A family home on one of Wellington’s most exclusive streets has sold for an impressive $4.5 million and is among several high-end houses and apartments in the capital getting knock-out prices.
And the real estate agents involved in these multi-million-dollar sales say they are a sign that the upper-end of the market is still in demand despite Wellington recording one of the biggest price drops in the country, with the median house price dipping 16.4% to $765,000 in January compared to the same period last year.
The four-bedroom, three-bathroom home on The Crescent, in Roseneath, which boasts impressive sea views, sold in November and settled earlier this month. The sale price was below the 2021 RV of $5.15m but well above the $1.85m it changed hands for in 2011.
OneRoof has learnt of two more high-profile transactions in the vicinity – the November sale of a family home on Brougham Street, in Mount Victoria, and the February sale of a large home on Oriental Parade, in Oriental Bay. However, the prices cannot be revealed until settlement later this year.
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Ray White listing agent Ben Atwill, who marketed The Crescent property, said homes in Wellington’s dress circle were always in demand and $4.5m was a good price, especially in a slowing market.
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“It (The Crescent) always has phenomenal views and gets the last of the sun. The sale just shows that the upper-end of the market is still very buoyant.”
He said the buyers of The Crescent home turned out to be a Wellington family looking for a new interior design challenge.
“These locations don’t come up all that often. If you have an eye for architecture and design, you can see the potential. And that location I believe is always going to be a high-demand location so it’s worth creating your dream home.”
The grand property on Brougham Street, which had been a backpacker hostel before being converted into a four-bedroom family home, had also attracted keen buyer interest.
Lowe and Co managing director Craig Lowe said of the sale of the recently refurbished home, which comes with its own orchard and has an RV of $3.79m: “I think it’s an example of the flight to quality and that the upper end of the market is a little bit more resilient to these downturns, especially in land constrained areas like Mt Victoria, where the big family homes that are really nicely done are rare, but incredibly sought after.”
In the last two weeks his agency also sold a mansion on Oriental Parade, in Oriental Bay, that had been seeking expressions of interest from $4.65m.
A two-storey home on Brougham Street, in Mount Victoria, Wellington, sold in November for an undisclosed sum. The property has an RV of $3.79m. Photo / Supplied
The 1930s Georgian Revival-style character home with stunning views across Oriental Bay was marketed as being a luxury home with no expense spared.
Lowe said both the Brougham Street and Oriental Parade sales stood in the current market environment. “These sales were significant sales for Wellington for sure,” he said.
There was also strong demand for a four-bedroom lifestyle property in Tawa last week, which saw 19 bidders fight it out for the property that sold under the hammer for $2.79m – above the RV of $2.47m.
Ray White agent Ben Stevens, who marketed the modern home on Bing Lucas Drive, told OneRoof that while auctions are rare in Wellington, he wanted to create competition for the unique property.
“We worked the phones to a wider audience who could afford this – people who’d been looking in Seatoun, or Karori or Khandallah. We introduced them to something they hadn’t thought of, buyers usually do a narrow search [online],” he said.
The well-designed house came with plenty of living space, a swimming pool and spa and paddocks for animals.
“Probably three of the 19 bidders were people who weren’t considering the area. It’s the type of property that would draw you out if you weren’t actively looking.”
Stevens added that three bidders duked it out from about $2.7m, after the property went on the market at $2.6m.
A mansion on Oriental Parade, in Oriental Bay, Wellington, sold earlier this month. It had been seeking buyers with budgets of $4.65m-plus. Photo / Supplied
“It’s a lot considering where the market is, most sales are happening below CV,” he said, adding that bidders had budgets from $2.2m upwards.
“Funnily enough we got a better result than last year. People are starting to move now that they know the market is at the bottom, whereas last year they were uncertain. Places that would get late-$2m or $3m now are down to $2m to $2.3m, the market has corrected.”
Apartments in the capital’s most exclusive and expensive complex – Clyde Quay Wharf, complete with concierge, business centre and movie theatre – are also achieving high prices.
The record price for an apartment in the building was $4.85m in March last year, while more recently other apartments in the same block have sold for $3.6m and $3.3m.
Tommy’s real estate agent Ramon Kane, who has sold a number of the Clyde Quay Wharf apartments, said the premium apartments were attracting professionals including those in the movie industry.
A lifestyle property on Bing Lucas Drive, in Tawa, Wellington, fetched $2.79m at auction this month. Photo / Supplied
“Executive properties are hard to come by in the Wellington market so there is always demand for homes like these, Clyde Quay hosts some of the most expensive apartments in New Zealand.”
He said Clyde Quay was a great location in the city and there was nothing else like it.
"It is a very sought-after location and you can’t get more waterfront than that.”
“People will always buy premium properties no matter what the market – good or bad. So, we’ve sort of been bucking the trend a little bit in Clyde Quay Wharf with those sales and people are paying top dollar to be in there.”
He’s just listed another two-bedroom, two-bathroom apartment at 3C/8 Clyde Quay Wharf priced from $2.25m.
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