A penthouse apartment in Auckland's Remuera has broken New Zealand's auction price record today after selling under the hammer for more than $12 million.
Bidding for the top-floor residence of 308 Remuera Road started at $11m at Bayleys auction this morning and ended 14 minutes later at $12,771,500.
The sale price eclipses the previous record of $9.9m set by a five-bedroom home in Auckland's Greenlane in March 2021.
The penthouse, which was marketed by agents Jenny Kek and Robert Ashton, is part of new apartment development, called 308, the brainchild of developer Neville Fong.
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Ashton, who is marketing other apartments in the development with Kek, said that there were five bidders in the room, with two of them making bids.
"$11m was a strong opening bid. Everyone knew it was going to go for over $10m," he said.
"When it comes to auctions, it doesn't matter what the size of the number is, it's the process. We talk up auctions because no matter what the price point, they are the only way to create competition for these premium properties."
Ashton added that in a nice twist, the vendors and buyers, who did not want to be named, knew each other "so they will all be good neighbours".
"Everyone is very happy. We've sold eight out of the 18 apartments in 308, with another two under contract, so we're over half way there."
Bayleys national auction manager Conor Patton said the auction moved at “reasonable fashion” before pausing at $12.2m. After discussions with the highest bidder, it was then put on the market and sold at $12,771,500. “For us there’s been a real affirmation that price is not a barrier and auction is still a really great way to sell property at that value,” he said.
“From an auctioneer’s perspective it’s a nice affirmation that we can auction at any price point and from a human perspective, it was nice to deal with lovely people and help both sides get a result.
“At the end of the day it targeted the right people and it was well marketed to people who were after that size and space in Remuera – 384sqm of single level living, beautifully finished.”
Development spokesperson Vanessa Wong, who is Fong's daughter, told OneRoof last month that apartment had a luxury fit-out and spectacular views of the harbour.
“This is an absolutely amazing residence which stretches from one side of the building to the other, taking up the whole north side of the top level," she said.
“Being located at the top of the building at the top of Remuera ridge, it enjoys magnificent views around Auckland. They stretch from way out East right across the harbour, Rangitoto and Devonport, across the CBD and Sky Tower to the green slopes of Mt Hobson.
Apartment 401 is on the top floor of the 18-residence building with 318sqm of interior floor space extended by 66sqm of decks. Photo / Supplied
The penthouse apartment has three bedrooms plus study, three bathrooms, four carparks and two storage lockers. Photo / Supplied
“We’ve had beautiful photos taken of the view but in reality, you really need to see it in person to comprehend how breath-taking it is.”
The three-bedroom plus study apartment on the top floor of the 18-residence building has a 318sqm interior extended by 66sqm decks and comes with four carparks and two storage lockers.
The building at 308 Remuera Road is on the flat right by Remuera Village, having replaced the family home Wong’s parents lived in for two decades plus a neighbouring property.
They commissioned Brian Cullen and Chad McMan of Paterson + Cullen + Archaus to design the apartments, Vee Kessner of Space Studio for interior design and Kalmar Construction to build.
Barfoot & Thompson auctioneer Murray Smith, who set the previous record of $9.9m, told OneRoof the sale price was proof that auctions were working.
"This is absolute proof that at the top end of the market you can sell by auction, when there's such a huge demand for properties," he said.
"That's a great result for confidence, as much as I'm gutted that my record is broken. It shows absolutely you can do this. The reason we don't do more is because many owners and agents don't have the confidence to do it - and they should."
Ray White New Zealand lead auctioneer Sam Steele said it was a significant milestone to see the record for residential auctions break the eight-figure barrier, but not surprising given the average house price is increasing every year.
"For residential properties, it's always hovered around just below $10m, but to finally break through that barrier I think is really positive and I think if nothing else it will give confidence to people who own properties even north of that number to use the auction method very successfully."
When asked whether he was surprised the record was smashed by a penthouse, he said people's tastes are changing. "Whether it's a massive estate on Victoria Ave or a penthouse in the city, I don't think it matters too much anymore. People's preferences are what they are."
- Click here to see properties for sale in Remuera
