TOM HUNT
The buyer of Wellington’s most expensive house sold in the 12 months till November could have bought the region’s cheapest home 31 times over and still had change.
The historic Powles House, in Kelburn’s Wesley Rd, went for $3.25 million, officially the dearest sold in the Wellington region – a world away from the $102,500 paid for a house in Masterton’s Villa St in the region’s cheapest sale.
Yet there is talk that the December 2010 sale could be trumped by one not yet on the books: a plush apartment that reputedly sold for up to $8 million.
Overlooking the Botanic Gardens, Powles House is the former home of World War I hero Lieutenant Colonel Guy Charles Powles, father of Sir Guy Powles.
According to Wellington City Council records, the property has a capital value of $3m, and a rates bill of $11,712.75. Described as “loosely Italianate in style”, it has a category 1 rating with the Historic Places Trust, protecting it against demolition or radical alterations. It is owned by Salamanca Nominees, of which Wellington man Terry McAlister is the director. He is a former chief financial officer at Morrison Co. Founder Lloyd Morrison lives nearby. Lawyer Andrew Stewart – listed as Salamanca Nominees’ only shareholder – said the occupants wished to be anonymous.
Rankings of the most and least expensive houses, supplied by Quotable Value, include only market sales – not forced sales or trust and family transfers or apartments – from October 2010 to November 2011. They show a smaller gap between the costly and cut-price than the previous year.
Dominion Post records show 5 Roseneath Tce sold in March 2010 for $5.65m – 87 times the price of the cheapest property – a $65,000 house in Charles St, Carterton.
Harcourts real estate managing director Marty Scott said the Wellington property market remained sluggish.
Top-end properties still sold, although in smaller numbers. In the wider Wellington region, about 560 homes sold in October, compared with twice that number in October 2003.
At present, just over 20 homes would sell for more than $1m each financial quarter. It was about double that in 2003.
Mr Scott said he understood a property in the former Overseas Terminal in Oriental Bay was sold this year for up to $8m. However, the titles would not be issued until the development was complete. Willis Bond, the company developing the Overseas Terminal, would not comment. Managing director Mark McGuinness said last year apartments in the development would range from two-bedroom units, which would cost more than $1m, through to four-to-five-bedroom apartments “which could set new [price] levels for the Wellington apartment market”.
Bayleys Wairarapa agent Lindsay Watts said the $102,500 house in Masterton’s Villa St would have probably needed a fair bit of work. But in Masterton, $150,000 to $200,000 would get buyers a three-bedroom cottage in average condition and with a decent lawn. “A lot of people move here because of the schools and the community.”
The $3.25 million paid for the Kelburn house would pick up a “substantial” 600-hectare hill-country farm in Wairarapa.
The Villa St property sold in June. Although run-down, it appeared to have the bones of a good family bungalow, with a porch, garage, and garden.
– © Fairfax NZ News
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