OneRoof Property Report - 31st May 2021

Monday, May 31, 2021

PROPERTY TY Y REP REPORT PORT

Revealed The 100 most expensive homes in New Zealand

How to dress your mansion Style tips from the superwealthy

Show me the money Life at the top end of the market

House price index The latest property values for every suburb

THE PROPERTY

RICH LIST

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Discover the easy, luxurious living you’ve always dreamed of in your Ovation home.

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Kirsten Bishop +64 27 660 6446 kirsten.bishop@bayleys.co.nz

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Herne Bay Waterfront This stately North-facing, five bedroom family home sits right above Herne Bay beach. A large swimming pool & pool house, full-size tennis court and gym are all part of an extensive remodel completed to the very highest standard.

At 2795m2, this property is one of the very few of this magnitude on Auckland’s waterfront.

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MARKET WATCH

The house price outlook for top and bottom of the market

OWEN VAUGHAN Note from the editor

F

or the vast majority of us, multi-million-dollar luxury homes are a Lotto dream away, but even if we can’t afford them, we are still fascinated by the mansions — and lifestyles — of the rich and famous. There is a lot of wealth in New Zealand, and it is on the hunt for a home. Working with OneRoof’s data partner Valocity, we’ve combed through every house sale since 2000 and compiled a list of the most expensive homes in New Zealand. By doing so we’ve found out what drives the top end of the market and what makes New Zealand different to the rest of world when it comes to high-priced real estate. Enjoy your trip through our Property Rich List.

Higher-value houses tend to experience price changes that reflect the performance of the overall economy, writes TONY ALEXANDER.

I

INSIDE

Cover story: The Rich List ........................ p6-8 NZ’s 100 most expensive homes........ p10-15 Show me the money .......................... p16-17 Streets of gold...................................... p20-21 How to dress your mansion ................ p24-25 Height of luxury......................................... p26 Global house prices................................. p28 Market update .................................... p32-33 Ashley Church .......................................... p34 Latest suburb values ........................... p35-41 DESIGN ................................ Paul Slater and Jennifer Adams SUBBING ............................................... Akanisi Taumoepeau PHOTOS ..................................... Fiona Goodall, Chris Tarpey

The Government wants to dampen investor demand and make housing more affordable for first-home buyers.

n New Zealand we have a shortage of houses, measured in three ways. First there is a shortage of social housing, as evidenced by the many people placed in motels, and the data showing such housing as a proportion of our housing stock sitting below 4% compared with an OECD average above 7%.

Second, there is a shortage of affordable accommodation, due to insufficient construction of lower-priced homes from the mid-1990s.

Third, there is a shortage in Auckland - evidenced by the increase in the number of people per occupied house to 3.15 at the 2018 census from 2.85 in the census of 1991.

Outside of these three pressure points, the shortages which people believe exist all around the country can be more accurately described as buyer frustration, caused by a special surge in people wanting to buy at this point in time exceeding the growth in the number willing to sell at the moment.

Prices have not risen 29% around all NZ and 26% in Auckland since May last year as a result of a sudden population boom at a time of decreasing house numbers.

Instead, we have had a number of waves of buyers choosing to make a purchase now rather than sometime in the future.

Some are buying because they have delayed international travel plans. Others are responding to record low mortgage rates allowing them to meet lender debt servicing rules earlier than if rates had stayed up. Others are buying because they think one million Kiwis offshore will come flooding back when the borders open (hint, they aren’t coming).

For a while there was extra buying because of the

Tony Alexander temporary removal of loan to value ratio rules (LVRs). There was some short-lived buying by people who unexpectedly saved money during last year’s nationwide lockdown and achieved a deposit earlier than they expected. There has also been buying because of simple FOMO (fear of missing out), and talk of shortages making people take time off from buying toilet paper they believe is in short supply to instead buying a house!

Some, but not all, of these factors have ended, or are in the process of easing off and some of that easing off can be put down to LVRs coming back at a higher minimum deposit level for investors of 40% for existing property. Some we can also attribute to tax and brightline test changes announced by the Government on March 23.

But are we able to talk about these various factors affecting all price ranges in housing markets around the country in the same way? No. The Government’s goals on housing, beyond building more social accommodation and improving rental stock quality, include dampening investor demand for existing property and making housing more affordable for first-home buyers. All these goals target the low-priced end of the housing market.

For first-home buyers it is all they can afford. For investors it is where they get the best yield.

For social housing providers it is where limited funds will deliver most numbers of units and bedrooms.

Higher-value houses tend to experience price changes that reflect the performance of the overall economy, the small to medium-sized business sector particularly, and borrowing costs.

Those borrowing costs remain at record lows and will probably not start rising for short-term fixed rates before the middle of next year. The economy has performed much better than anyone expected a year ago and, looking forward, the most basic forces which we economists focus on when forecasting growth are all very positive.

Our commodity export prices are running 16% higher than at the end of 2019, and growth predictions for our main export destinations are strong and getting stronger. Prospects for our primary sector exports look promising and one day the international tourism sector will once again make a good revenue contribution.

Consumers are in a good mood and indicating high willingness to keep on spending, assisted by healthy bank balances and very strong labour demand. House construction is running at the highest levels compared with our population base since the mid-1970s, infrastructure spending is rising, and commercial construction in some sectors looks positive.

Inflation for now is holding low and the monetary policy brakes won’t be applied for a while. Plus, the Government is not initiating fiscal austerity policies.

So, chances are good that while policy changes will slow down the low to middle parts of the housing market, the topthird priced properties are likely to experience little if any easing in demand this coming year. ● Tony Alexander is an economics commentator and former chief economist for BNZ. Additional commentary from him can be found at www.tonyalexander.nz

We are proud to be recognised as Bayleys No.1 Residential Sales Person 2021 (BRE) Become part of The Wallace Difference.

Gary Wallace 027 498 8585 | gary.wallace@bayleys.co.nz Vicki Wallace 021 988 585 | vicki.wallace@bayleys.co.nz Andrew Wallace 021 148 7679 | andrew.wallace@bayleys.co.nz BAYLEYS REAL ESTATE LTD, REMUERA, LICENSED UNDER THE REA ACT 2008

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THE

THE PROPERTY RICH LIST: COVER STORY

Despite rising prices, New Zealand’s luxury housing market is still quite small.

But if there were no foreign buyer ban, say agents, Kiwi houses would sell for $40m-plus. CATHERINE MASTERS reports.

E

ven before the onset of the Covid crisis, New Zealand had a global reputation as a bolthole for billionaires, with the likes of Avatar director James Cameron and tech guru Peter Thiel buying up Kiwi beauty spots.

When the pandemic struck there was a rash of stories about the rich and mega-rich flooding real estate sites looking for luxury Kiwi homes, and just this month the Government announced new measures to a"ract rich investors.

But surprisingly, the majority of New Zealand’s high-end homes are bought

by Kiwis. And, despite our enduring fascination with luxury real estate, the top end

Waterfront Herne Bay, in Auckland is home to some of the most expensive homes in New Zealand.The suburb has a median property value of more than $3 million.

Photo / Chris Tarpey

Titanic director James Cameron and his wife Suzy Amis own a slice of New Zealand.

Photo / Getty Images

of the housing market in New Zealand is miniscule.

A OneRoof investigation into the more than 2.2 million residential property exchanges since 2000, found that $10 million-plus sales numbered li"le more than 100 - 0.004% of the entire market.

And sales in the $5m to $9.99m price bracket numbered just over 1000, or 0.04% of the overall market.

Some of the agents OneRoof spoke to say that the reason for the small number of big sales is that New Zealand just doesn’t have the stock in those top price brackets.

Homes that would sell for those prices either don’t exist, as in they haven’t been built yet, or are owned by people who don’t want to sell because they would then have to search high and low to find something similar.

The agents, however, say that if luxury homes were available or were built on spec by developers, they would sell fast because there are plenty

of people queuing up to buy them.

This reflects the fact that there are a lot more wealthy Kiwis in the country than there used to be, they say.

A recent New Zealand Herald report backs this up: the number of ultra-rich Kiwis has nearly doubled since 2015 with 390 people now worth $50m or more and that high wealth individuals and associates numbered 12,537 in the 2019 tax year, up from 7009 in the 2013 tax year.

OneRoof data shows the price bands which have seen the biggest increase in sales over the last 20 years are in the $1m-$2m and $2m-$3m price bands, though agents who work in Auckland’s exclusive Eastern Bays suburbs say $5m sales for a “standard” home are now common, especially since the sharp spike in prices post-lockdown.

