Fast sales of Auckland homes in the $6 million to $12m price bracket have agents scrambling for more high-end properties to meet demand.
The sales of a mansion in Remuera, a downsizer’s waterfront apartment on Tamaki Drive and a renovated family home in Herne Bay all have one thing in common: dozens of buyers still looking for their ideal home after coming away empty-handed.
Ollie Wall, of Wall Real Estate, who with brother Andrew marketed the five-bedroom villa on Sarsfield Street in Herne Bay, said that running a three-week campaign with a set date of sale had been risky.
“But we were very confident in the number of buyers out there shopping in Herne Bay, so a short tender got them together and got them to act quickly,” he said, adding that there were multiple offers before the house sold, for a price well north of its $5.3m CV.
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“People were coming in [with offers] well over the CV – which was low because it didn’t reflect the quality of the renovations," Wall said.
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“It had the thing that every family buyer is asking for – big open-plan living opening to a flat lawn and a pool. The amount of time we get asked for that, we knew it would be popular and there is just nothing at the moment.”
Wall said that all year they have had clients waiting to buy their ideal home, some having already sold their home and renting while waiting for the right place to come along.
“They’re looking at the wider Ponsonby and Herne Bay area, not so much St Marys Bay because they’re too small, with $5m-plus budgets.”
Wall said that buyers are prepared to pay a good price, knowing that the market has bottomed out, but vendors are still anxious that their property might not sell.
A family home on Sarsfield Street, Herne Bay, sold after a three-week campaign for well over its $5.3m CV. Photo / Supplied
There is a shortage of listings in Herne Bay of quality family homes with a pool and lawn, fully renovated and ready to move in. Photo / Supplied
“It’s been almost a year like this in Herne Bay, without enough of those good, done-up family homes the buyers want.”
The Walls also sold a full-floor three-bedroom penthouse apartment in a block of four on Tamaki Drive, Kohimarama, in April for $6m. Wall said he was surprised at the level of demand from eastern suburbs downsizers looking for single-level living with a lift, which allowed his vendor to hold out for a good price.
“It’s only 10 years old, it is still fresh and well done and that’s what buyers want," he said.
“Honestly, anything that doesn’t need work, we could just about sell on the phone,” he said, adding the panoramic harbour views were particularly in demand.
Buyers are already circling a five-bedroom home on 57 Arney Road, Remuera, after it was listed last week for a set sale date closing at the end of the month. Photo/ Supplied
A three-bedroom penthouse apartment on Tamaki Drive, Kohimarama, went for $6m. Photo / Supplied
Bayleys agent Gary Wallace, who sold several multi-million-dollar homes in Remuera in July, was swamped with calls when he and wife Vicki listed a modern five-bedroom home last week on 57 Arney Road. Buyers were on the phone immediately.
“It’s a quality home and the phone was ringing accordingly. We had our first appointment the next day for buyers who have been looking for the right property for at least six months," he said.
“It’s very much a family home, with the wow-factor pool, but also a lawn out the back for the cricket pitch. People see this and move.
“Early interest is above $8m, the CV [of $7.6m] won’t buy it,” Wallace said of the 542sqm home, which has a set sale date closing August 30. The house includes a luxury six-seat cinema, wine cellar and outdoor fireplace.
At nearly double the price, a five-bedroom house with a pool and tennis court on a 2175sqm site on Orakei Road, Remuera, that sold in early June also had buyers clamouring.
Confidentiality clauses prevent New Zealand Sotheby’s International Realty agents Keitha McLaren and Patrick McAteer, who marketed the property, from revealing details about the buyer and price. The home had a CV of $12.25m, and their vendor was prepared to wait for the right buyer and was “very happy” with the price.
A stately six-bedroom home on Ranui Road, Remuera sold in March for $6.3m. Photo / Supplied
A renovated villa on Ridings Road, Remuera, with a CV of $7.4m sold in less than four weeks. Photo / Supplied
The vendor, who bought the home in 2012, had done extensive renovations that took nearly two-and-a-half years to complete.
Some 40 buyers viewed the place during its four-week campaign, all very well qualified to buy at that level, McAteer said.
“It came down to a multi-offer, so that shows the strength at that end. There is a good demand for quality property,” he said, adding that many buyers who weren’t actively looking were triggered to enquire when they saw the house.
“There has been some apprehension that the market has been locked, people haven’t had the confidence to put their house on the market or to buy another,” McAteer said.
“But across the market is starting to unlock, the under $8m or $9m [price bracket] becomes important.”
McLaren said that they had since been “inundated” with calls from buyers who missed out and were still looking for something similar, adding that other vendors should be confident they can sell in this market at these price levels.
In Ridings Road, a four-bedroom renovated villa marketed by Bayleys agent Edward Pack sold in July after just three weeks on the market. The sale price for the property, which had a CV of $7.4m, will not be disclosed until it settles later in the year.
And earlier in the year, competition was high for a stately six-bedroom home on Ranui Road, Remuera, that sold immediately after auction for $6.3m. UP Realty agent Peter Cleave, who marketed the property in March with Josh Nixon, said there were two bidders for the property, which included a pool, bar and media room.
“We had 10 or 12 buyers actively looking back in March and probably half of them are still looking.
“There’s not enough stock, it’s a good time to be on the market,” he said.
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