A Queenstown property that sold a year ago for $15 million has settled, OneRoof can reveal, and the sale price is $11m more than the vendor paid three years ago.
Premium real estate agent Hamish Walker brokered the off-market deal for the 3.2-hectare property on Frankton Ladies Mile Highway in May last year.
He was unable to disclose the buyer's details, telling OneRoof: “I work with quite a large and diverse range of buyers from not only New Zealand but also expats around the world.”
The property, which sits on the edge of Lake Hayes Estate, includes a five-bedroom home and studio, stables, several horse paddocks and a helicopter hanger.
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OneRoof records show the property last changed hands in November 2019 for $3.9m, and had a 2021 RV of $6.11m.
Walker put the price increase down to the appeal of the area and the potential to develop the property.
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“There’s new housing and new schools planned. There is a lot of development potential here,” he said.
Walker said he had seen an uptick in interest in Queenstown properties from Australian and New Zealand buyers. Last month he closed a $4.5m sale for another property on Frankton Ladies Mile. The four-bedroom home on a 9503sqm section had last changed hands at the end of 2019 for $3.3m, and had an RV of $4.9m.
Walker’s sale of a trophy home on River Valley View in the exclusive gated Wyuna Preserve, above Blanket Bay, settled this week for $7.6m, OneRoof can reveal.
The Frankton Ladies Mile Highway property which sold last year for $15m has the potential for development. Photo / Supplied
10 Pinnacle Place, in Queenstown, has a $35m price tag. Photo / Supplied
The property, which had a CV of $6.11m, had been on the market for just six weeks over the summer break.
And OneRoof reported in April that an overseas buyer bought a luxury seven-bedroom mansion in Queenstown in January for $15.08m – more than $3m above its RV.
Walker said there was more confidence in Queenstown real estate, with the surge in the Australian housing market helping bring out buyers from across the ditch.
"If you look at auctions the last couple of weeks in Sydney, Melbourne and Adelaide, they’re at 60-75% clearance rates, the highest for a while. That gives confidence to Australians to come back in.”
Walker said that a drop in new listings was a challenge.
“Currently, 220 of the listings have been on the market for more than 60 days."
Walker currently has one of the highest priced listings on OneRoof – a six-bedroom lodge that has played host to a Bitcoin billionaire and an Oscar winner.
The 900sqm Mason & Wales Architects-designed stone mansion at 10 Pinnacle Point, Queenstown, is priced at $35m. “It’s got the best views in Queenstown, the nicest property on the market," he told OneRoof. “There’s a flight to quality in the mountains, and that supply is limited.”
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