While many of the New Zealanders struggling to get onto the property market may feel faint at the thought of paying $5m, let alone $10m or $20m or more, these prices

pale in comparison to the luxury markets in big cities overseas. You could call New Zealand a li"le on the cheap side.

In the United Kingdom, for example, the richest street is Kensington Palace Gardens, in London, where the average property price is more than $70 million.

New Zealand’s biggest residential sale, $38.5m for former finance director Mark Hotchin’s mansion in Auckland’s Orakei, is yet to be eclipsed even though that record was set around eight years ago.

Agents say this record is bound to be broken, as there are homes worth the same or more out there, but their view is that on the whole New Zealand simply does not have the pool of palatial homes and apartments that meet the international standards required by the extremely wealthy, who want eight bedrooms, eight bathrooms, eight car garaging and a spa and helipad.

However, OneRoof’s

examination of the top 500 residential sales since 2000 shows there is another big difference between New Zealand’s prestige market and others around the world.

In New Zealand, big sales have a lot to do with land and location and li"le to do with the quality of the house.

Other findings from OneRoof’s investigation include: ● Auckland is New Zealand’s prestige capital, accounting for 440 spots on the list; Queenstown claims 28, Christchurch 6 and Wellington 2. ● Auckland’s double grammar zone heartland - Remuera is the suburb with the most big sales (122), followed by waterfront Herne Bay (49) and St Heliers (25). ● Beachfront properties do not dominate the list but are a big driver of sales in suburbs where beachfront is available. ● The median land size of residential properties that have sold for $10m is close to 2500sqm while the

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median floor area is just under 600sqm. ● New Zealand’s apartment market is underdeveloped compared to other global real estate markets, with few apartments able to command $10m-plus. ● No one at the top end of the market is buying for capital growth with very few of the luxury properties on the list seeing big capital growth in the last two cycles. ● New Zealand is unlikely to see a residential sale of $50m-plus any time soon, with less than half a dozen residential properties sporting ratings valuations of more than $30m.

Agents tell OneRoof they have waiting lists of clients with $10m or more to spend on homes in Auckland’s top value suburbs of Remuera, Herne Bay, St Heliers and Takapuna.

They tend to go door-knocking to find their clients a property but often come away emptyhanded as owners don’t want to sell.

Nearly all the agents OneRoof spoke to claim that lifting the foreign buyer ban might change things because the more astronomical offers that could be made by overseas buyers might tempt current owners.

On the other hand, some agents say there is a lot more money in Kiwi hands than there used to be and that the problem in Auckland is lack of stock, explaining that there are few landholdings left in Auckland to warrant prices of $50m or more.

“There’s a lot of demand

for $10m to $20m houses but the stock is limited,” says Barfoot & Thompson agent Paul Neshausen, who sells in Auckland’s Eastern Bays.

“I sold one in St Heliers in March for just over $12m. I only approached one buyer and they bought it straight away. Quality homes with views and land hardly come up.”

Neshausen says people call him regularly saying they have a budget of up to $20m and give him their requirements but owners don’t want to sell.

“There’s a ton of people with that much money who are New Zealand residents and there is a ton of people who want to move here but there’s nothing for them to buy.

“They either end up buying an interim home or they have to buy acreage up north in the

Bay of Islands, or Queenstown, but for those city slickers that want that Auckland pad, the pickings are thin.

“The challenge I think for New Zealand homes is they’re not up to international standards. I look at a lot of US homes and not only are they quality builds but they’re large - seven bedrooms and seven bathrooms, gym, sauna, swimming pool, tennis court, five-car garaging. There’s just nothing [like that in New Zealand] so [buyers] end up with an average home, although I say average in inverted commas because we’re still talking big money but they’re paying for the land, not the house.”

Sometimes buyers get rid of the existing house but mostly they spend a lot of money upgrading it to luxury

standards. Some individuals acquire several properties to make one super one, such as home-grown billionaire Graeme Hart.

Neshausen says there is a gap in the market for developers to do just that – “buy two or three houses together, bowl them and build a $20m home”.

“I think as soon as someone starts doing that they’ll quickly realise there are more buyers than they think,” he says.

Neshausen isn’t aware of anything in Auckland that could readily break the Hotchin mansion record, and says it’s challenging to find anything in the $20m-plus range outside of Auckland’s blue chip suburbs.

Neshausen believes if there were no foreign buyer ban, there would be $40m-plus

Mansions on Paritai Drive, in Orakei, Auckland, have some of the best views in the city.

Photo / Chris Tarpey

sales. “The Chinese and Americans want to live here and they’ve got more money,” he says.

Ross Hawkins, from Ray White Epsom, agrees.

“I’ve got overseas buyers who don’t have citizenship in Singapore or Australia but want to come here with $15m-$20m and buy something,” he says.

“Now, it makes total sense to let people that are investing that sort of money in our economy come because we need those funds to get through and out the other side of the pandemic.

“It’s just ludicrous we’re not taking advantage of that because the people you’re talking about know what good value we are.”

While the Government hasn’t flagged any changes to its 2018 legislation governing property sales to overseas buyers, it announced before the Budget that it is targeting wealthy investors.

Tourism minister Stuart Nash said new measures would allow more than 200 wealthy international investors to come to New Zealand over the next 12 months.

Hawkins says any suggestion that foreign buyers would shut out locals and first-home buyers is just silly because first-home buyers are never going to buy a $20m house anyway.

“But the seller of that $20m property might buy a piece of development land and deliver 100 affordable houses so it’s all good. Money goes around.” » Continues

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THE PROPERTY RICH LIST: COVER STORY » Continues

He adds: “There’s definitely a market for developers to come in and build big luxury homes because not everybody has the time, the knowledge or the ability to do that, but they do want the beautiful home and they’re happy to pay for it.”

One such spec home in Auckland’s Victoria Avenue sold about a year ago for $8.6m to offshore buyers with New Zealand residency. They wanted a special place but did not want to go through the build process, Hawkins says.

Veteran agent David Rainbow, from Bayleys Remuera, says location and land are everything because buyers can always change the house.

“It’s the location they will be a!racted to first,” he says.

“I’ve just listed one Remuera property which will be marketed quietly at $10m-plus.

It’s a beautiful character home which has been held in the family for quite a long time, and while there will be people who want to buy that for where it is and what it looks like – most will be after the location.”

Everyone’s requirements are different, he says. Some want to be near a good school, some near the waterfront, others near a golf course or tennis club.

“One sale I recently did in Judge St in Parnell, the buyer was involved in importing and he was excited to be able to sit and watch the boats coming in with all his stock.”

Fellow Bayleys agent Gary Wallace says the luxury uxury market has expanded rapidly ly in the last decade. About five years ago you could buy a highend property in Remuera muera for $8m; now buyers would have to shell out $10m to $20m.

Wallace believes that hat the intensification of Auckland uckland has made homes on large estates of 2000sqm-plus, such as those still found in Remuera, more valuable than ever because those looking in the top price bracket want privacy.

Bayleys agent Gary Wallace says the top end of the market has rapidly grown in the last five years. Photo / Fiona Goodall

The mountains and untouched open spaces on offer in Queenstown are a magnet for the superwealthy.

Photo / Getty Images

US billionaire and recent Kiwi citizen Peter Thiel.

Photo / Getty Images

“They’re looking for big tracts of land which can accommodate a very big comfortable home, a tennis court, swimming pool, four-car garaging and space to roam.”

He adds: “It’s just amazing how strong that end of the market is and if you have the right property there’s certainly the money for it.

“I find the people with the most money are so under the radar it’s not silly. That’s how they prefer to be.

“These days you come across people who have been in a start-up and they’ve sold their business for $55m or something – the wealth out there is just extraordinary.”

Wallace recently heard that of one luxury property tha the owners were thinking of them selling so he approached the to say he had a buyer who was interested but the owners own property ended up selling the prope privately for more than $20m. $2 One of the reasons these listings are so scarce, sc he says, is that th don’t owners don sell want to se up before befor they have found fo

something else to buy. He sold a property about three years ago for more than $10m but it then took the sellers two more years of renting before they found something suitable.

Mark Harris, the general manager for New Zealand Sotheby’s International Realty, in Queenstown, is not as sure of the impact of the foreign buyer ban, saying a large proportion of high-end buyers are from Australia, who like buyers from Singapore, are exempt from the ban.

