‘Shabby chic’ sells for $20m+

Elec­tion has had little ef­fect on luxury prop­erty mar­ket, says agent. TOP DOL­LAR FOR HIGH-END HOMES

Herald on Sunday - - IN OTHER NEWS - By Anne Gib­son

Rich-lis­ters Ge­off and Jus­tine Ross have sold their mul­ti­mil­lion-dol­lar Auck­land man­sion. De­scribed by Jus­tine Ross be­fore the sale as “shabby chic with mod­ernist un­der­tones”, the Herne Bay home once was owned by the Sul­tan of Brunei.

The home went on the mar­ket in March and al­though it had a val­u­a­tion at the time of $14.7 mil­lion, real estate in­sid­ers un­der­stood the 8 Wairangi St prop­erty could fetch in ex­cess of $20m.

Gra­ham Wall Real Estate this week put a “sold” ban­ner across the listing on their web­site.

Jus­tine Ross said she could not speak about the sale for the time be­ing.

And Ol­lie Wall, of Gra­ham Wall Real Estate, said a con­fi­den­tial­ity agree­ment had been signed and no de­tails could be re­leased.

The 1910 re­turn ve­randa water­front villa on a big 1922sq m fea­tures five bed­rooms and six bath­rooms, and beach ac­cess.

Jus­tine Ross pre­vi­ously told the Her­ald that mov­ing out of the City of Sails was on the cou­ple’s agenda sometime down the track.

“Ge­off is from a farm. Buy­ing a South Is­land farm is on the agenda 8 Wairangi St, Herne Bay. 1922sq m, five bed­rooms, six bath­rooms. for our sons and Ge­off to re­turn to his roots. But we’re stay­ing in Auck­land for the fore­see­able fu­ture.”

The sale of the Ross’ home is among $45m of top-end real estate sold by Gra­ham Wall Real Estate in

the past month. Oth­ers in­clude a five-bed­room Herne Bay house, at 9 Cre­morne St, which had a 2014 coun­cil val­u­a­tion of $7.8m.

The same agency sold a mod­ern white multi-level clifftop house at 11c Bur­wood Cres in Re­muera. That was mar­keted as “last big chance on Bur­wood, big house, huge view, 1552sq m site”.

Auck­land Coun­cil had that place val­ued three years ago at $5.7m.

Ol­lie Wall said the re­cent elec­tion and swear­ing in of a new Gov­ern­ment had so far had no im­pact on the top-end real estate mar­ket.

He added that the agency had 9 Cre­morne St, Herne Bay. 1714sq m, five bed­rooms. 11c Bur­wood Cres, Re­muera. 1552sq m.

been con­tacted by sev­eral Amer­i­can and Chi­nese po­ten­tial buy­ers keen to se­cure luxury homes be­fore the Gov­ern­ment in­tro­duces its crack­down on for­eign­ers buy­ing ex­ist­ing homes.

The Gov­ern­ment is soon ex­pected to pro­pose an amend­ment to the Over­seas In­vest­ment Act to make it harder for non-New Zealan­ders to se­cure ex­ist­ing prop­er­ties.

Other lead­ing prop­erty com­pa­nies also re­ported healthy sales in top-end prop­erty.

Peter Thomp­son, man­ag­ing di­rec­tor of Bar­foot & Thomp­son, said of the 32 prop­er­ties it had sold this year

above the $5m mark, five went for more than $10m.

Thomp­son said al­though it was be­ing spec­u­lated in the prop­erty in­dus­try that off-shore buy­ers were look­ing at buy­ing up big be­fore the new re­stric­tions, there was not yet any “real ev­i­dence” of such a trend.

“It’s pos­si­bly too early to tell as [we’re] still wait­ing for the fine print of leg­is­la­tion. But the next cou­ple of weeks will give a bet­ter idea.”

Bay­leys also re­vealed that in the past week it had sold prop­er­ties in East Auck­land for $3.1m (in Farm Cove), $2.2m (East­ern Beach) and $2.4m (Mel­lons Bay).

Ge­off and Jus­tine Ross.

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