Paritai Drive

PHOTO:  Paritai Drive, Auckland.

An exquisite Italian-style stone mansion on Paritai Drive, one of Auckland’s most prestigious streets, has become the city’s most expensive home purchase of the year. A local family secured the five-bedroom property for an impressive $21.84 million, outbidding international buyers.

The 813sqm mansion in Orakei, sold in March after just over a month on the market. OneRoof now reveals that this is the highest settled sale of 2024 so far.

Paul Sissons, an agent with New Zealand Sotheby’s International Realty, who marketed the property, shared that the buyers had expressed interest early in the campaign.

“They had always admired the house and were determined to buy it as it ticked all their boxes. It was the right property at the right time,” Sissons said.

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Sissons continued, “It’s a delightful result for the owners who have cherished the place for the last 14 years. We were thrilled by the response, both internationally and locally.”

Despite the significant sale price, the $21.84 million home does not set a suburb record. The former Hotchin mansion at the corner of Paritai Drive and Huriaro Place holds that title, having sold for $38.5 million eleven years ago.

84 Paritai Drive, Orakei, Auckland

The local buyers of the Paritai Drive property had always admired the house and were quick to move on their dream home. Photo / Supplied

84 Paritai Drive, Orakei, Auckland

The sweeping staircase in the lobby is a standout feature of the house, which had not been on the open market since it was built in 2002. Photo / Supplied

This property had not been on the open market since its construction in 2002. The outgoing owners purchased it for $10.5 million in a private deal in 2009. The sale drew international interest, with potential buyers flying into Auckland from Singapore to view the house.

“There were three or four serious buyers from Singapore. Some came specifically for Paritai Drive, while others were looking in Auckland, Queenstown, and Wanaka with us [Sotheby’s],” Sissons noted.

84 Paritai Drive, Orakei, Auckland

NZ Sotheby’s agent Paul Sissons is currently working with buyers interested in a mansion on Remuera Road that has a CV of $25m. Photo / Supplied

84 Paritai Drive, Orakei, Auckland

The immaculately renovated mansion on 27 Marine Parade is now looking to break records. Photo / Supplied

Sissons is also currently working with buyers on another significant property: a five-bedroom mansion on a 3498sqm site on Remuera Road, listed in April. This property has a CV of $25 million and is adjacent to Remuera’s most expensive house, which sold off-market for $29 million at the end of 2021.

More High-End Sales Expected

Ollie Wall of Wall Real Estate mentioned a $40 million-plus listing in Herne Bay that could break the all-time record. He praised the Paritai Drive house for its “10 out of 10” view and highlighted that high-end buyers are still actively seeking beautiful homes in prime locations.

“There are plenty of top-end buyers, but they can afford to be more selective,” Wall said.

Ray White agent Ross Hawkins, who is marketing an $18 million-plus mansion on Pahoia Road in the Western Bay of Plenty, added that vendors are adjusting their expectations to align with market conditions and buyer feedback. High-end buyers often prefer to maintain a low profile to avoid appearing extravagant during tough economic times.

Bayleys agent Gary Wallace, specializing in the $10 million-plus market in Remuera and Orakei, commented that the Paritai Drive sale proves there is still substantial money available for the right property.

“The economy might be tight, but if the shoe fits, they’ll buy it. In a perceived tight market, the super high-end buyers prefer to stay under the radar,” Wallace explained.

Both Hawkins and Wallace believe that changes to the foreign buyer ban could benefit the high-priced market. Hawkins is waiting for potential policy changes to allow foreign buyers from beyond Australia and Singapore to purchase residential property in New Zealand, which could significantly impact the market.

“There’s always money, and people want to buy now because they think there are good deals to be had in a softer market,” Wallace added.