“We saw quite a few highend transactions made by Australians last year even when they couldn’t get here,” Harris says.

“With the travel bubble, we will certainly see quite a few Australians jump on planes and head in this direction. Brand New Zealand is very strong at the moment.”

If people in the US, the UK and Asia were allowed to buy here, big sales would be made, but in terms of total volume of sales they would still be small in comparison to the domestic transactions, Harris says.

To him, properties in the $8m to $10m bracket are the top of the luxury market.

“There’s certainly a lot more above $10m in Sydney, Melbourne and New York. We haven’t got the same volume

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$("*4"1 #!3./ +/!34 for 16 years including 2020/2021

as them but we’re certainly ge!ing a lot of inquiry in that space. From Aussies, expats and buyers in the US and the UK.” While the inquiry is strong, Harris also points to a scarcity factor.

“You haven’t got that many physically on the market. It’s a li!le bit of a horse-and-cart scenario, where they don’t inquire because you haven’t got it, but if we did, we’d probably sell it.”

When the Hotchin record is beaten, and it will be, Harris says, the lucky house will either be in Auckland or the southern lakes, although he points out there is a lot of interest from people looking to move to regional parts of the country, especially oceanside and lakeside.

“We’ve certainly got buyers capable of that sort of purchasing at the moment.”

Harris doesn’t rule out a $100m sale, but only if the

product is there.

“Our Australian colleagues sold a property in Sydney’s Point Piper for A$100m last year, and they sold another for around A$78m. Those sales don’t happen every day but for the right sort of property in the right location, yes, I can see that happening in the future here as well.”

Harris says if Americans could buy a bolthole here, they would, with Sotheby’s ge!ing daily inquiries from people in the US. “I don’t think it’s necessarily the bunker mentality but it’s about seeing New Zealand as a great place to be in terms of if this thing happens again, which obviously a lot of people think it could do.”

Having said that, there are bunkers around Queenstown, he says. “There aren’t hundreds of them – that may be a bit of an urban myth – but there’s certainly two or three we know of.”

Most agents follow the market but a few top performers lead it.

If you want the best result for your property, you need a leader and top performer who understands how to maximise the market. Victoria Bidwell is a consistent market leader and Bayleys National Top Achiever.

Specialising in the Takapuna, Devonport and Milford Peninsula, contact Victoria for a confidential chat today.

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THE PROPERTY RICH LIST: 100 MOST EXPENSIVE HOMES

The data below lists the 100 highest settled residential sales from January 1, 2000 to April 30, 2021. Also included for each entry are the rateable value at the time of the sale, the median sale price of the property’s suburb at the time of purchase and the national median sale price - showing what typical buyers were paying for homes at the time.

Huriaro Place, Orakei, Auckland

$38.5m Sale Price

Address

$38,500,000

Huriaro Pl, Orakei, Auckland Mahoenui Valley Rd, Coatesville O’Neills Ave, Takapuna, Auckland Cremorne St, Herne Bay, Auckland Remuera Rd, Remuera, Auckland Rawene Ave, Westmere, Auckland Sentinel Rd, Herne Bay, Auckland St Stephens Ave, Parnell, Auckland Marine Parade, Herne Bay, Auckland Clifton Rd, Hauraki, Auckland Waimarie St, St Heliers, Auckland Gordons Rd, Waiheke Island Burwood Cres, Remuera, Auckland

$32,500,000 $28,888,000 $27,500,000 $26,000,000 $24,000,000 $24,000,000 $23,500,000 $23,500,000 $22,000,000 $20,250,000 $18,900,000 $18,500,000

Sale date Rateable value Median sale price (RV) at time of of suburb at time purchase of purchase

National median sale price at the time of purchase

Sale Price

Address Victoria Ave, Remuera, Auckland Burwood Cres, Remuera, Auckland Cliff Rd, St Heliers, Auckland Lake View Rd, Takapuna, Auckland Bella Vista Rd, Herne Bay, Auckland Victoria Ave, Remuera, Auckland Aldred Rd, Remuera, Auckland Dairy Flat Highway Dairy Flat Albany O’Neills Ave, Takapuna, Auckland Victoria Ave, Remuera, Auckland Selwyn Ave, Mission Bay, Auckland Lucerne Rd, Remuera, Auckland Pine Valley Rd, Dairy Flat Albany

18/07/2013

$30,000,000

$1,176,000

$365,000

$18,500,000

30/06/2016

$33,000,000

$1,750,000

$445,000

$18,000,000

04/07/2017

$15,405,000

$950,000

$475,000

$17,600,000

06/03/2018

$22,500,000

$1,670,000

$525,000

$17,360,000

21/12/2017

$22,500,000

$1,760,000

$515,000

$17,250,000

28/05/2020

$19,400,000

$1,965,000

$610,000

$16,550,000

05/10/2015

$16,000,000

$2,075,000

$415,000

$15,500,000

28/02/2017

$16,000,000

$1,665,000

$470,000

$15,000,000

21/09/2020

$17,000,000

$2,800,000

$670,000

$15,000,000

19/04/2016

$16,500,000

$1,135,000

$449,000

$15,000,000

08/11/2017

$8,800,000

$1,720,000

$510,000

$15,000,000

26/05/2017

$14,500,000

$6,200,000

$470,000

$14,600,000

18/11/2016

$13,500,000

$2,100,000

$477,000

$14,600,000

Sale date Rateable value Median sale price (RV) at time of of suburb at time purchase of purchase

National median sale price at the time of purchase

11/11/2015

$11,000,000

$1,650,000

$430,000

10/03/2016

$11,000,000

$1,628,000

$455,000

02/11/2018

$15,000,000

$1,440,000

$540,000

05/08/2020

$10,860,000

$1,370,000

$651,270

24/10/2016

$8,400,000

$2,625,000

$461,700

14/09/2018

$11,500,000

$1,740,000

$521,000

02/08/2020

$15,100,000

$2,038,000

$651,270

26/05/2017

$3,425,000

$2,297,000

$470,000

30/11/2012

$13,800,000

$1,399,000

$353,000

11/11/2016

$15,500,000

$2,100,000

$477,000

07/03/2016

$9,200,000

$1,300,000

$455,000

03/11/2017

$13,750,000

$1,775,000

$510,000

30/09/2016

$4,975,000

$2,200,000

$457,000

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11

$32.5m

Mahoenui Valley Road, Coatesville, Albany

$14.5m

Jackson Cres, Mahurangi East Sale Price

Address

$14,495,000

Jackson Cres, Mahurangi East Warkworth Arney Rd and Bell Rd, Remuera, Auckland Matapana Rd, Palm Beach, Waiheke Island Wyndham St, Auckland Central, Auckland Batty Rd, Karaka Papakura Arney Cres, Remuera, Auckland Victoria Ave, Remuera, Auckland Matapana Rd, Palm Beach, Waiheke Island Argyle St, Herne Bay, Auckland Long Drive St Heliers, Auckland Whakaroa Rd, Kinloch Taupo Thomas Rd, Flat Bush, Auckland State Highway Kumeu

$14,400,000 $14,250,000 $14,100,000 $14,020,000 $14,000,000 $13,990,000 $13,850,000 $13,800,000 $13,300,000 $13,225,800 $13,215,184 $13,000,000

Sale date Rateable value Median sale price (RV) at time of of suburb at time purchase of purchase

National median sale price at the time of purchase

Sale Price

Address Burwood Cres, Remuera, Auckland Minnehaha Ave, Takapuna, Auckland Cremorne St, Herne Bay, Auckland Bay View Rd, Kelvin Heights Queenstown Coatesville-Riverhead Highway, Auckland Hayfield Way Karaka Papakura Rarere Rd, Hauraki, Auckland Argyle St, Herne Bay, Auckland Arney Rd, Remuera, Auckland Garden Rd, Remuera, Auckland Marine Parade, Herne Bay, Auckland Omaha Block Access Rd, Leigh Warkworth Arney Cres, Remuera, Auckland

