A landmark resort-style property with two homes on the sought-after Lake Rotoiti has smashed the area’s house price record.
The luxury home designed by Auckland-based Hulena Architects includes an impressive main dwelling along with a second self-contained pavilion with pool and tennis court on a massive 8021sqm section on a peninsular on the lakefront.
The exact price of the Okere Road home cannot be disclosed until settlement later this year, but the property had a price indication of around $7 million.
This week’s sale trumps the last record sale only set in January when a stylish four-bedroom lodge-style home on Wharetoroa Drive in Rotorua’s Lake Rotoiti was snapped up by a Waikato family at auction for $5.7m – more than $4m above its 2020 RV.
Start your property search
Bayleys Rotorua manager Beth Millard, who sold both properties, told OneRoof there continues to be strong demand for lakefront properties on Lake Rotoiti. “If we had another one, we could sell it tomorrow.”
The Okere Road property was bought by local business owners as one of their permanent residences, she said, but the majority are being snapped by people from Mount Maunganui, Tauranga and Gisborne as holiday homes.
Read more:
- Sold, sold and sold! How property chain that dragged on for six months was solved in one hour
- ‘Frantic’ bidding fight sees Lake Rotoiti cottage sell for $3.425m – almost $2m above RV
- ‘I’ll miss it a lot’: Chelsea Winter’s luxury home finally sells after big price drop
“That’s why Lake Rotoiti is quite popular because it’s really central to lots of things. It’s kind of a quick scoot to everywhere.”
Millard said the property fetched such a high price because it was unique to the lake, had two large dwellings and was on a large parcel of land.
It was also very private and had its own boatshed and jetty.
Meanwhile, two cottages on a 1062sqm section in “no frills original condition” with a boatshed and a jetty on State Highway 30 on Lake Rotoiti sold last month for $1.4m. The overseas owner already owned a property on the lake and really wanted a boatshed.
“The chap that bought that property lives abroad but he owns a property on Lake Rotoiti. It was fiercely competed for by an Auckland buyer.”
Both had plans to develop the site.
A three-bedroom lakeside home for sale at 135 Okere Road, in Rotorua. Photo / Supplied
A classic lakeside bach for sale at 171 Tumoana Road, in Rotorua. Photo / Supplied
Millard said while it may have appeared like the property was on the market for a while that was only because it was subject to probate.
It comes as Lake Rotoiti lakefront properties continue to be hotly contested. A three-bedroom 1930s cottage on SH30 attracted eight registered bidders and more than 60 bids before selling under the hammer for $3.425m in February.
A two-bedroom, two-bathroom bach at 171 Tumoana Road, in the exclusive Tumoana Bay, also on Lake Rotoiti, is one of the only lakefront houses for sale after passing in at auction last month.
The auction for the freehold bach, which was designed by well-known Hawke's Bay architect Guy Natusch, was also used as a set for a German movie.
While a three-bedroom, one-bathroom home at 135 Okere Road overlooking the lake that has a walkway at the back of the property leading to Okere Falls and a private jetty is priced by negotiation.
- Click here to find more properties for sale in Rotorua
