‘Shabby chic’ sells for $20m+
Election has had little effect on luxury property market, says agent. TOP DOLLAR FOR HIGH-END HOMES
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.