Luxurious Queenstown Home Hits Market for First Time

A stunning three-bedroom home located at 32 Vista Terrace in Drift Bay, Queenstown, has entered the real estate market for the first time since its construction in 2018. Designed by renowned Auckland-based architect David Ponting, this luxurious residence spans 431 square metres and is situated on nearly an acre (3,615 square metres) of prime lakefront land, offering breathtaking views of Lake Wakatipu and Cecil Peak.

Each bedroom in the home features its own ensuite bathroom, complemented by an additional powder room, a separate mudroom, a laundry area, and a wine cellar. A dedicated library overlooks the picturesque Wye Creek waterfall, enhancing the property’s appeal as a serene retreat.

The local real estate market is responding positively to the listing, as prices in Queenstown’s $5 million suburbs are outpacing trends across New Zealand. There is notable international interest in the property, despite the foreign buyer ban currently in effect. Matt Finnigan, a representative of Sotheby’s International Realty in Queenstown, noted in June that demand for homes priced above $10 million is exceptionally high. He stated, “That top end of the market is strong. We’ve had the strongest year ever. Our biggest issue is not having more of those ultra-valuable, high-calibre homes to satisfy demand.”

Marketing materials for this exceptional property highlight its Italian volcanic sandstone flooring, elegant linen drapes, and a combination of Timaru bluestone and black-stained cedar cladding. The design is described as a harmonious blend of glass, timber, and stone, softened by carefully curated gardens and artwork.

Arriving at the property, visitors are greeted by a gated entrance and a sweeping drive that leads to a striking Mark Hill sculpture beneath a dramatic light well. The external landscaping features a Japanese-inspired courtyard, expansive lawns, native plantings, and specimen trees, while a cedar-clad boathouse offers additional space that can be used as a studio, gym, or for boat storage.

“This is one of those rare homes that genuinely takes your breath away,” said Terry Spice, director of Luxury Real Estate New Zealand. “Every aspect has been considered and executed to the highest level. It’s rare to see architecture and environment come together with this degree of authenticity.”

Spice further emphasized the uniqueness of the property, citing its “exceptional modern architecture” and the fact that it is absolute lakefront property, a rarity in the Queenstown area. The current owners have purchased another property, prompting the sale.

The home has a current capital valuation (CV) of $7.63 million, but homes.co.nz has set a price expectation range between $11.7 million and $13.3 million. Although Spice did not provide a specific price expectation, he referenced the recent sale of a bare section of land in nearby Drift Bay for $5 million as a point of comparison. He indicated that a high-quality build like this one could cost between $15,000 and $20,000 per square metre for the best materials and finishes available.

As the luxury market in Queenstown continues to thrive, this opulent home presents a unique opportunity for discerning buyers seeking a one-of-a-kind property in a stunning location.