Wealthy buyers in Auckland’s North Shore are breaking records as they clamour for beach and waterfront properties.
Precision Real Estate agent Andrew Dorreen, who deals in top end properties on the Shore, told OneRoof that he just brokered an off-market deal that exceeded last year’s highest settled sale price in Auckland.
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While confidentiality agreements prevented him from disclosing the exact sale price or address of the home , he said the sum the Takapuna property fetched was “well in excess” of the $12.25 million commanded by last year’s record-holder, a luxury five-bedroom home at 7 Rarere Road, also in Takapuna.
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Doreen said: “I market these properties to my data base. I would have at least half a dozen clients with at least $6.5 million and above [to spend] who are specifically looking for waterfront.”
Records show that at the end of last year, Dorreen achieved $6.55 million for a beach front property at 35 Craig Avenue, in Milford, which had been in the same family for 90 years. Again, he was unable to share details, but he told OneRoof: “It was a cherished family house. I sold it to a buyer from my database the week the advertising started. It was 1123sqm on the waterfront with a 1940s house on it - a blank canvas.”
35 Craig Road, in Milford, in Auckland, sold for $6.55 million in December. Photo / Supplied
He added: “People are looking for something very specific – ocean-front or lake-front or certain streets. It’s very location-driven and land-driven with the opportunity to develop. There are not many un-developed sites on the water.”
Dorreen said that contrary to popular reports, buyers in his market were all locals rather than returning expats. He said his clients were keeping their eye out for very specific properties as they upgrade from neighbouring properties or suburbs.
He has eight listings lined up to go to market at the beginning of February, when sellers and buyers return from their holiday homes and boats.
7 Rarere Road, in Takapuna, sold for $12.25 million in September last year – Auckland’s highest settled sale price for 2020. Photo / Supplied
North Shore agent Tim Mahon, from Barfoot and Thompson, has noticed the same trend among the group of buyers with whom he deals.
Mahon is selling a marina-front property at Milford that has attracted a huge amount interest from wealthy locals since coming to market just before Christmas.
The three-bedroom house at 10 Craig Road, in Milford, is one the market for the first time in 70 years, sits on 1037sqm of land and comes with its own jetty. Although it is zoned for high-density development and has resource consent for three dwellings, Mahon said most of those who had shown interest were keen keep the full site for themselves – and park their boat at the jetty.
10 Craig Road, in Milford, is a rarity in the North Shore housing market. Photo / Supplied
“We’ve got the oldest, richest names in Kiwidom looking. Where else can you get a jetty at the back and it’s a two-minute walk to the beach at the front. I really don’t imagine developers getting this,” he said.
Mahon says that apartment developments in the area were focussed in more urban settings - the nearby Milford town centre or on busy main roads - so were a different market. Most of the properties around Craig road were subdivided well before the new Unitary Plan density rules came into effect in 2017, so number 10 was the first with the new density zoning.
He said that he had deals being signed right up to Christmas Eve, with two or three more offers on properties coming through the holiday period.