– Agents reveal what the super-rich look for in a Kiwi house<\/a><\/p>\nMartelli says this takes hours of work, and buyers should expect to be quizzed on their expectations, motivations and financial capabilities. \u201cNeither agents nor vendors want to spend their time on people who aren\u2019t qualified to buy the home.\u201d<\/p>\n
That\u2019s where a buyer\u2019s agent comes in, finding and vetting committed buyers and matching them with prospective properties through selling agents. \u201cWe charge a retainer up front, and we ask a lot of questions of our buyers, in terms of what\u2019s important to them, what it\u2019s worth to have certain things.\u201d<\/p>\n
Martelli Buyer\u2019s Agents then searches and finds properties for the buyer, some of whom are paying cash and some who are part-financed. Those being financed usually need to provide the bank with a property valuation.<\/p>\n
Martelli says that $10m buyers still have to do their due diligence, noting that the more expensive the home, the more buyers should expect to pay for a building report. \u201cThe homes tend to be larger, so things like your building inspections will be more comprehensive and take more time for the inspector to go through.<\/p>\n
\u201cOn the flip side, more expensive properties typically are higher quality.\u201d<\/p>\n
Understanding value is a tricky part of buying at the high end of the market. Buyers are often reliant on sales agents to provide a price guide. \u201cThe challenge with buying a $10m property is finding comparable sales,\u201d Martelli says. \u201cBecause a lot of these transactions are happening quietly, it can be difficult to go, \u2018Well, what\u2019s that home actually worth if I\u2019ve only seen one or two?\u2019.\u201d<\/p>\n
Martelli says the main difference between a $10m home and a $1m one is \u201cspace\u201d.<\/p>\n
\u201cYou would expect a good amount of land around you if that\u2019s what\u2019s important to you,\u201d she told OneRoof. \u201cTen million dollars should typically get you much higher finishes, i.e. you should be looking at granite or marble, beautiful French oak flooring, very high-end and imported appliances.<\/p>\n
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Arney Road, in Auckland\u2019s Remuera, is home to some of the country\u2019s most expensive properties. Photo \/ Chris Tarpey<\/p>\n
\u201cMultiple ovens. You would be expecting to have a butler\u2019s pantry. You would expect but not always get internal garaging.\u201d<\/p>\n
And of course, a water view, although Martelli says sometimes this is a partial view because Auckland properties are so expensive now that $10m might not buy a dream home.<\/p>\n
\u201cSo $10m buys you a beautiful home, but for many people, there\u2019ll still be something that is sacrificed.\u201d<\/p>\n
The types of people in the market for prestige real estate are largely entrepreneurs, Martelli says. \u201cAlmost all of the clients we work with above $5m have in some way been involved with business. They have founded a business and sold it, or they have built up a business and sold part of it, or they just have a business that\u2019s doing very, very well.\u201d<\/p>\n
She says she has yet to take on a client who is a Lotto winner (to her knowledge). \u201cWe don\u2019t get many \u2018trust fund\u2019 buyers or people who have been gifted the money. It\u2019s generally self-made money.\u201d<\/p>\n
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Queenstown-Lakes has become a magnet for younger buyers who have made their money “through entrepreneurial means”. Photo \/ Getty Images<\/p>\n
Luxury Real Estate New Zealand directors Terry Spice and Nick Horton, who operate at the top end of the market in Queenstown, says buyers often reach out to them at the start of their search.<\/p>\n
\u201cWe\u2019re generally working with buyers who have a good awareness of what they are looking for,\u201d Spice says. \u201cWe\u2019re then able to keep them up to date with new opportunities that fit their requirements before they come to the open market.<\/p>\n
\u201cMatching customers with properties is a key part of what we do. It\u2019s not just a case of advertising them online.\u201d<\/p>\n
Horton says those selling do so for a variety of reasons. \u201cMany domestic and international buyers see an asset here as a legacy property, but may not be able to commit to full-time living in the area.\u201d<\/p>\n
Spice says the agency\u2019s buyers are a mix of older, multi-generational wealth and people who\u2019ve been successful in business or property. \u201cThere\u2019s also a younger demographic coming through who have perhaps built wealth through entrepreneurial means,\u201d he says.<\/p>\n
\u201cAustralians and overseas buyers account for a good proportion of sales at that level, but, of course, there are certain restrictions and challenges to navigate in some of these instances.\u201d<\/p>\n
Horton says not everyone has an upper limit; some buyers are more interested in finding the right property. \u201cIn saying that, we are currently working with a buyer who has a budget of $40m.\u201d<\/p>\n
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