For a grand total of $69.6 million, ten of New Zealand’s most expensive properties were sold in Auckland during the year. In contrast the top ten property sales outside of Auckland sold for a total of $33.02 million. The majority of these properties were purchased by Company directors from both New Zealand and overseas.
Ten of NZ’s Most Expensive Properties Are in Auckland
Once again, Auckland tops the prices of properties in New Zealand with the top ten most expensive properties sold for $69.6 million, with their combined capital values being $58.13 million. The most costly property of these sold was apartment 3601 located near the top of the Metropolis building in Aucklandís CBD, purchased by Richard Anthony Magides who is a Singapore based hedge fund manager. Magides paid $7.85 million for the almost 527sq m internal and 415sq m external decking apartment.
His $7.85 million price tag also brought him 20 underground carparks, tiled and leather walls, a roof top herb garden and a ten metre long freestanding stone bench. Two different properties sold for $7.6 million each ñ a Takapuna three bedroom mansion and a house in Campbells Bay. Out of these ten properties, the cheapest sold for $6.8 million in Remuera. But there was a big gap towards the sale price of the next dearest property sold of $4.5 million in Christchurch.
Why Do Properties Now Cost More To Buy?
Helen O’Sullivan who is the Real estate Instituteís Chief Executive, says that rising land values are not the only reason why property prices have risen significantly. She says that houses have gotten larger over the past 30-40 years and now most buyers expect to see at least two bathrooms in a house. The new insulation standards and wiring regulations mean that home owners are now paying more for new builds and renovations, with these costs being passed onto purchasers.