24/10/2019

$9,150,000

$14,495,000

$582,000

$12,800,000

17/02/2020

$13,700,000

$1,804,000

$625,000

$12,680,000

14/08/2014

$8,800,000

$289,000

$395,000

$12,500,000

14/08/2006

$15,500,000

$239,800

$285,000

$12,500,000

05/09/2017

$9,950,000

$1,045,000

$485,000

$12,300,000

12/06/2018

$11,000,000

$1,870,000

$520,000

$12,280,000

07/07/2015

$10,000,000

$1,435,000

$420,000

$12,250,000

09/11/2005

$5,200,000

$1,600,000

$275,000

$12,200,000

15/02/2019

$14,000,000

$1,852,000

$535,000

$12,150,000

20/06/2018

$9,000,000

$1,970,000

$520,000

$12,100,000

30/06/2005

$5,000,000

$205,000

$260,000

$12,000,000

22/01/2007

$6,300,000

$465,000

$305,000

$12,000,000

20/12/2018

$10,200,000

$926,000

$525,000

$12,000,000

Sale date Rateable value Median sale price (RV) at time of of suburb at time purchase of purchase

National median sale price at the time of purchase

16/06/2018

$12,500,000

$1,870,000

$520,000

23/01/2015

$8,800,000

$1,180,000

$387,500

31/10/2009

$13,400,000

$1,612,500

$335,000

18/05/2018

$7,200,000

$1,400,000

$520,000

02/09/2012

$4,075,000

$1,150,000

$354,000

25/02/2014

$5,100,000

$835,000

$391,000

02/02/2020

$12,250,000

$1,625,000

$625,000

29/06/2018

$14,000,000

$3,860,000

$520,000

01/10/2017

$8,400,000

$1,985,000

$491,000

04/05/2007

$5,640,000

$1,070,000

$320,000

22/11/2018

$9,500,000

$3,800,000

$540,000

07/03/2019

$5,450,000

$435,000

$550,000

02/08/2014

$7,600,000

$1,261,000

$395,000

12

OneRoof.co.nz

THE PROPERTY RICH LIST: 100 MOST EXPENSIVE HOMES

$10.75m

Wairangi Street, Herne Bay, Auckland

$12.25m

$10.2m

Rarere Rd, Hauraki, Auckland Sale Price

Address

$12,000,000

Argyle St, Herne Bay, Auckland Kerikeri Inlet Rd, Kerikeri Step Island, Far North Benson Rd, Remuera, Auckland Park Ave, Takapuna, Auckland Seaview Rd, Remuera, Auckland Burwood Cres, Remuera, Auckland Linwood Rd, Karaka Papakura Paritai Dr, Orakei, Auckland Lucerne Rd, Remuera, Auckland Arney Rd, Remuera, Auckland Frankton Ladies Mile, Queenstown Argyle St, Herne Bay, Auckland

$12,000,000 $12,000,000 $11,750,000 $11,750,000 $11,700,000 $11,500,000 $11,500,000 $11,500,000 $11,500,000 $11,250,000 $11,250,000 $11,200,000

Cliff Road, St Heliers, Auckland

Sale date Rateable value Median sale price (RV) at time of of suburb at time purchase of purchase

National median sale price at the time of purchase

Sale Price

Address Arthur St, Freemans Bay, Auckland Marine Parade, Herne Bay, Auckland The Rise, St Heliers, Auckland Upton St, Herne Bay, Auckland Bella Vista Rd, Herne Bay, Auckland The Rise, St Heliers, Auckland Arney Rd, Remuera, Auckland Paritai Dr, Orakei, Auckland Benson Rd, Remuera, Auckland The Rise, St Heliers, Auckland Fitzgerald Rd, Drury, Auckland Wairangi St, Herne Bay, Auckland Remuera Rd, Remuera, Auckland

09/12/2017

$1,875,000

$2,650,000

$515,000

$11,150,000

23/06/2008

$4,800,000

$500,000

$324,000

$11,000,000

08/07/2010

$3,635,000

$480,000

$332,500

$11,000,000

16/04/2019

$10,500,000

$1,400,000

$559,000

$11,000,000

03/12/2019

$9,000,000

$1,372,000

$605,000

$11,000,000

04/11/2019

$12,100,000

$1,600,000

$605,000

$11,000,000

23/09/2017

$12,500,000

$1,710,000

$485,000

$10,870,000

11/01/2016

$2,800,000

$887,000

$395,000

$10,800,000

21/05/2007

$8,680,000

$782,500

$320,000

$10,800,000

11/05/2020

$7,600,000

$1,645,000

$610,000

$10,800,000

09/08/2011

$7,910,000

$952,000

$330,000

$10,782,900

22/02/2016

$3,360,000

$568,495

$430,000

$10,750,000

20/09/2018

$8,200,000

$2,910,000

$521,000

$10,700,000

Sale date Rateable value Median sale price (RV) at time of of suburb at time purchase of purchase

National median sale price at the time of purchase

29/03/2018

$7,600,000

$1,390,000

$525,000

05/10/2015

$7,500,000

$2,075,000

$415,000

26/04/2010

$9,570,000

$830,000

$341,000

01/03/2016

$5,800,000

$3,001,000

$455,000

24/10/2016

$5,900,000

$2,625,000

$461,700

19/02/2016

$9,300,000

$1,465,000

$430,000

21/02/2018

$8,600,000

$1,750,000

$505,000

24/09/2020

$7,000,000

$2,125,000

$670,000

15/09/2016

$7,800,000

$1,870,000

$457,000

29/03/2013

$7,700,000

$910,000

$368,500

19/10/2016

$4,650,000

$911,000

$461,700

10/10/2013

$11,500,000

$1,775,000

$385,000

10/04/2018

$10,750,000

$1,730,000

$520,000

OneRoof.co.nz

13

Most expensive homes by region

$11.75m

Benson Rd, Remuera, Auckland

Region

Address Huriaro Place, Orakei, Auckland Domain Road, Papamoa Beach, Tauranga Dyers Pass Road Cashmere, Christchurch Wairere Road, Wainui, Gisborn Busby Hill, Havelock North Manuka Street, Palmerston North

18/07/2013 $38,500,000 2/03/2018 $7,500,000 21/12/2020 $9,000,000 25/02/2020 $2,450,000 22/08/2019 $4,760,000 16/01/2020 $2,380,000

$30,000,000 $3,720,000 $6,740,000 $1,500,000 $3,650,000 $2,350,000

7 8 9 10

Auckland Bay of Plenty Canterbury Gisborne Hawke’s Bay ManawatuWhanganui Marlborough Nelson Northland Otago

15/01/2009 $4,525,000 15/04/2011 $7,000,000 23/06/2008 $12,000,000 26/02/2017 $23,250,000

$4,000,000 $7,856,000 $4,800,000 $7,150,000

11 12 13 14 15 16

Southland Taranaki Tasman Waikato Wellington West coast

Selmes Road, Rapaura, Blenheim Sargeson Street, Stoke, Nelson Kerikeri Inlet, Kerikeri Glenorchy-Queenstown Road, Mount Creighton, Queenstown Ivy Street, Riverton Pendarves Street, New Plymouth Aporo Road, Ruby Bay, Mapua Whakaroa Road, Kinloch, Taupo Connolly Street, Hutt Central, Lower Hutt Arnold Valley Road, Moana, Dobson

19/09/2007 $1,950,000 23/11/2018 $3,180,000 1/03/2021 $4,720,000 30/06/2005 $13,225,800 9/08/2004 $8,775,000 15/08/2019 $2,075,000

$1,000,000 $2,140,000 $3,890,000 $5,000,000 $2,020,000 $1,610,000

1 2 3 4 5 6

Sale date

Sale price RV at time of sale

9

1 2 14

12

4 5

6 13

8

7

15

16 3

10

11

$10m

Winscombe Street, Belmont, Auckland Sale Price

Address

$10,700,000

Arney Rd, Remuera, Auckland Hanene St, St Heliers, Auckland Kohimarama Rd, St Heliers, Auckland Arrowtown-Lake Hayes Rd, Arrowtown Bassett Rd, Remuera, Auckland Mangatawhiri Rd, Omaha Warkworth St Stephens Ave, Parnell, Auckland Paritai Dr, Orakei, Auckland Lucerne Rd, Remuera, Auckland Marine Parade, Herne Bay, Auckland Cremorne St, Herne Bay, Auckland Aumoe Ave, St Heliers, Auckland Cliff Rd, St Heliers, Auckland

$10,500,000 $10,500,000 $10,500,000 $10,500,000 $10,500,000 $10,500,000 $10,500,000 $10,250,000 $10,250,000 $10,250,000 $10,200,000 $10,200,000

Sale date Rateable value Median sale price (RV) at time of of suburb at time purchase of purchase

