A do-up property surrounded by $4 million-plus properties in arguably one of Wellington’s richest streets has sold.
It was one of four neighbouring properties on McFarlane Street, in Mount Victoria, which hit the market at the same time earlier this year.
The three-bedroom, two-bathroom home was sold last month by Tommy’s for just over $2m – about half its RV of $4.02m and below the $2.64m it last changed hands for in 2019.
The property was listed in April inviting enquires over $2.59m before expectations were dropped to $2.25m. It was bought by an owner-occupier.
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Tommy’s sales manager Tim Clark, who marketed the property with colleague Tommy Prescott, said the main difference between their listing and the three other homes that had been put up for sale on McFarlane Street was that theirs was the only do-up. The others had already been renovated and had price expectations of around $4m-$5m.
Clark said this meant their listing attracted a different type of buyer.
OneRoof understands that the listings for some of the neighbouring properties could be relaunched after the election.
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Clark said neighbouring 44 McFarlane Street, which is still listed on Tommy’s website as a quiet listing, showed the potential value of a renovated property on the street.
The four-bedroom, three-bathroom home is seeking enquiries over $4.95m and is described in the listing as “very special home with the perfect mix of contemporary design while respecting the original 1930s architecture”. It has an RV of $4.53m.
“Forty-four is pretty special. It’s a different price point and a different buyer. Some people are prepared to do a project and others aren’t,” Clark said.
“Some people can’t shell out $4.5m, but can shell out $2.2m and spend a million and hopefully it’s worth $4m when you are finished.”
The four-bedroom character home next door to the sold house is seeking buyer enquiry over $3.95m. Photo / Supplied
Lowe & Co salesperson Mike Robbers confirmed 48 McFarlane Street is still available off-market and would be coming back on the market soon.
Robbers said the home, also four bedrooms and three bathrooms, would be perfect for someone looking for a secure lock-and-leave apartment alternative for people wanting a city bolthole and a lifestyle property elsewhere.
“It’s quite secure and private and quiet there, and because it’s almost a brand-new house top to bottom, it’s very little maintenance.”
The property, which has an RV of $6m, underwent a top-to-bottom renovation seven years ago and has a new entertainer’s kitchen and three marble bathrooms.
It had been listed as seeking buyer enquiries over $3.95m, despite the fact the owner bought it for $5.5m in 2021.
Robbers told OneRoof in May: “When they bought the property, [it] was the peak of the market, so they are just a very realistic owner.”
McFarlane Street is still viewed as one of the city’s most desirable streets with the best views in Wellington. “It’s got the views, it’s close to town, it’s got that kind exclusivity, and it is literally a one-way street – super quiet and private.”
Another home further down the street had also been put up for sale, seeking enquiries over $4.95m. It has a 2021 RV of $4.53m. Photo / Supplied
On the other side of the road, 31 McFarlane Street is understood to be returning to market after pausing its campaign earlier this year. It has an RV of $3.65m. Photo / Supplied
On the other side of the road is 31 McFarlane Street, which has an RV of $3.65m. It is also understood to be coming back on the market in the next few weeks after it was withdrawn earlier this year.
Bayleys salesperson Ben Atwill said it was out-of-the-box to have four properties come on the market in such a tightly-held street, which he regarded as one of the best 10 streets in the city.
However, he said it appeared to be a coincidence and generally speaking a lot of the high-end properties come on the market when their owners are ready retire or downsize.
“A lot of our clients go over the hill to Wairarapa, Queenstown, you might go up the Kapiti Coast, but you generally don’t stay in town. You might have a bolthole here or a pied-a-terre so that’s you downsizing out of the big stately home be it in Oriental Bay, Wadestown or Kelburn – so that market does turn, it moves very regularly.”
Atwill said there was always a lot of demand for high-end properties and often people were not actively looking and would make the move when the right one came along.
The properties are close to the heritage-listed St Gerard’s Church and Monastery, which sold at the end of March for $4.65m – $10m below its RV. OneRoof understands the monastery has been purchased by a developer linked to a luxury hotel brand.
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