Flat market? Not for the big stuff

By ANNE GIBSON

The money just keeps rolling in.

Those stunning north-facing Auckland mansions dominated the property scene this week as a clutch of three were flicked from one millionaire to the next at a pace which took even the real estate agents aback.

While cheaper houses are languishing at a nine-year low, mansions are on the move.

This week alone, an Arney Cres, Remuera, house sold for $5.5 million; Bayleys sold two mansions yielding $4.43 million - 42 Curran St, in Herne Bay, for $2.7 million (well above its Quotable Value estimate of $1.7 million) and 679 Riddell Rd, Glendowie, for $1.73 million. Both were auctioned in Bayleys new Maritime Square offices on Wednesday.

Pent-up demand, the slow return of economic confidence, and a low New Zealand dollar attracting expats back are all being cited as reasons for the million-dollar deals.

The Curran St house is known as Le Nid (The Nest) and was built in the 1930s by one of the city's most prominent builders, Sir Noel Cole, for Lady Cole and the family. It remained with them until 1990. It has 1800 sq m (0.45 acres) of manicured grounds, a heated pool and large gym.

The four-bedroom Riddell Rd house overlooks Browns Island, Rangitoto and the Gulf. It has a tennis court and large pool on 4504 sq m (just over 1 acre). Its Quotable Value is $2 million.

At the centre of some of the recent wheeling and dealing is Sleepyhead Beds millionaire Peter Turner. Not only has he sold his breathtaking Remuera house, he is also developing Remuera properties to rival any others in the city: his Kingston on Remuera at 286-288 Remuera Rd, next to Kings School, will bring a new house worth up to $6 million to the area, as well as three apartments. Two have sold through David Rainbow at Bayleys for $2.95 million and $3 million and one remains. The Lawrence Sumich-designed apartments will not be finished until next year.

At 300 sq m, each four-bedroom, four-bathroom apartment is three times the size of an average house and all flow out onto private courtyards, then formal English-style gardens and a swimming pool.

The marketing pitch, which calls Kingston "Remuera's most exclusive development to be built to date," is no overstatement.

The opulence surrounding Turner and his family was revealed this week when Mark Thompson, of agency Barfoot & Thompson, announced that his firm had sold the Turner mansion.

The three-level Arney Cres pad, designed by Lawrence Sumich with a Hawaiian resort theme, sports giant palms and a 20m pool. It is tucked down a long driveway and comes with computerised 10-pin bowling alley. The north-facing home offers breathtaking views over the harbour, and complete privacy.

Barfoot & Thompson speculated this was the single biggest house deal this year.

But David Rainbow popped up to trump them: his $6.75 million sale of the old Hugh Wright estate in Remuera was the deal of the year, he said. He did this in conjunction with fellow Bayleys agent Libby Butler.

The 1.2ha property at 139 Arney Rd was sold in June to a New Zealander who has been working in the computer industry in California for the past few years. He plans to return home next year and found the house on Bayleys website.