Market for $5m homes awakens

LIZ MCDONALD
Last updated 05:00 07/12/2013
Millway Place
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GRAND PROPORTIONS: Hundreds of square metres of sheer luxury from top to bottom in this Broadoaks property.

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If you have a cool $5 million to spend, Christchurch has the homes for you.

The top end of the city's housing market is reawakening, with owners of luxury homes on the lookout for wealthy buyers.

Market observers say confidence around the city is stirring both sellers and buyers into action. And it is locals, not offshore buyers, doing the shopping.

In what is the biggest house sale in the city for years, a large home on Dyers Pass Rd on Cashmere hill has just sold for close to $5m.

The house is modern and very luxurious, with a large floor area, dramatic views and a big section. Both buyer and seller are local.

Two other homes on the market could threaten it for price.

On the Sumner Esplanade, a beachfront home with luxurious decor, inground pool, sea views and basement 10-car garage has just been put up for sale.

Records show the one-year-old house is owned by car dealer and property investor Brent Robertson, along with Sharyn Robertson and lawyer Richard Neave.

Real estate agent Cameron Bailey, of Harcourts, said he expected the house to sell for more than the $4m rating value but could not predict whether it was likely to hit the $5m mark.

Some had lost luxury homes from nearby hill suburbs and were were looking to replace them, Bailey said.

"I believe the buyer will be from Christchurch - the city is very buoyant. A property like this pulls people out of the woodwork, even if they weren't intending to buy a new home."

At Broad Oaks on Huntsbury hill, an expansive 10-year-old home with a $4m rating value is expected to sell for $4.5m to $5m.

The home covers 920 square metres on three levels plus 600sqm of tiled balconies. Features include a 12-metre indoor pool, floodlit tennis court, gym, wine cellar, home theatre room, rosewood floors, and views across the city to the alps.

The home is owned by M&B Properties, headed up by clothing wholesaler Bernard Marlow and Maryanne Marlow.

Valuer Errol Saunders said while few big-ticket home sales had taken place in recent years, that was now changing.

"It's probably a recognition that people have a bit more confidence to put these houses on the market," he said.

"They think the dust has settled and there's things happening in the city."

During the housing boom which ended in 2007 there were several big sales in the $4m to $5m bracket in the city, but the high end of the market has sat quiet since the global financial crisis and the earthquakes.

The previous biggest sales in the past two years have been in Fendalton.

Top price was the $3.9m paid by trucking company founder Neil Graham to real estate and mortgage magnate Mike Pero for his Glandovey Rd home.

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- © Fairfax NZ News

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