Quality properties in Auckland’s Remuera are still fetching big sums despite the gloomy housing market headlines, says top agent Gary Wallace.
Wallace cites the recent sale of a luxury home on Bell Road that he brought to market. The property sold for $8.25 million in November – above the 2021 CV of $7.9m.
“It reminded me of the fact that although there's all this doom and gloom in the paper about interest rates and prices coming backwards it just goes to show that if you bring a quality property to the market, the buyers put their hands up quite quickly and then it just comes down I guess to the value equation,” he told OneRoof.
The vendors of Bell Road had originally bought the house in 1997 for $900,000, and brought in renowned architect Paul Leuschke to give the house a full makeover.
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The house was completely rebuilt to achieve a contemporary family home with high standards, one that the vendors told OneRoof last year gave them a multitude of functional spaces, every one of them used and enjoyed.
“Paul’s design has really stood the test of time with the house today still as liveable as it was the day it was completed. Everything is so cohesive, Paul’s attention to detail was incredible,” they said.
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They told OneRoof that they started the renovation journey outside, flattening the lawn, replacing an old, decommissioned pool and installing a loggia.
The property is one of the biggest on Bell Road, sitting on 1611sqm of land.
Wallace said the new owners were family with children and had been drawn by the property’s superb pool and a sun-soaked backyard.
He said the interest in the property had been unusually strong interest, with around 24 qualified buyers showing that they could spend in that price range.
The five-bedroom, four-bathroom home with an office, multiple shared living spaces and swimming pool was designed with both family and entertaining in mind. Photo / Supplied
The vendors told OneRoof: “Paul’s design has really stood the test of time with the house today still as liveable as it was the day it was completed.” Photo / Supplied
Big money, he said, often flew under the radar in Auckland – “it’s quite amazing how much money there is out there”.
He noted that buyers at the upper end of the market tended to come from all different walks of life, but some included successful people in their 30s who had made “serious coin” overseas but who wanted to educate their children in New Zealand and give them a Kiwi lifestyle.
Those buyers were unlikely reliant on the bank for finance, and thus were unlikely to be as impacted by recent interest rate rises. For them, house purchases were more about lifestyle decisions and finding the right home to suit their family for the next 10-plus years.
Wallace said that when he lists a property like Bell Road, he generally has half a dozen people waiting, some who have missed out already on other properties.
The biggest problem is around availability of stock. Some people in the area have lived in their homes for a long time and don’t want to move, while others who want to make a move might have looked but can’t find anything they want to buy.
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