- A Hong Kong family bought a Victoria Avenue mansion for $10.5m after two viewings.
- The purchase was made through the Active Investor Plus visa scheme, highlighting overseas interest.
- Gary Wallace noted a rise in high-end market activity, with quick sales in blue-chip suburbs.
A Hong Kong family has bought a sprawling mansion on Auckland’s premier street for $10.5 million after just two viewings.
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The four-bedroom, 548sqm home on Victoria Avenue in Remuera was snapped up within weeks of hitting the market. It is one of several quick deals in the city’s blue-chip suburbs.
Bayleys Remuera listing agent Gary Wallace said the Hong Kong buyers made the purchase through the Active Investor Plus visa scheme.
The family, he said, had flown into Auckland on a quick house-hunting expedition and had looked at a range of prestige properties before settling on the Victoria Avenue mansion.
The Victoria Avenue home was a hit thanks to its handy location, land size, tennis court and swimming pool. Photo / Supplied
The buyers did two viewings and then made an offer. Photo / Supplied
They liked that the house was close to good schools and came with a swimming pool, a tennis court and a 2328sqm section.
Wallace said there had been a noticeable lift in overseas interest in New Zealand’s prestige homes, which he put down to the March change to the AIP visa scheme, allowing holders the right to buy a $5m-plus property.
He told OneRoof that he had been dealing with a lot of investors from Asia, although other agents have reported a lift in interest from buyers from the US and Europe.
The most recent figures on house purchases from AIP holders have yet to be released, but as of May 7, the Overseas Investment Office had approved 16 applications from overseas investors. The majority (11) of the homes were in Auckland, followed by four in Queenstown-Lakes and one in Hawke’s Bay.
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Wallace told OneRoof that the upper end of the market was performing better than the more challenging middle, noting that several of his $7m-plus listings had only been on the market for a month before finding new owners.
“I’ve found [homes] for the investor visa holders or the high net worth people who are wanting to make a move. I use the analogy that it’s a bit like going past the Gucci shop. If you see a pair of shoes there, they are expensive, but if you try them on and they fit, and you like the look of them, you buy them.”
Wallace and his team, sons Andrew and Sam and wife Vicki, also struck gold with an architectural home on Kenny Road, in Remuera.
The original 1920s bungalow was entirely reimagined and reinvented in 2012 by architect David Ponting, of Ponting Fitzgerald, and was snapped up for $7.25m – almost $1m above RV – within three weeks of hitting the market.
Gary Wallace and his team also sold a David Ponting-designed home on Remuera’s Kenny Road to a local family. Photo / Supplied
The house was sold for $7.25m - almost $1m above its RV. Photo / Supplied
The property’s distinctive louvred detailing and elegant topiary create a striking street frontage. Photo / Supplied
The property had attracted five buyers at auction but passed in after bidding stopped at the $7m mark. It was sold to a local family outside the auction room.
Wallace said: “They saw the property and basically thought it was lovely. It was probably a little bit tired and ready for somebody to give it a makeover internally. Great architectural pedigree from the street, amazing backyard framed by tall Italian cypress [trees].”
Earlier in the year, Wallace sold another four-bedroom home with a swimming pool on nearby Lichfield Road to a local family for $8.25m. The Sumich Architects-designed property, which offered sweeping views across Hobson Bay to the iconic boatsheds, was snapped up after two months on the market.
- Click here to find more properties for sale in Remuera
