Remuera 'grand dame' on the market - with expected $4m offers

The mansion sits on the highest point of the suburb's northern slopes and has a expansive view of the city. Photo: Boulgaris Realty

A 5-bedroom Remuera mansion with million dollar views of the city is on the market and expected to attract offers around $4 million.

The Keith Ave property takes pride of place on the highest point of the northern slopes of Remuera with panoramic views of the city and a full-size tennis court.

Owned by Ashley and Sandra Fraser the house and 1472sq m of land has a capital valuation of $2.85m but was expected to go for around $4m.

A 5-bedroom Remuera mansion with million dollar views of the city is on the market. Photo: Boulgaris Realty

Ashley Fraser said together with his wife and four children the mansion had been their home for almost 25 years.

The Frasers bought it in 1993 when their youngest child was just a baby.

"We brought our family up there and now they have grown up it's time to move on,

"Ideally I'd like to see another family move in, be the caretaker and do a bit of work on it."

Fraser said a property of this scale and with these views was rare to come by.

"Because of its elevation, it's pretty private, you can see everything out there, but people can't see what you are doing."

Fraser said a deck which circled the house was a perfect spot for whiling away the afternoon with a glass of wine.

"It's beautiful there on the Sunday evenings."

Real estate agent Michael Boulgaris, of Boulgaris Realty, said the $4m price was still a bargain compared to similar properties in the area.

"The property is a grand old dame with great bones, solid milled cedar exterior boards, lots of character and wood and on the highest point of Remuera northern ridge."

If the property sells for $4m it would add to the 57 CoreLogic senior research analyst Nick Goodall said had sold within the $4m to $5m bracket, in Auckland, in the year to the end of June.

This figure, which equated to 0.3 per cent of total sales, was up on previous years which saw 0.2 per cent (67) in 2016 and 0.1 per cent (51) in 2015.

The property comes complete with a full-size tennis court. Photo: Boulgaris Realty.

In Remuera, according to QV.co.nz there have been a total of 99 sales in the past three months that on average sold for 40 per cent above the capital valuation - which for the Keith Ave Property would be around $3.99m

Goodall said in terms of percentage of total sales there were more luxury Auckland properties being sold over the $1m mark compared to the past two years.

"I suppose it's not all that surprising that they have increased significantly due to an increase in stock over the last couple of years.

"In a growing market, what we have previously seen is all parts of the market have shown great growth, not just the middle or the bottom. And that has meant more sales in those higher price brackets."

The majority tended to sell around the $1m to $2m range - 6447 (28.3 per cent) compared to 7928 (23.2 per cent) last year and 5632 (15.8 per cent) in 2015.

In the $5m+ bracket in the year ending in June there were 60 sales, just 0.3 per cent of total sales.

Goodall said in the future he expected the number of sales would drop back a little.

"We might see a slight pull back at the end, with capital growth slowing down, would expect to see a slowdown in those really high ranges of sales."

Luxury Auckland sales

Year to June 2015

$1m - $2m = 5632 or 15. 8 per cent of total sales sold
$2m - $3m = 723 or 2.0 per cent of total sales sold
$3m - $4m = 171 or 0.5 per cent of total sales sold
$4m - $5m = 51 or 0.1 per cent of total sales sold
$5m + = 51 or 0.1 per cent of total sales sold

Year to June 2016

$1m - $2m = 7928 or 23.2 per cent of total sales sold
$2m - $3m = 952 or 2.8 per cent of total sales sold
$3m - $4m = 219 or 0.6 per cent of total sales sold
$4m - $5m = 67 or 0.2 per cent of total sales sold
$5m+ = 69 or 0.2 per cent of total sales sold

Year to June 2017

$1m - $2m = 6,447 or 28.3 per cent of total sales sold
$2m - $3m = 800 or 3.5 per cent of total sales sold
$3m - $4m = 201 or 0.9 per cent of total sales sold
$4m - $5m = 57 or 0.3 per cent of total sales sold
$5m+ = 60 or 0.3 per cent of total sales sold