- A Wellington home sold for $5.5m, the highest in the last three years.
- The five-bedroom Roseneath property attracted local and international interest, selling within four weeks.
- Demand for high-end homes in Wellington is rising, with recent sales over $3m in Karori.
One of Wellington’s finest homes has sold for $5.5 million, OneRoof can reveal.
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Bayleys agent Ben Atwill said the five-bedroom home on Maida Vale Road, in Roseneath, was snapped up by a local family after attracting unprecedented interest from overseas buyers.
The sale price is almost $1.5m above the property’s RV and $0.5m more than what the vendors paid in 2019.
It is also the highest sale price for a listed property in the capital in over three years.
The owners had carried out a high-quality renovation and redesign that struck a chord with buyers. Photo / Supplied
Atwill told OneRoof the house sold within four weeks of hitting the open market. He said he received multiple offers, several over $5m.
A couple of well-established Wellington families had been eyeing the house, but the interest had also come from Australia, the UK, and the US.
“The home is in such a prominent position within Wellington. The views are from Oriental Bay across the city lights around to Lower Hutt and the distant Rimutaka Ranges.”
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The vendors had renovated and redesigned the home to a high standard, Atwill said, and were only selling because they were leaving the city. “There was so much attention to detail and design. It seemed to tick everyone’s boxes.”
The reception room away from the main heart of the home, the double garage with internal access, and the three additional car parks were also a hit with buyers, Atwill said. “Car parking in Wellington is worth its weight in gold at the moment, so to have five was just brilliant.”
Sales above $5m in the capital have been thin on the ground since the end of the post-Covid boom. OneRoof counts just three in the last three years, the highest being a $5.925m purchase of a home on Marine Parade, in Seatoun, in March 2022.
The outdoor space featured an Italian walled garden and lawn and an outdoor fire. Photo / Supplied
Atwill said demand for high-end homes had picked up in the last four weeks, with two prestige homes in Karori selling for more than $3m each.
A lot of the interest was from families looking to upgrade to a larger home in a better suburb. “You are not paying an extra 25% on top like at the height of the market.”
Lowe & Co managing director Craig Lowe said cheaper apartments and investment properties were hard to sell, but everything else, including family and high-end homes, was shifting.
“If someone wants to buy a $4m home, they are not going to the bank for 80% of it,” he said.
“If someone came to me with a $4m house to sell tomorrow, I would be very optimistic about their chances of selling in this market.”
Lowe believed the Wellington market had already bounced up from the bottom in terms of sales turnover. “It’s not booming, but it’s just normal – it feels like a normal market again.” He likened it to the period between 2009 and 2015, when houses were selling but prices were relatively flat.
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