Intrigue in homes with unfathomably price tags is undeniable for those of us with less spare change and ambition to get rich.
As one of New Zealand’s most expensive properties – a waterfront Waiheke mansion with its own vineyard and helipad – is set to go under the hammer, OneRoof.co.nz takes a look at some other record-setting auctions that have sparked public interest.
Country or city folk alike, could never forget the Mid Canterbury dairy farm that smashed rural property sale records after going to auction in 2014.
The Ashburton property, known as Ealing Pastures, spanned over 1284ha and was sold for a whopping $75 million. The farm went for $65 million with the cattle herd sold as a compulsory purchase for $10 million.
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Interestingly, the farm, which is back on the market, didn’t technically change ownership. The original owners, New Zealander Andrew Morris and Australian Geoff Holman, ended up in a bidding war against each other after both wanted sole ownership.
Mr Morris managed to out bid his competition.
The farm’s listing agent, Chris Murdoch, from Property Brokers, says the atmosphere at the auction was electric with up to 400 people in the room.
“A lot of people looked at the farm because it was well developed and had room for further development,” Mr Murdoch says.
The property went for $50,000 a hectare, which he says was “pretty big money at the time”.
“It was interesting because the buyers were sellers, and it went for more than what we expected.”
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While another farm hasn’t sold for more than that price since then, others have been more hefty on a per hectare basis.
Moving onto to big auction buys in the commercial space, Bayleys auction manager Daniel Coulson remembers a commercial site in Auckland’s CBD as the most expensive sale.
The site, now home to the City Works Depot, was purchased for an eye-watering $43.5 million dollars.
“It’s a strategic site right in the heart of town on a big parcel of land that very rarely comes to the market,” Mr Coulson says.
He also notes a Remuera apartment selling for $8.7 million after going under the hammer last year as another significant sale.
The home was well proportioned, in the heart of a popular suburb with fabulous views and perfect for someone wanting to “downsize”.
It’s this “desirability” that gets sellers a good price at auction, Mr Coulson adds.
In what might come as a surprise to some, Mr Coulson says there are more high-end buyers in the market than most people would think.
But, he comments well-presented properties do exceptionally well at auction because modern buyers can be quite discerning in terms of property purchases.
“The benefit a seller has by taking a property to auction is that they aren’t putting a ceiling on the price they can achieve.”
One thing is for sure, we’ll be watching on with intrigue – and perhaps a little envy – when the Waiheke mansion is up for grabs on October 19.
