A Queenstown trophy home that caught the eye of overseas celebrities has been snapped up by Aucklanders for $7.3 million – more than $1m above its RV.
The five-bedroom luxury property on Tasman Terrace, which boasts views of the snow-capped Remarkables mountain range and Lake Wakatipu, sold in September.
New Zealand Sotheby’s International Realty agent Sarena Glass, who marketed the home with colleague Sarah McBride, said the sale price was the highest among the 40 or so homes that make up the gated Oraka estate, just south of Jack’s Point.
Glass told OneRoof there had been a lot of international interest in the property but ownership rules would have precluded a purchase by an overseas buyer.
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“It’s the way these estates have been set up which is the reason for that. Even if the [foreign buyer ban] had changed with the new National government those particular estates were unlikely to be affected unless they changed the way their constitutions were set up,” she said.
“Because of the shared ownership it does trigger the Overseas Investment Office and therefore excludes Australians and Singaporeans as well.”
Homes in the Oraka estate are set in park-like grounds and residents have access to various shared facilities, including a private boat ramp, wharf, tennis court, picnic area and direct links to the waterfront walking tracks of the area.
Glass said there had been interest in the property from people in the entertainment industry, including “possibly” a movie star but she would not be drawn on who.
“There were certainly some celebrities. There were certainly some very affluent people from all over the show, both domestically and internationally,” she said.
The new-build house has been designed to make the most of the surrounding scenery. Photo / Supplied
The property sits in the exclusive Oraka estate and attracted a lot overseas interest. Photo / Supplied
Americans, like others, were attracted to Queenstown because it was a world-class destination with lakes and mountains and four very distinctive seasons, she said.
“It offers something for every single month of the year depending on where your interests are so it’s certainly a four seasons destination and what Queenstown has to offer does attract a similar kind of clientele that’s what you would expect in some of those elite destinations around the world.”
She said the house on Tasman Terrace had been designed by its builder-vendor to take full advantage of the view. “The way they structured where the windows are they really beautifully frame the Remarkables and then obviously the enormous amount of glass out towards the lake showcases exactly where that position was with lake and mountain views so it was a very easy home to sell because it speaks for itself.”
The home has five bedrooms and five bathrooms “as well as multiple gyms and wine cellars and rumpus rooms and a cinema. It was a very beautiful home to represent”.
The house, which is split over two levels, overlooks Lake Wakatipu and includes its own private boat ramp. Photo / Supplied
The master bedroom on the upper floor is substantial in size with magnificent views. Photo / Supplied
She said the level of interest in and the sale price of Tasman Terrace reflected a positive turn in the Queenstown market.
Low stock levels had limited the market but that was picking up and she anticipated seeing further transactions of this nature taking place.
Mark Harris, managing director of NZ Sotheby’s, said the market had been positive since the election, but noted that Queenstown-Lakes had been a consistent performer for much of 2023.
“Of all the markets in New Zealand, we’ve got 30 offices around the place, it’s probably as consistent as anywhere in terms of the buyer inquiry and the open home numbers and that sort of thing,” he said.
“It’s still not 2021 but it’s definitely moving ahead, which is good, and the interest is coming in from all around the place, including Auckland, Christchurch, Sydney and beyond.
NZ Sotheby's International Realty managing director Mark Harris: "The private jets are returning." Photo / Supplied
“Queenstown remains a very popular place to be moving to to live and also as a holiday home destination.
“I think at that mid to high-end there is still plenty of interest and plenty of money out there.”
And even if most foreigners can’t buy property, they can and are flying in for holidays. “The private jets are returning, put it that way,” Harris said.
Of the 60 short-term luxury rental properties on the agency’s books, most were occupied for Christmas, and people were paying hefty rates. “They range from $1000 a night to $20,000 a night and there were plenty coming from Australia and all around the place for Christmas and New Year’s so that’s good,” Harris said.
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