National median sale price at the time of purchase

Sale Price

Address Centre Bush Otapiri Rd, Kauana Winton St Stephens Ave, Parnell, Auckland Gibbons Rd, Takapuna, Auckland Rata Rd, Devonport, Auckland Rata Rd, Devonport, Auckland Arney Rd, Remuera, Auckland Upland Rd, Remuera, Auckland Cres, Rd, Epsom, Auckland Winscombe St, Belmont, Auckland

28/09/2019

$9,750,000

$1,978,477

$565,000

$10,100,000

10/04/2019

$12,250,000

$1,255,000

$559,000

$10,088,000

31/07/2002

$9,100,000

$495,000

$173,000

$10,020,000

12/08/2020

$4,360,000

$1,450,000

$651,270

$10,000,000

17/08/2019

$8,400,000

$2,000,000

$558,000

$10,000,000

28/01/2017

$5,450,000

$2,175,000

$430,000

$10,000,000

07/12/2016

$9,500,000

$2,000,000

$472,500

$10,000,000

27/11/2009

$7,500,000

$766,000

$340,000

$10,000,000

12/08/2020

$6,100,000

$2,038,000

$651,270

$10,000,000

17/10/2018

$5,600,000

$1,278,000

$535,000

22/08/2017

$11,000,000

$2,560,000

$485,000

03/04/2019

$10,500,000

$1,255,000

$559,000

20/12/2013

$9,000,000

$860,000

$396,000

Sale date Rateable value Median sale price (RV) at time of of suburb at time purchase of purchase

National median sale price at the time of purchase

21/12/2007

NULL

$102,750

$325,000

06/10/2015

$9,200,000

$1,061,000

$415,000

14/12/2012

$11,550,000

$1,050,000

$365,000

12/10/2017

$2,600,000

$1,661,000

$491,000

31/10/2018

$8,450,000

$1,140,000

$535,000

23/09/2010

$7,450,000

$1,090,000

$330,000

20/06/2017

$9,750,000

$1,830,000

$485,000

12/01/2007

$2,550,000

$638,000

$305,000

12/05/2016

$7,350,000

$1,270,000

$450,000

● Is your home on the list? Go to nzherald.co.nz to explore the top 500 house sales since 2000 and to find out the biggest sales in your neighbourhood.

14

OneRoof.co.nz

LUXURY REAL ESTATE: WHY LARGEST LAND AREA VALUE: 3,623,000 sq m (362 hectares)

$5m

SMALLEST LAND AREA VALUE: is 0 sq m (0 hectares). That’s for apartments that don’t have any land associated

$10m

$15m

$20m

Orakei

Coatesville

Takapuna

Herne Bay

Remuera

Rest of Auckland

Remuera accounts for the bulk of the big sales in New Zealand, but few of the luxury properties in the inner-city suburb have big sections. The top sale in the suburb, $26m for a home on Remuera Road, boasts just a 4012sqm section.

Parnell

Hauraki

Saint Heliers Land is the prime factor when it comes to big sales on Waiheke Island. One on Waimangu Road sold in 2020 for $6.9m and has a 182ha section, while a property on Gordons Road sold in 2017 for $14.5m and sits on 340,315sqm.

Waiheke Island

Waikato

The property with the biggest footprint on the list is on Whakaroa Road, in Kinloch, Taupo. The 362ha property sold in 2005 for just over $13.2m.

Rest of Otago

Step island, in the Far North, has a 37ha footprint and sold in 2010 for $12m.

Northland

A house on State Highway 29, Lower Kaimai, Tauranga, sits on 28ha and sold in 2020 for $9.8m.

Southland

Epsom

The ones to watch The table below shows the New Zealand residential properties with the highest ratings valuations. These properties, if sold now, have the potential to break sale price records. The table shows what percentage of the RV is for the land and what percentage is for the house. Only one, 4 Huriaro Place, has a house value that's greater than the value of the land.

Bay of Plenty

Street Name

Canterbury

Wellington

Nelson

Manawatu

$5m

A house on Connolly Street, Lower Hutt, sits on 0.4ha and sold in 2004 for $8.77m.

The 12.3ha property at Richardsons Line, Palmerston North, sold in 2011 for $6m.

$10m

Rateable value

Land Value (%)

Huriaro Place, Orakei, Auckland

$46m

47%

Riddell Road, Glendowie, Auckland

$40m

Waiheke Road, Waiheke Island, Auckland

Land area (ha)

House area (%)

53%

0.4

59.4%

83%

18%

2.0

3.7%

$39m

87%

13%

40.6

0.4%

Mahoenui Valley Road, Coatesville, Auckland

$33m

76%

24%

22.6

1.0%

Mountain Road, Epsom, Auckland

$31m

94%

6%

2.2

6.3%

Waiheke Bay Road, Waiheke Island, Auckland

$28m

89%

11%

79.6

0.1%

Sentinel Road, Herne Bay, Auckland

$25m

74%

26%

0.4

20.5%

Cremorne Street, Herne Bay, Auckland

$25m

76%

24%

0.4

17.9%

Man O’war Bay Road, Waiheke Island, Auckland

$25m

98%

2%

299.7

0.02%

Arney Road, Remuera, Auckland

$25m

76%

24%

0.5

16.5%

$15m

House value (%)

$20m

OneRoof.co.nz

SIZE MATTERS $25m

15

The chart below expresses the top 500 residential sales in NZ since 2000, ranking suburbs and regions according to sale price, with Orakei, in Auckland first as it is home to New Zealand's most expensive home. Each dot on the chart is a sale, with the size of the dot corresponding to the size of the property. Individual Auckland suburbs with big sales are listed. Sales for the rest of Auckland are grouped together in their own row.

$30m

$35m

A house in O’Neills Avenue, in Takapuna, sold for close to $29m in 2017. The six-bed luxury home sits on 4396sqm of waterfront land.

$40m

New Zealand’s most expensive home, at Huriaro Pl, in Orakei, Auckland, sold for $38.5m in 2013. Unlike a lot of the properties featured here, the six-bed house is worth about as much as the 4,322sqm of prime land it sits on.

The former Dotcom mansion, at Mahoenui Valley Rd, in Coatesville, Auckland, sold for $32.5m in 2016 and sits on 226,343sqm of land.

A seven-bed house at Cremorne Street, in Herne Bay – sold in 2018 for $27.5m - sits on a relatively small 2810sqm but it is on the waterfront.

The squeeze on the bottom end of the market he biggest takeaway from OneRoof's examination of house sales since 2000 doesn't relate to the top end of the market at all.

It's what's happening at the bottom end of the market that is most concerning. In the last five years sub-$1 million sales have contracted 26%, while the number of homes selling in the $1m-$3m price bracket have jumped almost 37%. The trend is not good news if you are a first-home buyer.

The post-lockdown boom, fuelled by record-low interest rates, has accelerated the decline in affordable housing.

Properties that would have comfortably sat in the sub-$1m price bracket a year ago are now fetching well over $1m although in many cases the quality of that housing has not changed.

A year ago, a house selling for $1m in the working class South Auckland suburb of Otara would have been inconceivable - yet one sold for much more than that in the last six months, and according to the latest OneRoof house price figures, the suburb's median value is now $825,000 $250,000 more than this time last year.

$25m

Sales volume by price band

Under $1m

$1-2m

Over $2m

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2000

2005

$30m

2010

2015

2020

Other former working class areas in Auckland have seen similar lifts: Mangere East's median value is now $950,000 while Onehunga's is $1.3m. The market has shifted outside of Auckland too.

Buyers in Gisborne and Manawatu-Whanganui - two regions that had a reputation for affordable housing - now find themselves having to stretch to price tags of well over half a million dollars. Those price increases are baked in. It would take a cataclysmic event for the market to get back to pre-Covid levels.

In the UK, the average asking price of a home hit a new high of record £333,564 (NZ$653,203) last month while the average London price jumped to £640,373 (NZ$1,254,013), according to listings website Rightmove.

Although not a like-for-like comparison, it says a lot about the direction of New Zealand's housing market when the country's median property value is higher than what most British house buyers are paying, and that there are South Auckland suburbs with median values that eclipse even London's average asking price.

$35m

$40m

16

OneRoof.co.nz

THE PROPERTY RICH LIST: BUYING AND SELLING

SHOW ME THE MONEY

Mega-mansions, sprawling estates and beachside escapes - you name it, they’ve sold it. DIANA CLEMENT talks to the agents who strike multi-million-dollar real estate deals.

