Top-end real estate agent Michael Boulgaris has just listed a luxurious home that will sell for well into eight figures on the waterfront south eastern beach suburb of Mellons Bay, where entry level two-bedroom units sell for more than $1 million.
Boulgaris estimates the stylish four-bedroom, 346sqm home on the water at 1 Marine Parade, Mellons Bay will sell for multi millions when its tender closes on December 20.
But he said whatever the 2453sqm property, just steps from the beach, on the market for the first time in 30 years, sells for, compared to Remuera “it is cheap.”
“As a minimum, in northern slopes Remuera you’re looking at $5000 per square metre just for the land, so that’s what I’m comparing it to. On a site this big, that’s over $12m. Then you have the gorgeous house and the beach and the view to Motukaraka, Waiheke Island and Motuihe Islands.
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“I grew up here, so I know these beaches and playgrounds. It is not often that I am lost for words when I view a property for the first time, this takes your breath away.”
The Marine Parade, Mellons Bay property has views to Waiheke, Motuihe and Motukaraka Islands. Photo / Supplied
And price gains are happening in the middle market too. A smart family home gained $1.2m in value in just two years as buyers competed for limited stock at auction this week.
The attractive four-bedroom home on a resort-like 792sqm site on Copperfield Terrace, Mellons Bay, sold for $3.1m, a gain of $1.2m in two years.
The agent who marketed the property, who didn’t want to be named, said a rising market, not major renovations, accounted for the big uptick.
One of the two under-bidders had come across from the city and helped push the price up from the opening bid of $2.68m. Compared to waterside suburbs closer to the city, Mellons Bay is seen as better value, they said.
That gain is well above the current average property value for Mellons Bay of $2.454m, according to OneRoof data, which has grown $545,000 in a year and is up $788,000 on five years ago.
A four-bedroom home on Copperfield Terrace, Mellons Bay sold for $3.1m, an increase of $1.2m in value in just two years. Photo / Supplied
Another smart four-bedroom 1950s house on a 1030sqm site at Glenfern Road sold under the hammer for $2.85m, nearly double its $1.475m ratings valuation.
Barfoot & Thompson agent Sham Lal, who marketed the property with Jessie Lu, said that the property had a pre-auction offer within five days of hitting the market. Four bidders competed, with the house selling to the early bidder.
“It’s a very tightly-held area and not many properties come on the market. People want to be in Macleans College zone, and prefer the big land and more room. It’s all locals,” Lal said.
He added that buyers were particularly keen to secure homes in single-house zones, where they won’t get built out by higher density townhouses or terraces.
Lal said that good-sized family homes start at around $1.5m. Last month, a three-bedroom 1970s house on a cross lease site in pretty original condition on Oliver Twist Avenue, which he marketed, had six bidders who drove the final price to $1.535m.
“That’s a very good price, even though it’s a project and will need completely doing up.”
Four bidders pushed the price of a well-presented four-bedroom house on Glenfern Road to $2.85m. Photo / Supplied
Ray White agent Marie Raos told OneRoof that entry level in Mellons Bay is around $1m for two-bedroom units. Earlier this month, a two-bedroom unit, closer to Howick than the water, went for $1.09m at auction.
“Locals are moving for the school zones, not just Macleans College, but also Bucklands Beach Intermediate and the highly sought-after local schools,” she said.
But waterfront and cliff-top parts of Mellons Bay sell for Remuera-level prices – mostly under the radar.
A stylish home with seven bedrooms in two guest wings on Mellons Bay Road will likely sell for over $3.5m. Photo / Supplied
In 2014, Bayleys agent Angela Rudling sold an estate on Bleakhouse Road for over $17.4m, a record for the year. She has another she is bringing to market at the end of this year on a vast 5700sqm estate in a gated community that will likely fetch $25m to $30m.
“There are deals we’ve done for over $10m. There are very few top-end properties, they are rare and in high demand.
“But for just a good family home with a view, you’d need to spend over $3m. We’re marketing one at Mellons Bay Road, it’s got seven bedrooms in two guest wings, luxury finishes, you can see the sea, it will go for $3.5m-plus at auction.”
“You can get in for under $2m, but you won’t have the land or the views.”
