New Zealand's most expensive property sales by region in 2022 revealed! What makes these homes so costly?

Generally, when the housing market declines, cheaper entry-level properties in less desirable locations are the first to feel the impact. But have top-end luxury homes in sought-after areas also been affected by this downturn? A recent OneRoof analysis of all settled property sales in 2021 and 2022 shows that the rapidly cooling market has also affected high-end sales. Over the first three quarters of 2022, ending in September, 99 properties sold for more than NZ$5,000,000 nationwide. Compared with the same period a year earlier, when 194 properties sold for more than NZ$5,000,000 in the first three quarters of 2021, sales volumes plunged 48%.

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Of the 99 properties sold for more than NZ$5,000,000 in 2022, 8 reportedly fetched more than NZ$10,000,000, while 24 were sold without being publicly marketed. These included a luxury property on Paritai Drive in Auckland's Orakei, which achieved this year's highest sale price of NZ$20,000,000. Among luxury homes sold for more than NZ$5,000,000 nationwide, Auckland accounted for the largest share, with 74 sales, followed by Tauranga with 8. A luxury home on Oceanbeach Road in Mount Maunganui also fetched an extraordinary NZ$11,000,000.

Strictly speaking, sales figures for the first three quarters of 2022 may not be entirely accurate or comprehensive, as they may exclude some properties that have sold but have yet to settle. Nevertheless, the overall decline in top-end luxury home sales is indisputable. Next, we look at the publicly marketed properties that achieved the highest sale prices in each region.

Auckland

This luxury home in Auckland Orakei, on Paritai Drive, sold for 20,000,000 New Zealand dollars

A renovated house on Paritai Drive in Orakei sold off-market to become Auckland's most expensive property sale this year. Among publicly marketed properties, however, the highest price was achieved in May by a Victorian home on Remuera Road, which sold for NZ$12,000,000 just weeks after listing.

This Victorian home on Remuera Road sold for 12,000,000 New Zealand dollars

The 577-square-metre, five-bedroom heritage-style luxury home has an indoor swimming pool and is one of just over 10 properties remaining on the Remuera ridge. The buyers intend to spend NZ$5,000,000 on major renovations to add value. Its 2021 CV was NZ$10,400,000, and its sale price was NZ$10,000,000 higher than its 1989 sale price.

Bay of Plenty

In Mount Maunganui, on Oceanbeach Road, a luxury home sold for an extraordinary 11,000,000 New Zealand dollars

In May this year, a beachfront home on sought-after Oceanbeach Road in Mount Maunganui sold for a record NZ$11,000,000. The three-bedroom luxury home, on 838 square metres of land, surpassed the NZ$10,200,000 record set last year when Sir Colin Giltrap sold his five-bedroom penthouse on Maunganui Road. The architect-designed home backs onto sand dunes and offers stunning views of the Pacific Ocean and surrounding islands.

Queenstown

A five-bedroom luxury home in Queenstown sold this year, in month 1, for 8,150,000 New Zealand dollars

This contemporary five-bedroom home on Park St in Queenstown was designed by designers at NZ Sotheby’s International Realty. With a gym, sauna and spa pool, it became the area's highest-priced property sale this year. The company also sold a four-bedroom luxury home in the Queenstown hills for NZ$9,000,000, but strict confidentiality clauses meant it was not publicly marketed.

Waikato

In Whangamata, on Tangaroa Road, a beachfront home sold for 6,250,000 New Zealand dollars

Waikato's highest property sale price this year, NZ$6,250,000, was achieved at an auction in June in Tangaroa, a well-known Coromandel seaside town. The three-bedroom home's eventual sale price was more than NZ$2,000,000 above its 2020 RV. It was the town's second-highest price ever, NZ$890,000 short of the NZ$7,410,000 record set by a four-bedroom beachfront home on Seaview Road in June 2021.

Taranaki

New Plymouth Courtenay Street saw a brand-new luxury home sell for 5,500,000 New Zealand dollars

This contemporary five-bedroom home on Courtenay Street in Strandon, New Plymouth, measures 560 square metres and sold for NZ$5,500,000. It broke the city's previous record of NZ$3,500,000, set by another contemporary home on Hamblyn Street in November last year.