N

ew Zealand’s luxury real estate heavyweights come from a range of backgrounds. Some started out by selling run-of-the-mill properties, others jumped in at the top end.

One such agent is Graham Wall, who holds the record for New Zealand’s biggest residential sale - the former Hotchin mansion at Huriaro Place, in Orakei, Auckland which sold for a record $38.5 million in 2013.

Wall fell into real estate thanks to being a man about town who knew how to put a deal together.

He made his name selling all 11 of the Sultan of Brunei’s houses in Auckland’s Herne Bay to Kiwi businessman Gary Lane in 2005 for $35m.

His son Ollie says, “My dad wasn’t a real estate agent, (but) he saw an opportunity to sell all of the Sultan of Brunei’s properties in Auckland.”

Wall had a connection with the sultan, found a buyer and put it all together. The regulations were more relaxed in those days and Wall had a friend with a real estate licence who did all the paperwork.

Lane only wanted one of the 11 properties, so Wall resold the other 10. It was a big leap into the world of high-stakes real estate and led to the creation of Wall Real Estate.

“My dad went off and got his own real estate licence and started selling. Just one man with a mobile phone,” says Ollie. “He knew everyone in town. He’s a hustler - forever running around knowing everybody, putting people together.”

Ollie and his brother Andrew joined their dad in the family business, leaving behind careers in advertising and art for the opportunity to sell luxury real estate.

The family relies on its database to sell, Ollie says.

“I think only one of the houses over $20m we’ve sold has actually been advertised.

It’s almost better not to have 50 people at an auction for a property.”

Like Wall, Paul Neshausen was made to sell luxury homes.

The Barfoot & Thompson agent, whose mantra is “big money energy”, says, “I’ve always liked nice things.

Whenever I’m out shopping for clothing, or cars or art, or furniture or whatever – I always end up buying the nicest, most expensive item. So, when it came to real estate, the same principle applied. I actually really love big, beautiful,

New Zealand Sotheby’s International Realty agent Pene Milne broke records last year with the sale of waterfront home for $24 million.

Photo / Fiona Goodall

Barfoot and Thompson agent Leila MacDonald: “I enjoy putting people together.”

Photos / Fiona Goodall

Barfoot and Thompson’s Paul Neshausen treats each meeting with a potential vendor like a job interview.

Former Block judge and Bayleys agent Victoria Bidwell often gets calls from wealthy buyers on the hunt for a home.

OneRoof.co.nz

upmarket homes.”

But when he made the leap into real estate, he was willing to sell anything.

“If you’d offered me a tent on a roundabout, I would have gladly accepted it. But sure enough I found my place and my comfort zone and that just happened to be in the bigger, more exclusive homes.”

Neshausen now sells in Auckland’s exclusive Eastern Bays, and his clients have high expectations. “You need to be a good fit. Reputation is important, but it’s also about personality and ability.

Whenever I meet someone wanting to sell their big flash pad, I treat it like a job interview.

Whilst I assume I’m going to get the listing, I’m nevertheless on best behaviour.”

Former The Block judge Victoria Bidwell is another agent

and didn’t want to get in the car to go fishing. I knew there were about three houses that probably fitted his criteria and I approached the owners.”

CBRE agent Gavin Lloyd doesn’t blink at selling a $20m property. He started his real estate career selling $200m office buildings, shopping centres and other commercial properties in Australia. Along the way, he got involved with developers selling heritage wharf developments on Sydney Harbour. “That’s where I got a passion for project marketing, which led me into what I do now, which is selling residential developments.”

A New Zealand wife and a love of mountaineering brought him over the ditch to Auckland, where he became CBRE’s national director, residential projects, and in 2019, he made sales history when he sold the

“My dad got his real estate licence and started selling. Just one man with a mobile phone. He knew everyone in town.

He’s a hustler - forever running around knowing everybody, putting people together.”

— Ollie Wall who has found her niche in the luxury homes market.

“I specialise in waterfront properties in the Takapuna/ Milford and Devonport areas and I’ve sold a lot of amazing houses. One I sold set the record for Bayleys - it was $11.5m. It was huge at the time but has been surpassed now. You get to meet great people. You became very immersed in people’s lives dealing with something that is very important to them - their home - and you always want to do your best.”

Like many top-end agents, Bidwell will often field calls from wealthy buyers on the hunt for something special.

“They’ll say, ‘I don’t want the world to know, and I’ve been told that you’re the person I need to talk to. I’m not in a hurry’.”

One buyer gave Bidwell a list of what he wanted. “One of those things included fresh foam at the bottom of his property.

He loved fishing off the rocks

penthouse of The International to former White House deputy chief of staff Chris Liddell for a record-breaking $15.3m.

His 20-year history in big commercial projects has helped him build a network of highnet-worth people from around the world. “The big business owners and entrepreneurs at the top end of the town, those are the people that ultimately buy luxury property,” he says.

Big deals don’t frighten him.

“Nothing frightens me. I’ve stood on the edges of some of the highest mountains around, and I don’t have any fear of taking on a $200m property.”

When Barfoot & Thompson agent Leila MacDonald first started in real estate, she simply knocked on the doors on the houses she liked, hoping the owners could be persuaded to sell. “In the early days I got my listings by simply knocking on the doors of houses that appealed to me. It was easier marketing property then.

You put an advertisement in the Saturday paper, and you took clients around to see the homes they were interested in.

Nowadays it’s all about endless open homes!”

MacDonald’s persistence paid off and she landed the listing for Fairholm, a coveted Victorian mansion on Remuera Road, which made records in the 1980s when she sold it for $4m, a princely sum in those days.

MacDonald had a marquee erected on the lawn at Fairholm and auction attendees were asked to dress up for the occasion, with many of the women wore hats and gloves.

She has since sold many of the suburb’s most expensive homes, working with her son David.

“I take what I do seriously, and the thing I enjoy most is putting people together — when I can see that the vendor and the buyer are the right fit,” she says.

“When you’ve sold as many properties as I have, you find yourself saying ‘hello’ to a lot of people who remember you, and I love that. I think people know I’m a straight talker and I’m honest, even if it isn’t quite what they want to hear.”

New Zealand Sotheby’s International Realty agent Pene Milne didn’t plan on selling homes at the top end of town, but her first two sales were well above the average in her catchment area, and she soon started chasing higher value homes. Last year, she sold a waterfront home for $24m.

The property was one she’d been associated with for more than two decades. She sold the home in 2006, kept in touch with the buyer, who asked her to sell it again 14 years later.

“It’s all about relationships and longevity and wanting to be able retain those relationships.”

Most of her vendors have homes that are tastefully and beautifully styled, she says, but sometimes it’s necessary to stage or part-stage the property.

“Sometimes they may not have the property set up in the way a buyer might envisage it.

17

What they’re using as a pool “Typically, [buyers] will room might be better suited to Google ‘waterfront property for sale’ and see what pops up.” He being staged as a dining room,” she says. also has a formidable database, “I don’t make assumptions. It which he works. “You never know who these people know.” may be a once-in-a-blue moon kind of sale for the vendor.

Like all agents in this market, People do appreciate advice.”

Rendell’s middle name is discretion. “Vendors don’t Every corner of the country has agents who specialise in want to splash [their affairs] luxury homes. Most have a all over the place, but they’re hoping that somebody might patch, some cover very wide catchment areas, sourcing and come along that would be a selling homes for well-heeled nice match for it. There are a lot of very private people in New clients. Bayleys agent John Greenwood handles highZealand.” end waterfront properties Some agents come to the luxury housing market from right across the country, from Northland to Napier, with jobs selling other luxury goods. the occasional Queenstown Bayleys Havelock North agent Gretchen Paape sold top property thrown in.

“It’s product, more than designer clothes to Hawke’s areas,” Greenwood says.

Bay’s high-rollers in a previous life. She owned Papillon “Most agents end up farming a particular area and hammer boutique in Havelock North it to death. I work in a product from 2002 to 2011 before moving area, which is basically “Nothing frightens me. I’ve stood on the edges of some of targeting the the highest mountains around, and I don’t have any fear of purchasers. taking on a $200m property.

— Gavin Lloyd Most of it is second homes, in the $5m to into real estate. $50m price bracket.”

