Bought for $800,000, now selling for $8m-plus

A builder’s own home that took out some coveted Master Builders House of the Year awards in 2023 is for sale with an $8 million-plus price tag.

The listing of the architecturally designed four-bedroom, three-bathroom property at 68 Sicilian Lane, in Lake Hayes, Queenstown, follows a flurry of multi-million-dollar sales in the area, including one for $12m.

Listing agent Damien Henaghan, of Colliers Otago Realty, said the property had taken owner Hamish Noton and his company three years to build.

Noton, who according to OneRoof records bought the land in 2016 for $800,000, was selling up to move onto another project but the property was an “exceptional build” with “some amazing features”, Henaghan said.

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It was a sustainable and luxurious residence made of concrete, wood and schist stone, and looked as if it had been carved into a hill, the agent told OneRoof.

“Everywhere you look, there are custom finishes. The foyer has water-heated schist stone floors, the kitchen features a heated marble benchtop and the primary suite offers all the automated comforts you could wish for. Even the stones were hand-selected glacier rock.”

Henaghan said the $5.25m RV did not reflect the value of the home. “The true value of this home lies in its exceptional quality, unique design and prime location. The buyer range is in excess of $8m, showcasing its premium status in the Queenstown market.”

Some of the impressive features of the Sicilian Lane property include a heated marble benchtop. Photo / Supplied

The property’s recent wins at the Master Builders House of the Year Awards in 2023, including the craftsmanship award, builders’ own home category, bathroom excellence award, and gold for an “exquisitely crafted” family home, would make it even more desirable and gave buyers more confidence in the quality of the property, he said.

“Awards enhance the property’s prestige and desirability, making it a coveted investment. I guess in a way, it’s like buying a Rolex, you know that the quality is going to be exceptional.”

Henaghan said the main buyers for these expensive homes were typically high net worth individuals, both local and international, looking for luxury homes or holiday getaways with unique features, privacy and exclusivity.

While the broader property market showed properties were taking longer to sell and there were more properties available, he said the high-end market remained fairly resilient.

“Buyers in this category are often less impacted by market fluctuations and are drawn to the unique qualities and investment potential of exceptional properties like this one.”

High-end buyers often want properties in elevated positions, such as the Sicilian Lane property, because it enhances the view and gives them privacy. Photo / Supplied

New Zealand Sotheby’s International Realty managing director Mark Harris told OneRoof the average sales price in Queenstown was above $1.8m so anything over $8m was high end.

He noted listings at the upper end of the market were tight. “There’s not a huge amount of options around the southern lakes for that higher-end buyer. It’s more tightly held because they haven’t had to sell.”

Harris said the majority of buyers at the moment were either New Zealanders – living here or expats moving back home – and Australians.

A property on Todd Lane on a 3.64ha site in sought-after Bendemeer Farm sold for $12m in December last year to Kiwis looking for a permanent home.

A property on Todd Lane in sought-after Bendemeer Farm was bought by Kiwis for $12m in December last year. Photo / Supplied

A modern home on West Meadows Drive, in Wanaka, is one of the highest settled sales recorded in the past six months and sold for $7.84m in December last year. Photo / Supplied

The top two floors of a luxury apartment block Lakeview Te Taumata fetched more than $33m and was snapped up by a buyer with New Zealand residency who split their time between North America and Queenstown. The buyer bought both the 475sqm penthouse and the sub penthouse in a deal earlier this year. The deal was unconditional, but had not yet settled.

Buyers with lots of money to spend wanted high-quality architecture and build, a good private location and views of the district or lake, he said.

“Elevation like you get on both of those properties (Sicilian Lane and Todd Lane) with elevation comes a little bit of privacy and the views are expanded with height.”

There wasn’t one lake that was more popular than the others and it instead came down to buyer choice and whether they wanted to be close to a golf course, on a lake or near the town.

“Everyone is a little bit different. Some like looking at the Remarkables and framing that Remarkables view whereas others like a rural aspect so it really comes down to individual taste.”

Other properties that have also fetched high prices for the area include a four-bedroom home on West Meadows Drive, in Wanaka, which sold for $7.84m, and a home on The Avenue, in Arrowtown, which sold for $5.45m. The properties were sold by Oliver Road and Walker & Co respectively.

Oliver Road founder and managing director Cam Winter said the region’s year-to-date statistics for sales above $5m were remarkably comparable to the same periods in 2023 and 2022, which demonstrated a stable market.

The upper end of the market historically performed independently of the low to mid-end and was driven by unique dynamics and high net worth individuals with specific desires and requirements, he said.

“One generally doesn’t part with half a million to buy a Ferrari that isn’t the exact model, year and specs they’ve been waiting for; the same applies to a 10-million-dollar real estate acquisition.

“Queenstown continues to be a magnet for buyers across New Zealand and beyond. Our overseas marketing efforts have recently generated significant interest from Sydney, Hong Kong, and Singapore. There is a consistent flow of new buyers who are understandably drawn to Queenstown’s dramatic landscapes and luxury homes.”

A trend he had noticed was Aucklanders either entering early retirement or retirement age were looking to make Queenstown their primary place of residence.

“Many have long-standing connections with the Queenstown region, often having owned property here for years.”

- 68 Sicilian Lane, in Lake Hayes, Queenstown, is being sold by deadline sale, closing July 18