Nelson

In Nelson Britannia Heights, on The Cliffs, a 373-square-metre home sold for a substantial 4,600,000 New Zealand dollars

This contemporary luxury home, measuring 373 square metres, became the area's most expensive property this year when it sold in January for NZ$4,600,000. The architect-designed three-bedroom home is in one of the city's premier neighbourhoods and has panoramic views of Tasman Bay. Built four years ago, it had a CV of just NZ$3,400,000 last year.

Hawke’s Bay

In Hawke's Bay, outside Havelock North, on Walcott Lane, a property sold for 4,600,000 New Zealand dollars

Designed and built by leading Hawke's Bay designer Andy Coltart of Black Barn, this stylish four-bedroom luxury home sold in February for NZ$4,600,000. It is reportedly part of a shared 51-hectare estate with walking tracks and a tennis court, surrounded by stunning views of the Tuki Tuki Valley and Te Mata Peak. Just 10 minutes' drive from Havelock North, it had a CV of only NZ$2,450,000.

Canterbury

In Christchurch's Mairehau, on Queen Elizabeth Drive, a luxury home sold for 4,500,000 New Zealand dollars

A contemporary five-bedroom luxury home measuring 791 square metres on Queen Elizabeth Drive in Mairehau, Christchurch, sold for NZ$4,500,000 just over a month after listing. This was nearly NZ$2,000,000 above its 2019 CV and set Canterbury's highest sale price this year. The property occupies 6309 square metres of land and includes garaging for 10 cars, a gym and beauty room, a swimming pool, spa, tennis court and extensive outdoor entertaining areas.

Wellington

In Wellington's Oriental Bay, on Wikinson Street, a four-bedroom luxury home sold for 4,200,000 New Zealand dollars

This 8-year-old, four-bedroom home sold in May for NZ$4,200,000, becoming one of the city's most talked-about property sales this year.

Northland

In Whangarei, Taiharuru, on McGregor Street, a home sold for 3,500,000 New Zealand dollars

Designed by renowned architect Ken Crosson, this cedar home sits above Taiharuru Beach on Whangarei's north-eastern fringe. It sold in April this year for NZ$3,500,000, nearly NZ$2,000,000 above its 2019 CV.

Marlborough

In Blenheim Springlands, on Murphy Road, a property sold for 2,850,000 New Zealand dollars

This six-bedroom luxury home on Murphy Road in Springlands, Blenheim, occupies 7450 square metres of land. It sold in May for NZ$2,850,000, setting the area's highest sale price and fetching more than twice its 2020 CV of NZ$1,270,000. Records show it sold 25 years ago for NZ$425,000.

Gisborne

In Gisborne Wainui, on Lloyd Geroge Road, a luxury home sold for 2,400,000 New Zealand dollars

This contemporary four-bedroom home sold in February for NZ$2,400,000, becoming Gisborne's highest-priced home sale. It measures 264 square metres on a 4049-square-metre section, just a few blocks from the city's well-known Wainui Beach.

Manawatu/Whanganui

On Whanganui Eaton Crescent, a property sold for 2,000,000 New Zealand dollars

This luxury home with five bedrooms and four bathrooms made headlines in Whanganui when it sold in June for NZ$2,000,000, breaking the city's previous residential sale record of NZ$1,600,000. The striking home on Eaton Crescent dates from the 20s of the 20th century, sits on 4000 square metres of land and has a tennis court and swimming pool.

Southland

A home overlooking Lake Te Anau sold for 1,950,000 New Zealand dollars

This 800-square-metre, three-bedroom home sold in January for NZ$1,950,000, becoming the area's highest-priced property sale. The 10-year-old solid-plaster and schist home sits on 1480 square metres of land on Howden Street and had a 2021 CV of NZ$1,340,000.

West Coast

In Tasman Kaurangi National Park, a waterfront home sold for 990,000 New Zealand dollars

This waterfront home sold in February this year for a record NZ$990,000. Tucked into bush about 400 metres from the water, the tidy house sleeps 14 people and could generate substantial income as a short-term holiday rental.