- An Asian family bought a seven-bedroom waterfront mansion in Auckland for almost $13m.
- The renovated home, designed by Ron Sang, attracted strong international interest but overseas buyers faced residency issues.
- Agent Sarah Liu noted that the foreign buyer ban was hampering high-end sales in the housing market.
An Asian family with New Zealand residency has snapped up a seven-bedroom waterfront mansion designed by architect Ron Sang for almost $13 million.
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They had been looking for a home for over six months and saw off competition from two overseas buyers.
Bayleys agent Sarah Liu, who brokered the deal, told OneRoof that the renovated house on Okahu Street, in Auckland’s Orakei, provided the good feelings they were looking for.
“It had beautiful light inside. The vendors did a beautiful job with the renovation,” Liu said.
The nearly 600sqm house had been renovated and included multiple living areas and garaging for three cars. Photo / Supplied
The house has grandstand views of the water. Photo / Supplied
The three-storey trophy home had been on and off the market since 2023. It was designed by the late Sang in the 1990s, but the vendors had spent almost three years bringing it up to modern standards.
Liu had billed the home in her advertising as a “grand showpiece in one of Auckland’s most prestigious and expensive seaside streets”.
The near-600sqm house, which has an RV of $10.6m and sits on a 1200sqm corner section overlooking Auckland harbour, boasts multiple living areas, a substantial party space, with room for a gym or home theatre, a private guest suite, and a three-car garage.
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Liu said the house had attracted international interest during the campaign, and two overseas parties had made serious attempts to buy before January’s sale. One buyer had been unable to close the deal due to residency issues, while the other needed to sell first to free up the requisite funds.
The agent told OneRoof that the foreign buyer ban was hampering sales at the top end of New Zealand’s housing market.
“The overseas buyers really liked it, but it is always the residency that they need to qualify for to buy here, that is the problem,” she said.
Liu said many of those looking to upgrade to a $10m-$12m home needed to sell first, and that was putting the brakes on the market. “In 2021, they didn’t need to, they just went ahead. But this time, selling $6m homes - it’s still a hard market to shift.”
Bayleys agent Sarah Liu is also selling a five-bedroom home at 36 Paritai Drive, in Orakei. Photo / Supplied
She said that some of her international buyers were encouraged by the new investment policies that came into effect at the start of the month, but were also worried about the uncertainty sparked by the trade war unleashed by the US.
“There has been a bit more enquiry, but some people are still not qualified to buy a home yet because they don’t have the residency,” she said.
“Sorting out the investment is a good start. But it will take one year for more people to be qualified to buy houses.”
Liu is also marketing another luxury house on neighbouring Paritai Drive. She said she was showing the five-bedroom property, which has an RV of $12.25m, to buyers with more than $10m to spend.
The generous house has expansive views of the city and sea, and comes with multiple lounges, room for a wine cellar, and central air-conditioning. OneRoof records show the house, which was built in the early 2000s, last changed hands for $8m nearly eight years ago.
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