Key Takeaways
- The top property sales in New Zealand this year have mostly exceeded $20 million, with the most expensive home selling for around $40 million in Auckland.
- Demand for $10 million-plus homes is on the rise, with buyers coming from countries such as China, Singapore, and the UK.
- The majority of multimillion-dollar deals have been done in Auckland’s wealthier suburbs, including Remuera, Herne Bay, Mission Bay, and Orakei.
- Luxury properties with unique features, such as helicopter hangars and private beaches, have been particularly popular among high-end buyers.
Introduction to New Zealand’s Luxury Property Market
OneRoof has revealed the top property sales in New Zealand for the year, with the majority of sales exceeding $20 million. The most expensive home sold was in Auckland, with a price tag of around $40 million, setting a new record for the city. This sale, along with others, highlights the growing demand for luxury properties in New Zealand, particularly in Auckland’s wealthier suburbs.
Auckland’s Most Expensive Home
The $40 million sale of the Arney Road mansion in Remuera has set a new record for Auckland’s most expensive home. The 1ha, five-bedroom property features a large four-car garage, tennis court, and swimming pool, and was previously owned by Hugh Wright, founder of the menswear clothing chain, and entrepreneur Diane Foreman and her then-husband Bill Foreman. The sale was an off-market deal, and the agency involved declined to comment on the sale.
Other Notable Sales
Other notable sales include the sale of Kiwi rich-lister Ben Cook’s Auckland mansion for $35 million in September. The three-level, six-bedroom home features private beach access and a helicopter hangar. Rich-lister property developer Kurt Gibbons’ home in Herne Bay also made the list, selling for circa $30 million. A home rented by Hollywood actor Jason Statham while filming in New Zealand was also sold as part of a $56 million mansion swap.
Demand for Luxury Properties
Real estate agents working in the luxury property market say that demand for homes worth $10 million or more is heating up. Most of the multimillion-dollar deals have been done in Auckland’s wealthier suburbs, including Remuera, Herne Bay, Mission Bay, and Orakei. However, there have also been notable sales in other parts of the country, including the Western Bay of Plenty, Tasman, and Queenstown.
Features of Luxury Properties
Luxury properties with unique features, such as helicopter hangars, private beaches, and tennis courts, have been particularly popular among high-end buyers. One property in Herne Bay, which sold for $20 million, features a pool and a tennis court, while another property in Mission Bay, which sold for $22 million, has private beach access.
Buyer Demographics
Buyers of luxury properties in New Zealand are coming from a range of countries, including China, Singapore, and the UK. According to Bayleys agent Edward Pack, high-end buyers are choosing New Zealand for its safety and security. "They know what they want and when they find it, they don’t tend to muck around," said Pack.
Market Trends
The demand for luxury properties is expected to continue, with real estate agents reporting a high level of interest from potential buyers. The market is also seeing an increase in sales of lifestyle properties in the $1.5 million to $3 million price bracket. According to Trueman & Co director Brent Trueman, "I’ve had the biggest run of sales in my 20 years of real estate in the last three months."
