Rising out-of-town interest may be driving demand for high-end residential property across Dunedin, says Bayleys salesperson Kylie Cashmore.
The property at 52 Balmacewen Road, Maori Hill is offered for sale by deadline closing Wednesday, 5 May 2021.
According to House Price Index data from CoreLogic New Zealand, Dunedin’s average property values have risen some 15.4 per cent in the last 12-months, and 6.7 per cent in the March quarter alone.
While some of this activity has been attributed to a growing investor presence, Ms Cashmore says she is seeing a greater proportion of well-heeled and out-of-town buyers seeking high-end properties in desirable neighbourhoods.
“Despite a big increase in average sale values for the area over the last 24 months, well-located homes across Dunedin still present exceptional value for money,” she says.
“We are starting to see values hit above the $2 million mark in upscale neighbourhoods like Maori Hill and St Clair.”
“Where a comparative property in Auckland might carry a price-tag closer to $3 million, more buyers based outside the city are looking to Dunedin for affordability and value for money,” she adds.
Ms Cashmore and her Bayleys Dunedin colleague Kees Meeuws are listing one such property for sale at 52 Balmacewen Road in the prestigious Maori Hill neighbourhood, for which they expect to field interest from buyers based across New Zealand.
The striking, architecturally designed four-bedroom home was completed in 2017 by renowned local firm Katipo Design, with an emphasis on exposed concrete, cedar and weatherboard construction.
“New build homes in the exclusive Maori Hill area are few and far between,” Ms Cashmore says.
“The school opposite is John McGlashan, a boarding school popular with many central Otago families, which is like something in Remuera, Auckland, opposite King’s School,” she adds.
Comprising four bedrooms, two bathrooms, a media room and a three-car garage, the property is marketed for sale by Bayleys Dunedin in a deadline sale closing Wednesday, May 5.
“Occupying a private, elevated and enviable position, this home really stands out for its unique design merit,” Mr Meeuws says.
“It’s architecturally stunning, with vibrant, luxurious details evident in everything from the flooring, walls, lighting and landscaping,” Ms Cashmore says.
“Built to high specifications utilising quality materials, the home is a unique blend of opulent details which are low-maintenance, ideal for a modern family,” she adds.
“The real point of difference is the architectural attention to detail and superior workmanship throughout the home.”
A multi-levelled, vertical, railed staircase accentuates a rich hallway, while a dynamic configuration offers a feeling of space and privacy for residents.
There is a large master suite with an equally sizeable walk-in-wardrobe plus a lavish ensuite bathroom.
Three remaining double bedrooms with built-in wardrobes are serviced by a large family bathroom and separate wash closet.
“Extensive, open-plan living can be found upstairs, with soaring windows which bathe the space in light and warmth, perfect for entertaining,” says Ms Cashmore.
“The living zones enjoy a light-filled northerly aspect gaining panoramic rural and suburban views, with a board form concrete fireplace which serves as the focal point of the room,” Mr Meeuws says.
Living areas offer outdoor access from the main lounge to a sheltered, private patio offering impressive views of the surrounding hillside and renowned Balmacewen Golf Course.
“The sleek kitchen is an entertainer’s dream with generous bench space and premium appliances, while a scullery with dedicated wine fridge, airing cupboard and laundry is another fabulous multi-functional space,” says Ms Cashmore
“A smaller, cosier media room can be found adjacent to the main living spaces with a gas fireplace, perfect for family movie nights.”
There is also an internally accessible triple car carpeted garage with ample storage options on the ground floor.
“The home is positioned a stone’s throw from the oldest golf course in New Zealand, with the highly sought-after boy’s boarding school – John McGlashan – directly across the road.”
“It’s a superb location unsurpassed in proximity to prominent schools, cafes, restaurants and other amenities.”
“Located in one of the most desirable suburbs in Dunedin, this architecturally designed home will appeal to the top end of our property market,” Ms Cashmore says.
Families looking to upsize, busy professionals with a discerning eye and out-of-town market watchers considering a lifestyle change are all expected to show interest
Ms Cashmore says it is pleasing to see out-of-town purchasers increasingly interested in main centres beyond the North Island.
“Dunedin has so much to offer, with the added bonus that the same Kiwi dollar goes a little further for housing here,” she adds.