Sale tests waters of luxury market

Properties such the highlighted clifftop site at 11 Hanene St, St Heliers do not come up for sale often. Photo / Supplied

An exclusive Auckland clifftop property is up for sale for the first time in 20 years, with an asking price of just under $10 million.

And one expert believes the Hanene St, St Heliers, site will show whether the luxury, high-end house market has recovered from the recession.

The 3037sq m property is made up of three lots with a total Quotable Value (QV) of $9.6 million. The property was bought as a family home in 1989 for $1.4 million. However, after the owners died their children decided to sell up.

Ross Hawkins, from Kellands Real Estate, said the owners had split the property up into lots to provide each of their children with land.

The front lot on the clifftop overlooking the Waitemata Harbour and Rangitoto Island has a four bedroom Rolly Adams-designed house.

"Hanene St has become of the most exclusive streets ... unlike Paritai Drive there is no road running in front of the houses, it runs along the back meaning the properties go right to the clifftop," Hawkins said.

He said other properties on the street had recently fetched between $9 million and $11 million.

"The site two doors down is where (property developer) Ted Mason is building and he paid $9.6 million for that and it's about 2500sq m. Another house has just gone in next door to that on a property just over 3600sq m and that went for $11 million for the land alone. That's the calibre of properties in this street."

The property is big enough to house six homes and there are options to subdivide.

"It would be a shame to subdivide ... ideally there is room for a swimming pool, tennis court, guest house or extension."

Property expert Olly Newland said properties like Hanene St didn't come on the market often.

"This sale will be a real test of the luxury end of the market," he said.

"If it sells for the figures suggested then the property recession especially at the high end can be said to be officially over."

Newland expected the new owner to come from overseas.

"I would be surprised if it sold for [$9.6 million] as it will be one of the dearest pieces of land ever of its type," he said. "I think $6-6.5 million is more realistic."

Hawkins said the property was open for tender until March 3.