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Caleb Paterson says buyers and sellers of luxury goods work differently. This Ōkura property sold for $6.4m.
A real estate agent who works on multi-million dollar luxury homes in Auckland says the super rich do things differently when it comes to buying and selling their homes.
Real estate agent Caleb Pearson, who recently launched the agency Paterson Luxury, says there are about 4,500 luxury homes in Auckland across the country – priced at $3.5 million or more.
He also cites data from REINZ, which shows 138 residential properties and $512 million worth of houses have been sold since the start of 2023 in the Auckland region.
Paterson says the end of the market operates “differently than other sectors”.
“Many of the owners like to fly under the radar and some have assets in the hundreds of millions of dollars. Awareness is important and that’s why we don’t have signs on our cars.”
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The classic cars can be admired from one of the lounges in Dairy Flat.
He added that some of the buyers “are very busy and want to buy a house that they can move into without having to change”.
“The second group of buyers like to add their own style and beauty to the property, and they are willing to spend time and money to create something that can be theirs. This is also often the case with some of our younger buyers,” he says.
Paterson says Generation X customers are driving the demand for modern, well-designed homes.
“At the moment there is a huge demand for industrial-looking spaces using materials such as steel, and architects like Fearon Hay are interested in them.
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The larger space is more at the high end of the market, says Caleb Paterson.
“There is also a desire for one-stop-shops, which means buyers can stay in these homes for longer periods of time – enjoying spaces that are smaller and less well-maintained.
“We’re still seeing a lot of interest in larger areas like Coatesville, where there are swimming pools and tennis courts that owners don’t often use but are built to improve the area,” he says. .
Paterson says high-end customers expect to see at least three bedrooms, 4m-stud heights, multiple bathrooms, and high-end kitchens.
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Caleb Paterson says high-end clients want privacy, saltwater pools, three entertainment venues, and more.
Privacy is important, as is outdoor recreation.
“There is also a move towards salt water in pools instead of chlorine and, this needs to be heated,” he says.
Paterson says new immigration is driving demand for New Zealand’s most popular properties.
“About half of the people interested in these houses are from buyers from other countries who are coming into the country as new citizens.
“We had an international client who tried to get a visa after it was discovered that he had $10 million in assets and wanted to start a large business in NZ. He waited nine months to get through and was knocked back every time.
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This property in Dairy Flat, Rodney, Auckland went under the hammer for $5.35 million in 2021.
“Then he got fed up and applied for a visa, two weeks later he got a chance and he didn’t use the money to do business here – I hear these stories all the time,” he said. He says.
Paterson says there’s often a big difference between the RV and the price tag at the high end of the market.
He also said that the property damage is on the owner, while he wants to prevent the money to be bought elsewhere.
“Most of the time these valuable people can sell one property in a place that may seem like a loss and get money to buy a bigger or better property or even money elsewhere,” he says.
His agency has set up a concierge service to help high net worth individuals prepare their properties for sale.
“As part of our offering we will take care of everything from gardeners to builders and get ideas for a custom built pool if that’s what’s needed on the property,” he says.
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