A heritage mansion that once was home to the first principal of Elam School of Arts sold late last year for $7 million, OneRoof can reveal.
Agent Michael Boulgaris said a delightful Kiwi family with teenagers bought the circa 1886 home called Wharema with plans to do a bit of renovation and possibly an extension.
“They just adored the character. Those old, charming properties, you either run a mile because of the maintenance or you fall in love and that’s your heart’s desire.”
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The house was one of the original homesteads in the area and had rambling English gardens but no pool and another $2m could easily be spent on it, he said.
“Because today people want swimming pools, they want four-car garaging and it didn’t offer that, and that’s why I say with some people it’s their heart’s desire, the character home, or anyone else would just run a mile because it’s a lot of work and maintenance.”
The marketing described how from 1870 to 1900 the wealthy and elite of Auckland were in a building boom and this home was one of the stately homes to be built in the area.
“Mansion homes were being built in affluent suburbs, quite often reflecting more of an Italian flair,” Boulgaris wrote.
“Wharema was one of the statelier Georgian-style homes portraying classical architecture.”
Inside the Portland Road home. Another $2m could easily be spent on the home, says the agent. Photo / Supplied
The five-bedroom, two-bathroom mansion not only exuded historical significance but also offered the comforts of modern living, he said.
A Remuera heritage website describes how the house was the original homestead of Edward William Payton, an artist and the first principal of Elam School of Arts.
“During the century the grand home experienced several ownerships, including the Widow Tole and her sons who included prominent artists and architects, preserving the artistic connection,” wrote Bryan Ferneyhough in July 2020.
“At some time the home was converted into four flats, though thankfully the essence of the original design was not lost through those intrusions.”
The site said Wharema was a Category 2 heritage-listed building on Portland Road which at the time appeared to have been a major colonial thoroughfare to the Waitemata Harbour.
Boulgaris told OneRoof the owners were delighted with the price which was a strong sale in a struggling market.
Michael Boulgaris says the market in Auckland Eastern Bays suburbs has slowed down. “If people aren't out shopping and hustling and bustling and buying, the real estate market isn't hustling.” Photo / Ted Baghurst
“As far as I'm concerned, the market is in a recession at the moment and everyone is struggling, like, the offers are just so far apart from reality – the offers probably are reality but the owners won’t accept reality.”
The site of 1289sqm was an unusually large one for Remuera where generally a full site is more like 850 to 1000 square metres.
“Ponsonby, you’re on 350 to 400, you know, different kettle of fish, or Parnell you’re a lot smaller as well.”
Special homes like this still flew out the door but Boulgaris said anything with plaster components or needing new kitchens and bathrooms were stalling because there was too much stock on the market.
A new $100,000 kitchen was not a financial problem for people who could afford $5m or $7m on a house but people did not want to spend the time doing it.
“Sometimes it could be a year out of your life with planning, waiting for builders or cabinetry people, and then it’s the interference.”
Builders might turn up at 6.30am and make lots of noise and people would probably have to move out while the kitchen was being ripped out, so buyers preferred to pay a premium to avoid the renovations.
Remuera's desirable northern slopes. There has been a significant increase in houses for sale in the suburb. Photo / Fiona Goodall
“There’s so much stock on the market now, buyers have zero tolerance because now they’ve got too much choice on their hands.”
Boulgaris said he noticed that when the market was down the number of cars on the street were also down, describing an “eerie” feeling driving around the eastern suburbs at the moment.
“It’s like everything’s slowed down, I can sense it. I can take, and always have done, the mood of the traffic to the mood of the market.
“If people aren’t out shopping and hustling and bustling and buying, the real estate market isn’t hustling.”
The current market was like more a lockdown market and he thought part of the reason was the better amount of return people were getting on money in the bank.
Three years ago the return was at zero but now they were getting 6 or 7%. “If you’ve got $1m or $10m in the bank and you’re earning $600,000 a year for doing nothing you’re hardly going to break that term deposit and go and buy a house.”
The other reason was the high mortgage rates and it could be another year or two before the situation improved.
“When they ease, that’s what brings buyers back out.”
- Click here to find more properties for sale in Remuera