At Papillon she built up a It’s not unusual for large database of clients. “You Greenwood’s buyers to view do get to know someone quite properties in very disperse well when you dress them,” she locations. A single buyer may says. “You’ve built that rapport view properties in Whananaki, and you’re halfway there when Bay of Islands and Coromandel, you sell their property.” says Greenwood. For that a Sotheby’s agents Nic helicopter ride is needed or he Goodman and Darryl Buckley suggests they go for a drive. agree. The top end is more Greenwood says his vendors challenging than the rest of the rarely have to sell in a hurry. market, where, Buckley says, “Most will hold their price “you’re meeting 40 to 50 people, because, eventually, it will grow and they’re all getting thrown into it.” into multi-offer situations and He likes to look for somebody is winning by $5000. expressions of interest when It’s rather boring real estate to be selling a property because highquite honest.” net-worth players want privacy Goodman adds, “The higher and a tender may be too public end is much more difficult. for them. “Someone’s going to Your buyer pool is significantly tell somebody else, whereas smaller, and it’s all about expressions of interest do not do building a rapport with the that.” Auctions work, but only if seller and the buyer. It’s like a the sale price is under $10m. marriage really.

Chester Rendell, who sells “If you’re selling a $3m in the Bay of Islands with property, you can’t be inundated Sotheby’s, says his potential with inquiry from people that buyers are just as likely to be have $1.5m. The seller is going expats as locals. to get pretty disheartened.”

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THE PROPERTY RICH LIST: DATA CRUNCH

Covid’s effect: More $1m-plus sales — and a desire for bigger and better homes Kiwi attitudes to real estate have changed since the country came out of lockdown.

T

he top end of the market has shown little signs of slowing down across the country, with the number of $1 million-plus homes sold in the first quarter of 2021 standing at 7069 — up 108% on the same period last year.

Naturally, there was a big uplift in $1m-plus properties sold in Auckland (up 98.5%), but the largest percentage increases were in the regions.

Southland saw a 400% increase (albeit on low numbers from one to five properties for more than $1m), Wellington a 310.9% uplift (from 92 to 378) and Northland a 261.5% increase (from 26 to 94).

Interestingly, this trend was also reflected in the top end of the market, with $3m-plus properties seeing an even bigger uplift of 123.9% (from 138 to 309).

At the luxury end of the market, the number of $5m-plus sales increased by 104.3%, from 23 to 47, with the majority in Auckland, two additional in

Otago and one additional in backyards, swimming Canterbury. pools, decks and media When demand rooms has outstrips supply and skyrocketed; as has house prices are rising demand for fourat a fast pace, we do bedroom homes tend to see the number where the fourth of million-dollar-plus bedroom could be sales increasing, as used as an office. more properties “tip Sales of fourover” into the higher bedroom homes price brackets. However, increased by 15.1% in there is more to the the 12 months ending uplift than just more March 2021, compared Wendy Alexander houses moving into the to less than 5% next bracket. increases in the two years prior.

One of the key drivers Again, at the luxury end of behind this uplift at the top end the market, post-Covid leisure of the market is the activities are being reintroduced fundamental shift in buyer into the home and buyers are behaviour post Covid-19. Prior looking for properties that can to the pandemic reaching New accommodate these Zealand’s shores, there was a period of a few years where Demand for properties with backyards, swimming pools, decks and media rooms has people sought to reduce the skyrocketed; as has demand for fouramount of time spent on their bedroom homes where the fourth bedroom property, such as mowing the lawn, for downtime elsewhere, could be used as an office. with money spent on dining out and overseas travel. requirements. Properties with Covid-19 and the lockdown room and flexibility are that followed resulted in Kiwis invaluable. Buyers are spending a lot more time at increasingly seeking out home. This has resulted in a big properties that have room for change in what Kiwis want working out, entertaining, from their homes. working, educating their Demand for properties with children at home, and outside

space for activities like swimming, gardening, sports and relaxation.

Reflecting on that shift, the number of six-bedroom-plus properties sold in the 12 months to March 2021 increased by 40.1% compared to a 6.8% uplift in the prior comparative period.

With international travel all but non-existent in the last year, buyers have also looked at investing significant portions of the estimated $10 billion that would otherwise have been spent on overseas travel into property.

In some instances, this has been for renovations, in others it’s been purchasing a holiday home or, at the luxury end of the market, a second or third holiday home. This trend has been prevalent not just in New Zealand but in other parts of the world too.

Other drivers have been economic factors. The fact that we’ve had the lowest interest rates on record has meant that people are prepared to pay a little more for a house than when interest rates are high, and when they’re stepping up to the next price bracket, they might step up more than they had anticipated.

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Additionally, we’ve had a 12-month period with no LVR restrictions in place, which has made it easier for buyers to borrow money and has underpinned significant confidence levels in the market, when just over 12 months ago the outlook was very uncertain, even bleak.

Looking forward, it’s hard to predict how this end of the market will perform. On one hand we’ve got government measures aimed at stabilising the market and making it more affordable for first-home buyers. This is absolutely a measure that should be looked at; house prices have risen at a faster pace than savings or wage rises and the length of time it takes to save a deposit has increased significantly.

However, on the other hand, we’re still relatively restricted in terms of international travel.

New Zealand is communitytransmission free at the moment and our vaccine programme is gearing up.

Time will tell what this all means for the top end.

- Wendy Alexander is acting chief executive at the Real Estate Institute of New Zealand

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THE PROPERTY RICH LIST: ELITE SUBURBS

STREETS OF GOLD: HOW T Life in New Zealand’s most expensive suburbs is much the same as anywhere else – except the residents are more likely to pull up to the local dairy in a Lamborghini. DIANA CLEMENT reports.

A

uckland’s streets of gold offer some luxurious living with tennis courts, swimming pools and even helipads thrown in.

The doyenne of them all is Arney Road. The 1.3km street that sweeps down the steep northern slopes of Remuera to Hobson Bay has the highest concentration of expensive homes in New Zealand, accounting for 21 of the 500 top house sales since 2000.

It’s closely followed by neighbouring Victoria Avenue, which accounts for 19 of the biggest sales, and Remuera Road which lays claims to 16.

Paritai Drive, in Orakei, widely viewed as New Zealand’s most prestigious address, has just 10 of the biggest sales - 11 if you count the record-breaking $38.5 million sale of the former Hotchin mansion on Huriaro Place, which borders the street.

The Herne Bay street with the most expensive homes is the waterfront Marine Parade, which claimed 11 top sales, while on the North Shore the place to watch is Takapuna’s Clifton Road, which has seven.

And while Herne Bay is New Zealand’s most expensive suburb, boasting a median property value of $3.3m, Remuera is the best place to land a luxury home.

The suburb, which has a median property value of $2.28m, is home to 125 of the 500 top house sales, or 25%, while Herne Bay has just 50, with Takapuna and Waiheke Island next in the rankings, accounting for 27 each.

The figures also reveal New Zealand’s most valuable streets.

Houses on Wairangi Street, in Herne Bay, have the highest average CV, at $9.7m, although the street is home to just three properties and is only 130 metres long. Nipping at its heels is the nearby and slightly longer Cremorne Street, where properties have an average CV of $9.59m.

Paritai Drive’s average CV is $4m while Arney Road’s is just over $5m.

The total value of the 877 residential properties on Remuera Road is just shy of $2 billion, although the average CV is just $2.2m. Next is Victoria Avenue, where the total value of properties is $1.435bn, followed by clifftop Riddell Road, in Glendowie, Auckland where the total value of properties is $1.32bn.

Rod Duke’s former home at Arney Road, in Remuera, Auckland. He sold it last year for more than $14 million.

Photo / Supplied

The historic house on Arney Road known as St Ann’s.

Photo / Ted Baghurst

The most expensive home on Arney Road, by sale price, sold last year for $14.4m, but more than a few homes on that road have the potential to sell for $20m or more if they came to market. Two could even fetch $30m: one which last sold in 2011 for $11.25m, has a 2017 CV of $25m and offers 5112sqm of prime land, a six-bedroom home, tennis court and swimming pool, while another which last sold in 1996 for what was then a record $6.55m, has a CV of $24.5m and sits on a massive 12,581sqm corner section.

Many famous names have graced Arney Road. Briscoes boss Rod Duke lived there before he quit Remuera for Herne Bay. His grand Victorian home had six bedrooms, a six-car garage, tennis court, swimming pool and golf practice area.

Properties on that street are sometimes owned for generations. When the historic six-bedroom home known as St Ann’s went up for sale in 2019, it had only two previous owners. Built in 1914, the property sold in November last year for an undisclosed price. The original owner was Charles Isaac Nathan, from the

The grand Chateau de La Sur Me on Clifton Road, in Takapuna,Auckland.

