A waterfront mansion on one of New Zealand’s richest streets has sold for around $10 million, OneRoof can reveal.

The stunning five-bedroom house on Rawene Avenue, in Westmere, had been expected to sell for around its CV of $10.4m, and the listing agents indicated to OneRoof that the sale didn’t disappoint.

Ollie Wall, of Wall Real Estate, confirmed to OneRoof that the sale went unconditional on July 5, but declined to reveal details of the buyer.

“There was a lot of interest in the property. There is a drought of good quality homes. All of a sudden there are tonnes of buyers but nothing for sale in that upper price bracket,” he said.

“I can see why people are holding off listing at that level, they think they’ll make more money later. But the fact is that supply is so low that they’re getting good prices now.”

Wall said that while waterfront was special and commanded a higher price, buyers were just looking for quality homes in good areas.

At the time it went on the market, Wall noted that the Rawene Ave property was the only big family house for sale on the waterfront at the moment. The one other recent sale on the street, for a renovated three-bedroom house on a 720sqm non-waterfront site, was in March for just over its CV of $4.8m.

The neighbourhood is home to a clutch of rich-listers and celebrities, and boasts several trophy homes that have sold for big sums, including the waterfront pad bought by former All Black Ali Williams and billionaire ZURU Toys owner Anna Mowbray for $24m from Shrek director Andrew Adamson.

Tech start-up entrepreneur Sharon Hunter and former Tauranga mayor Tenby Powell sold their striking modern waterfront home for $17.68m. It made headlines when it was rented by Hollywood action star Jason Statham and his partner, model Rosie Huntington-Whiteley, while he was filming the shark thriller The Meg in Auckland.

The waterfront property has also been substantially renovated since the owners bought it 12 years ago for $4.4m, extending the house out towards the sea, adding an infinity pool and steps down to the flat land on the water where they upgraded the boatshed. There is also a two-bedroom apartment over the double garage to make a family compound of 542sqm of house on the large 1176 sqm section.

Wall said that $8m-plus buyers had started to re-appear in June after a very quiet March to May period.

“Most people are pretty clued up, they’ve got their finger on the pulse. We saw everyone sit on their hands for a little while, but now the sentiment is we’ve seen the bottom and now is a good time to buy.”

OneRoof listings show just one other waterside property for sale in the tightly-held suburb, a new-build townhouse on 73 West End Road. One of a pair, the three-bedroom Ponting Fitzgerald-designed home has unobstructed views across Cox’s Bay and the upper harbour to the Chelsea Sugar Works building.

New Zealand Sotheby’s International Realty agent Pene Milne, who is marketing the property with James Kelly, said the next door townhouse by the same developer has just sold for $4.5m.

“We’ve had steady interest, especially in the last two weeks, there are more people showing up at open homes,” she said.

“This property appeals to people downsizing from the family homes in Herne Bay or Ponsonby or Westmere, wanting something brand-new and lock-up-and-leave. We’re also getting a lot of enquiry from overseas from people drawn to water views and walkability to the Westmere and Jervois Road villages.”