Sales on two properties in Auckland’s Remuera have settled this month for $11 million each. Deals on the homes on Remuera Road and Orakei Road were completed by Barfoot & Thompson agents Leila MacDonald and David MacDonald in March and April, but both had the long settlement periods and confidentiality clauses common at this top end of the market.
Leila MacDonald told OneRoof that there was a lot of interest in the Remuera Road property, a five-bedroom 1920s arts and crafts house on a sprawling 4383sqm site, adding that there were more buyers than sellers in that $10m bracket.
“Sellers are not ready to downsize until they’ve got somewhere to go to that they’re happy with, and not many want to go into apartments. Young families with $8m to $15m budgets, there’s not much to buy for that.”
She said that even buyers she is helping who have budgets of between $7m and $20m are finding there is “nothing that is good for them”.
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Buyers who paid $11m for a house on Orakei Road, Remuera, were upsizing from Parnell. Photo / Supplied
“They want land, lots of land. There are heaps of buyers, but sellers are just sitting tight, that’s the problem. People are just getting sick of it.”
The second $11m property sold by the MacDonalds, a five bedroom 1920s character home with tennis court and pool on Orakei Road, was at the smaller end of the scale for land size, at just 1791sqm. The pair sold the house within a week of listing it to buyers moving across from a smaller property in Parnell.
“There’s just nothing for $3m or $4m that’s very nice, even $5m is hard, that whole $3m to $6m market is just very hard. Vendors [of bigger properties] sit tight, because they still want to go somewhere with a bit of grounds and there’s nothing.”
The MacDonalds’ deals follow the recent settlement of a $12.5m deal on another five-bedroom home in Karori Crescent, brokered by Peter and Myles Cleave of UP Real Estate in April.
A luxury house on Karori Crescent, just off Paritai Drive, Orakei, sold for $12.5m Photo / Supplied
Peter Cleave told OneRoof that the buyers spotted the immaculate house with four living rooms, a pool, gym, air-conditioning and three-car garage just as they were embarking on an enormous renovation to their old home.
“They bought this already done, and didn’t have to go through the pain. These buyers are able to do the transactions, buy another home without selling.
“There’s not enough stock across the board, but it’s particularly hard at the higher end because people don’t need or want to sell. They’re mainly selling for lifestyle reasons – maybe building the big place in Queenstown and scaling down in the city.”
After an initial pause at the start of lockdown, buyers are back looking at the $22.5m house on Victoria Avenue, Remuera. Photo / Supplied
UP co-owner Barry Thom concurs, pointing to two more record-breaking auction sales this month – one for non-waterfront Point Chevalier, a house on Harbour View Road that sold for $5.21m, and another on Grange Road, Mount Eden, that sold at auction for $7.5m last week.
“The top end is a small number of people who want specific things, something with an X-factor, and there’s never a lot of that. Sometimes those sales come to market, sometimes they’re off-market,” Thom said.
“A lot of people [vendors] were under the misapprehension, and apprehensive, around lockdown protocols thinking that now is not a good time to sell.
Overseas buyers have checked out another house on Karori Crescent which has a search price of $15m. Photo / Supplied
“But buyers have been keen, they’re not apprehensive,” he said, adding that while new properties were coming to market now, listings may pick up even more in January “once we’re out of jail and have some sense of normality.”
Top agent Michael Boulgaris’ listings include one of Remuera’s grandest dames, an immaculately renovated five-bedroom home of nearly 900sqm with pool and tennis court on 1981sqm on 95 Victoria Avenue, asking $22.5m and a six-bedroom, six-garage Mediterranean-style mansion on 9 Karori Crescent, that has a search price of $15m.
He says that after the initial month of shock at Auckland’s lockdown, the top end has recovered its breath.
“Especially in the last 10 days, enquiry has really spiked. I’ve had two viewings at Victoria Avenue, another three pending, we had a buyer flying in only a couple of weeks ago for Karori.
“There are multiple genuine buyers of $10m to $20m, they can write the cheque, they’ve got the money at any price.”
Agents say further deals brokered between June and September, one for $11m in Victoria Avenue and two record-breaking prices in St Heliers and Mission Bay said to be between $8 and $10m, are yet to settle. The super luxurious six-bedroom home on Victoria Avenue had a library and office, tennis court, tennis pavilion and swimming pool on a 3056sqm plot.
All are subject to heavy confidentiality clauses, so OneRoof cannot reveal addresses or exact prices.
“The top end is strong,” Boulgaris says.
