- Several high-value off-market property sales in Queenstown-Lakes have been kept confidential.
- A Speargrass Flat Road estate sold for $18m, the district’s highest sale this year.
- Luxury Real Estate director Nick Horton says the area has a thriving premium tier with sales in the $7m to $10m range.
Details around a flurry of big off-market sales in Queenstown-Lakes remain tightly under wraps, as buyers and sellers in the wealthy enclave do everything they can to keep their real estate affairs out of the public eye.
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OneRoof can reveal that a lifestyle estate on Speargrass Flat Road, in Lakes Hayes, sold for $18m in August, almost double what it last sold for in 2020, and the district’s highest settled sale price so far this year.
And in April, a luxury retreat on Beacon Point Road broke the price record for Wanaka when it sold for $14m - a jump of nearly $10m on its last sale price in 2017.
Agents involved in the sales declined to comment because of confidentiality clauses.
OneRoof records show the Speargrass Flat property was built in 2019, sold in 2020 for $9.3m, and had consents issued in 2021, including one for a swimming pool.
The Beacon Point Road home fetched more than $1m above its RV and almost $10m above what it sold for in 2017. Photo / Supplied
Speargrass Flat, near Queenstown, is home to numerous trophy estates, including one that sold for $18m in August. Photo / Getty Images
The home on Beacon Point Road was built in 2006 with a building consent issued in 2014. It last sold in 2017 for $4.66m, and was described in a post on New Zealand Sotheby’s International Realty Luxury Rental Homes Instagram account as boasting “four generously-sized bedrooms, each a serene retreat designed for comfort and relaxation”.
“Upon entering this beautifully designed home, you are welcomed by a thoughtfully crafted layout and an abundance of natural light that gracefully illuminates every room. Adding to the home’s appeal, two stylish ensuites offer both convenience and privacy, ensuring a perfect balance of luxury and practicality for family and guests alike.”
Another big sale property in Queenstown, that was listed, was a six-bedroom, five-bathroom trophy property on Edinburgh Drive. The sale price was $9m, including GST, but the listing agent also declined to comment.
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This property – billed as boasting “some of the most powerful, sweeping views found anywhere in the Lakes District” – also sold for well above its $6.7m RV.
Luxury Real Estate in Queenstown has transacted a number of standout properties around Lake Hayes, Arrowtown and central Queenstown, including off-market deals, says the agency director Nick Horton.
The area is tightly held, but recent sales demonstrate a thriving premium tier with multiple sales in the $7m to $10m range.
A luxury spread on Edinburgh Drive, Queenstown, blasted past its RV when it sold for $9m, including GST. Photo / Supplied
A "do-up" estate on Sicilian Lane, in Dalefield, was snapped up by Auckland buyers for close to $8m last month. Photo / Supplied
Not all properties come to the open market. and Horton says sellers who request off-market, or “quiet” listings, are usually focused on confidentiality and privacy.
“Some choose to ‘test’ the market with a select number of buyers rather than commit to a full campaign.”
Buyers who are interested in off-market properties are often people who have failed to find what they want on the open market, or they have specific location or improvement requirements.
“This will usually mean being prepared to pay a premium to convince someone to sell who may not have been considering it.”
Horton says the agency has a number of new listings coming to the market shortly which have already had considerable interest.
On the market for sale is a David Ponting-designed home at 32 Vista Terrace, in Drift Bay. Photo / Supplied
“We have used existing relationships with active qualified buyers to create pre-market interest.”
Recent sales include three front-row properties in sought-after Wilding Road, in Lake Hayes, one of which was an off-market transaction, and Horton says the agency is about to launch what he says is arguably the highest-quality architectural lakefront home on Wakatipu, at 32 Vista Terrace, in Drift Bay.
The listing says the house was conceived by architect David Ponting boasts a low profile, with lines that echo the rocky terrain: “It rises from the earth as a composition of glass, timber and bluestone softened by gardens and art.”
Twenty-four kilometres south of Vista Terrace, Oliver Road sold a classic schist home overlooking Lake Hayes with a mountain backdrop last month to Aucklanders for close to $8m.
Managing director Cam Winter says the $8.75m RV for the Sicilian Lane property was probably a tad high, as the interior needed a bit of an update.
“It’s an 11-year-old/12-year-old home and hadn’t had any improvements made to it so I think just based on some of the averages and the total floor area and things this CV was a bit higher than it should have been.”
That aside, the property was a lovely one with magnificent views, Winter says.
“We try to only sell lovely properties and thankfully there’s no shortage of them here. Most of them don’t become available very often.”
The house was of timeless design, very much mirroring nearby vineyard Amisfield with Winter saying he thought the architect of the Sicilian Lane property modelled it on the vineyard’s building as it very similar with a chapel look at the front.
“The owner of Amisfield came through the property a little while ago and he said he’d seen a lot of, I suppose, inspirations, or imitations, of the Amisfield’s design or style but this was the best one.”
The property, and the amount of schist, was classic Queenstown, Winter says, adding that when looking at the home from the outside people might think it was only two or three years old, and the same would likely be said in another 10 years.
The views were wonderful: “The views from the property look out over Lake Hayes and beyond, a 200-degree view that includes parts of the Crown Range, the backside of Cardrona, Coronet Peak and sort of down towards Queenstown itself.”
The property was not for everyone because of the need for some interior improvements, but perfect for others, he says.
“I think people spending up at that level prefer or want something that is fully finished, so to speak, so that they are not then needing to go and do things to it, but other people relish that opportunity, and that’s why they buy something so they can make improvements to it.”
The property was on the market for almost 12 months with plenty of interest and activity in that time, and remained one of the agency’s most viewed and inquired about listings.
“At the same time as the actual buyers engaged and made their offer, the activity had really just started to skyrocket at that place.
“The people who bought it are based out of region and will be using it periodically themselves and offering it as short-term visitor accommodation at other times.
“It’s an absolutely magnificent spot and another sale that speaks to the interest of Lake Hayes as an area.”
Winter also has on the market a property he sold for $7.235m in June. The buyer has decided to sell, giving those who missed out last time another chance to buy.
“It was a hotly contested listing, so it wouldn’t surprise me if it traded a touch higher,” he says.
“The Australian buyer said to us, ‘Hey, I’ve got a business opportunity that I’d like to pursue, so if there’s someone out there who would be willing to buy the place, then I’d be happy to turn it over straight away’.
“It’s a stunning home and beautiful property. We had multiple offers on that one at the time it was sold, so it’s a rare opportunity we think could very much inspire someone to reconsider, someone that might have missed out.”
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