Out-of-town buyers snap up Marlborough's most expensive home

A luxury waterfront home in Picton has broken the region’s top residential sales record selling for $4.5 million.

The brand-new four-bedroom home on Waikawa Road overlooking Picton Marina beat the previous record held by a property in Marina View Estate which sold for $3.82m in June last year, according to OneRoof's property records.

The top residential sales price is also more than double the property's 2020 rateable value of $1.89m. It last changed hands in 2016 for $855,000 before it was bowled and completely rebuilt.

New Zealand Sotheby’s International Realty Marlborough managing director Wade Cornelius, whose branch sold the property, was unable to confirm the exact sale price but confirmed it was $680,000 above the previous record.

A lot of interest and nine offers were received by the sale deadline, he said.

“It’s a very special place.”

Cornelius said the latest sale shows there is still a lot of interest in the region and particularly in the higher-end of the market.

“I think the significance of the sale is the Marlborough region and it is seeing that we are a desirable place for people to move to. Like the purchasers of that property are from out of Marlborough themselves so we are seeing that the Marlborough market is attracting a lot of purchasers from out-of-town and international as well.”

The multi-million-dollar sale dwarfs Picton's average property value of $681,000, according to the latest OneRoof figures.

The luxury home boasts a high-quality finish. Photo / Supplied

The property sold for more than double its 2020 RV and well above Picton's average property value. Photo / Supplied

The 322sqm property, sold by Michal Wells and Tim Crawford, was marketed as an “ultimate urban waterfront living” with unobstructed views over Picton Marina.

“No expense has been spared at any stage of construction,” the listing said.

Along with a high-end kitchen and separate master bedroom quarters, the home boasts a huge internally-accessed 60sqm garage, a lift capable of raising and storing a seven-metre boat out of the water and floating jetting.

But the lucky new owners may not even feel the need to leave land as, according to the listing, the large sundeck overlooking the boats and out to the hills “feels as though you are looking out over the bow of a big ship”.