation of $1.65m was before the renovation.
“I haven’t seen a property with the expanse of this view in all my time selling property at Lake Rotoiti, which is a very long time. It is properties like this that completely rekindle my love affair with real estate.
“It is so nice to work for a vendor that threw caution to the wind, designed and built a magnificent property without being overly concerned about re-sale value.
“And now he is completely blown away."
A deck terrace with fireplace, outdoor kitchen, barbecue and fabulous views make outdoor eating a pleasure. Photo / Supplied
The 302sqm tech-smart home was designed by Yvette Jay of Yvette Jay Interior Design to create a multi-generational home from an original wing and a new area, along with a high stud boat shed for the expected lake-side toys.
The house included a sunken lounge with a four metre by four metre luxury sofa overlooking the lake, a sprawling deck with fireplace and outdoor kitchen, an American oak and granite kitchen and luxury ensuite bedrooms and bathrooms.
- Additional reporting Leigh Bramwell
