At the top of the housing market “pyramid”, big sales are still happening, even in a challenging year.
In March, a five-bedroom home on Ridings Road, on the northern slopes of Auckland’s Remuera, sold for a cool $9.3 million – nearly $1m above its $8.4m CV.
Bayleys Remuera agent Gary Wallace, who sold the Ridings Road home with partner Vicki, told OneRoof the couple had seen a strong run of sales since the beginning of the year.
Another sale, at 18 Lucerne Road, sold in April for well over $7m, which was also more than its $6.4m CV.
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Wallace said the market was property-specific, meaning quality property types that appealed to one buyer might not appeal to another.
“When you look at the current market conditions, we’ve gone against the trend a wee bit in achieving those sales,” he said.
The couple had built up trust over the years and often worked with the same clients or were referred by clients, and living in the same community as the one they sold in was extra important in a challenging market.
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“We’ve lived in the area most of our lives. We’ve been in our home in Remuera for over 30 years.
“Our children have all been educated basically Remuera or thereabouts. Community groups, golf clubs, all that type of thing, soccer clubs, cricket clubs, so I think it’s just longevity in the market, being part of your community.”
The Ridings Road property was the “quintessential” family home, he said.
“Fantastic location, lovely, gorgeous flat site, walking distance to King’s Prep, northern slopes, swimming pool, garaging, rumpus room, guest suite, gymnasium.
“It had all the things that I guess if you’re a family looking for a beautiful home for the next 20 years, that property ticked all the boxes.”
Bayleys agents Vicki and Gary Wallace. "We’ve gone against the trend a wee bit in achieving those sales,” says Gary. Photo / Fiona Goodall
There were plenty of buyers for the property, despite the hefty price tag, with four or five unconditional offers made, he said.
The Lucerne Road property settled this week and appealed to those wanting beautiful features and a strong history.
“It was built by, I believe, one of the Fletchers around the 1920s and it had a really rich heritage.
“They don’t build homes of that quality today – just the way it was built was beautiful. The materials that were used for that era still stand the test of time today.“
The property underwent an “amazing” renovation about six or seven years ago by a previous owner, and there was a six-car garage.
Wallace said while buyers at the top level were impacted by the mood of the market, if they found a property they wanted they were still buying.
Another Wallace listing, a six-bedroom landmark home on Lucerne Road, in Remuera, sold for more than $7m in April. Photo / Supplied
“You only have to read the paper to see the businesses are under pressure but in saying that I do emphasise there is still a lot of money in the market and if you do put the right property up, the phone starts to ring quite quickly.
“Those buyers, obviously they’ve got substantial means and interest rates perhaps don’t affect them – they are high net worth.”
Having said that, not all properties sell. Wallace said a property in Fenton Circus, Orakei, which has a $10.6m CV, was recently withdrawn from the market due to a combination of the vendor not accepting the offers that had been made and also deciding to stay in the property.
Another, in Remuera Road, with a $10m CV, was withdrawn due to the right buyer not being present.
The “fantastic” and “resort-like” property down a long driveway was being rested but was likely to return to the market in spring or summer.
A large home on Victoria Avenue, in Remuera, was sold privately in March for $9.675m. The house previously belonged to TV personality Louise Wallace. Photo / Ted Baghurst
The reason the property did not sell was because the market was property-specific, Wallace said.
“It’s just really what resonates with buyers and although 724B was a beautiful property on big land with a tennis court and all the rest of it, you’ll get people that are looking for less grounds to look after.”
“We didn’t find the buyer that wanted to have that privacy, the tennis court, the grounds, the trees – but they’ll be out there, we’ll find the buyer.”
Wallace said properties worth $10m or more were “the top of the pyramid”.
“It’s rarefied air. There’s less buyers than there are for a $2m property so it’s really a matter of timing, I often find, and just when you think you’re up against the wall it’s Murphy’s law, along comes a buyer that just loves it and makes an offer and it sells.”
Another big Remuera sale, this one for $9.675m, in sought-after Victoria Avenue, is understood to have been transacted privately.
The home, with an $8.2m CV, once belonged to television personality Louise Wallace.
A New Zealand Herald article from when the house was on the market in 2018 quoted Louise as saying the house was “the most sensational party house”.
“We’ve had pre-balls for 100, sit-down black-tie dinners for 50 … lots of infamous parties.”
The article described the home as being styled along the lines of an American country home with four living spaces, big, flat grounds, generous lawn, elegant gardens and pool, spa and cabana.
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