Mansions back in the game

Beaches. Swimming pools. Sculptures on sweeping lawns. The odd helicopter pad. Yes, multi-million house sales are back - and a few estate agents are smiling.

They are reporting a rise in the sales of luxury homes in the past few months, as both buyers' and sellers' confidence in the property market increases.

Millionaires' investment portfolios may be down, their companies may be laying off staff, but a few of them still seem able - and sufficiently upbeat - to play the Monopoly mansion market.

Bayleys agent David Rainbow has been selling property in Remuera for 25 years.

Last year was his quietest, but he has noticed a pick-up in the big ticket listings since March.

He has just sold a palatial four-bedroom house at 87 St Stephens Ave in Parnell, along from the Prime Minister's home. Though the sale price is not yet public, Rainbow had it on the market for $3.49 million - $490,000 above the CV.

To read the full NZ Herald story, click here

Posted: 2 Aug 2009

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