A cliff-top luxury home on Auckland's Waiheke Island has sold under the hammer for $7.1 million – exceeding vendor expectations by almost $1 million.
Four bidders were at the auction looking to secure the three-bedroom house at 20 Matapana Road, in Palm Beach, with a local buyer making the winning bid.
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New Zealand Sotheby’s International Realty agent Francine Sweet, who marketed the property, told OneRoof: “Pre-auction interest suggested that the property would fetch just shy of $6 million. Bidding opened at $4.5 million. It was just flying up in $200,000 lots.”
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The property has a 2017 rating valuation of $2.575 million, but does not take into account recent upgrades made by the vendors, including the installation of an outdoor swimming pool.
“The CV is absolutely meaningless here. This was a very rare western ridge cliff top property, on a double site with reserve frontage that had been utterly newly remodelled,” Sweet said.
Sweet said she had about 10 local buyers, plus more who are based overseas-based, who were looking to spend at least $5 million to $6 million for a house on Waiheke. “Those people are there.”
“The CV is meaningless here”: 20 Matapana Road fetched more than $4.5 million above its 2017 rating valuation. Photo / Supplied
The property has 11-metre lap pool, spa, gym and wine cellar. Photo / Supplied
Another cliff-top property Sweet was marketing, 27-29 Garratt Road, in Onetangi, sold under the hammer last weekend for $5.35 million, with five buyers competing. And at the height of summer, six bidders, including an expat bidding by phone, duked it out for a stylish three-bedroom home at 4 Tiri View Road, in Palm Beach, which sold for $4.6 million – almost double its CV.
Sweet said that most of her buyers were either trading up from an existing home on the island or selling up in the city and looking to move permanently to the island.
“You’re definitely seeing more of this post-Covid. There’s a real tipping point on the prices between the island, Herne Bay and Remuera. Prices here are starting to catch up with that top end - a lot of money is moving here,” she said.
27-29 Garratt Road, in Onetangi, Waiheke Island, sold for $5.35 million. Photo / Supplied
However, Sweet did note that Waiheke’s market in autumn was not as intense as it is in summer.
“I’m not sure how big that pool is heading into winter. Sellers should consider the autumn market is not the same as February.”
4 Tiri View Road, in Palm Beach, Waiheke Island, sold for $4.6 million. Photo / Supplied
According to OneRoof records, the top settled sale price for Waiheke last year was $9 million, for a three-bedroom home at 4 Newton Road, in Oneroa.
The property, marketed by Kellands agent Martin Dobson, was a striking architectural design on the cliff top with riperian rights.
Dobson is marketing another striking cliff-top home at 324A Sea View Road, in Onetangi, for sale by tender on May 12. The architect-designed 20 year old build, with its own private white sand beach and stunning views has three bedrooms and three bathrooms.
324A Sea View Road, in Onetangi, Waiheke, is for sale by tender. Photo / Supplied
An architect-designed house at 4 Newton Road, Oneroa, changed hands for $9 million in January 2020. Photo / Supplied.