Photo / Supplied

merchant and brewing family that founded LD. Nathan & Co. Another famous resident was the brother of artist Charles Frederick Goldie.

More modern famous owners have included former Dragons’ Den star Paul Webb, who was convicted of tax evasion in 2018.

Arney Road residents don’t have to go far for some upmarket shopping. David Jones is a short walk away at Westfield Newmarket and there are numerous boutique stores at nearby Teed Street.

And for those needing to restock, Glengarry’s wine shop is at the top of the hill on the corner of Basset and Remuera roads. With residents unable to travel abroad, the Remuera shop has been selling more top wines from Europe than other branches.

The northern end of Arney Road is served by local dairy owners Ilyas and Jarina Patel, who have watched an entire generation of Arney Road children grow up. The suburb is much like any other, they say, and their customers buy pre!y much the same stuff anyone else does – although they are more likely to pull up

in a Lamborghini.

Shore Road Supre!e sells the same lines as any other diary in the country, except for the occasional nod to higher class tastes like posh pies and American sweets. When the community wanted a café, the Patels converted their living quarters into what is now the Shore Road Café next door.

The café, which is leased to operators by the Patels, is the scene of many a business deal, and when OneRoof visited, there was an intense discussion at the next table about whether Bouclé or Chesterfield chairs would be more suitable for the customer’s home.

The block of shops also includes Marilyn’s Hairdressing, Nava Beauty Therapists, and John Stephens & Co Antiques Dealer, which has an impressive range of chandeliers hanging from the ceiling and high-end cars in the car park.

Arney Road itself is quiet.

It sports immaculate gardens and wall-to-wall personalised number-plates in the driveways. No-one is out in the middle of the day except tradespeople and dog walkers.

One advantage Arney Road

has over other top streets is its proximity to top-notch schools. No need to bus or drive the children to exclusive schools if you live on Arney Road: St Kentigern Boys’ School, Baradene College and King’s School are all within walking distance and the road is within the prized double grammar zone. And if your offspring play sport, then you’ll find the Parnell Cricket Club at the bo!om of the road.

Argyle Street, in Herne Bay, which boasts six of the top 500 sales, isn’t as showy as Arney Road. Apart from the Sultan of Brunei’s former property, Waimanu estate , the best homes are hidden away down long driveways, si!ing on the cliffs that overlook the harbour. The most interesting house on show is a castle designed by architect Brian Trubovich for himself. He grew up three doors from the property where his castle now sits. Trubovich told the New Zealand Herald in 2012 when he was selling the home that he designed it for the child in him. Every architect likes to build at least one house for themselves in their lifetime, he said.

OneRoof.co.nz

W THE OTHER HALF LIVES NEW ZEALAND’S MOST EXPENSIVE STREETS The table below shows the Kiwi streets with the highest concentration of high-priced homes.The total value of residential properties on each street was worked out using the combined 2017 council rating valuations.The average CV for each street is also given.

Address

Total Average value of Rating residential Valuation properties

Remuera Road, Remuera, Auckland

$2bn

$2m

Victoria Avenue, Remuera, Auckland

$1bn

$4m

Riddell Road, Glendowie, Auckland

$1bn

$2m

Saint Heliers Bay Road, Saint Heliers, Auckland

$919m

$2m

Arney Road, Remuera, Auckland

$810m

$5m

Saint Stephens Avenue, Parnell, Auckland

$801m

$4m

Upland Road, Remuera, Auckland

$693m

$3m

Hurstmere Road, Takapuna, Auckland

$670m

$2m

Paritai Drive, Orakei, Auckland

$649m

$4m

Lucerne Road, Remuera, Auckland

$614m

$3m

Bassett Road, Remuera, Auckland

$604m

$3m

Marine Parade, Herne Bay, Auckland

$437m

$5m

Clifton Road, Takapuna, Auckland

$418m

$4m

Arney Crescent, Remuera, Auckland

$316m

$5m

Burwood Crescent, Remuera, Auckland

$304m

$6m

Argyle Street, Herne Bay, Auckland

$302m

$4m

Sentinel Road, Herne Bay, Auckland

$252m

$2m

Lake View Road, Takapuna, Auckland

$217m

$5m

Cremorne Street, Herne Bay, Auckland

$144m

$10m

O’neills Avenue, Takapuna, Auckland

$124m

$6m

Crescent Road, Epsom, Auckland

$117m

$3m

Bella Vista Road, Herne Bay, Auckland

$117m

$5m

$29m

$10m

Wairangi Street, Herne Bay, Auckland

Argyle Street has housed many famous people.

Earlier in its life, Waimanu estate was rented by pop star Rod Stewart and model Rachel Hunter when they visited New

Zealand with their children.

It later passed into the hands of the Sultan of Brunei and subsequently to Gary Lane, of Healtheries and Hansells fame.

One advantage Argyle

“The local dairy sells the same lines as any other in the country, except for the occasional nod to higher class tastes like posh pies and American sweets.”

Street has over Arney Road is that it is only a few minutes’ walk to the beach. Nor is the neighbourhood suffering the empty-shop disease of Remuera Road. Argyle Street’s local strip along Jervois Road still has a full contingent of cafes, designer clothing, interior design, and other high end shops.

The North Shore’s most expensive street, Clifton Road, is lined with waterfront houses that have views out to Rangitoto. For those who don’t have direct water access, it’s a short stroll to the bo!om of the road and onto Takapuna Beach, where you can walk your dog or meander along to Takapuna’s growing stable of good restaurants and laneways.

The most expensive home on the street, Chateau de La Sur Me, sold to Carmel and Hugh Fisher, of Fisher Funds, in 2016. The house, which is more than eight times the size of the average home in New Zealand and sits on nearly half a hectare of land, was originally on offer for $35m, but sold for $22m.

Clifton Road has been the preserve of some of New Zealand’s top businesswomen.

A stone’s throw from the Fisher mansion is a house previously owned by Diane Foreman, who moved on to an 1880s-style homestead on Arney Road.

More infamous, than famous, is legal highs king Mr Kronic, aka Ma!hew Wielenga, who bought a house Clifton Road which he subsequently bowled. The plot is currently a building site.

Just because you can buy chandeliers from Italy, balustrades from France, doesn’t mean your local shops will be opulent. The strip of shops just up from Clifton Road at Hauraki Corner is low key. Steamheads restaurant, which replaced LoneStar, closed due to Covid. The only eatery left sells $8.99 curries for lunch. If you want a drink, The Rudder on Hauraki offers pokies, which hopefully you don’t need. If the mortgage is causing pain and you can’t afford a washing machine, you’ll find a laundromat and Lo!o shop.

And don’t get the locals started on the Countdown, which according to the community Facebook group doesn’t cater to their tastes.

In all fairness the butcher and artisan bakery shops aren’t bad, and the green market is adequate. All nestled, however, around a miserable car park sporting a dank public toilet.

The good news for Clifton Road is that the nearby GoodFor Wholefoods Refillery is heaven with a halo. If money is no object, you can stock your pantry with posh, packageless everything from four varieties of fancy rooibos tea to pour-your-own Kombucha.

The shopping experience comes with lashings of style and sustainability. Simply walking into the immaculate environment feels great.

Customers fill their baskets spending up to $200. Next door the Winsome Coffee and

Hugh and Carmel Fisher bought Chateau de La Sur Me, in Takapuna, in 2016 for $22 million.

Photo / Norrie Montgomery

Plants café is a popular stop after refilling your pantry.

By car it’s a short hop from Clifton Road to the centre of Takapuna, or onto the Northern Motorway. Buses to virtually all of Auckland’s top schools including Kristin, Pinehurst, St Cuthbert’s, Kings and more pass the top of the street each morning and afternoon taking the children to the parents’ choice of private schools.

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THE PROPERTY RICH LIST: STYLE GUIDE Gift-wrapping spaces, a room to pamper the pooch and multiple lavish entertaining areas are essential, writes CATHERINE MASTERS

EMA N I C

WHAT THE

T

he super wealthy look at their property requirements a little differently to the rest of us.

While agents working in the luxury market say privacy, security and a splendid view always top the list of musthaves, the rich also like to have space for other essentials like a “gift wrapping room” and perhaps another room to pamper the pooch in.

Then there’s the “wellbeing room” where some calming yoga might take place, though this room might also be set up for at-home spa treatments so there will be a big bath surrounded by soothing candles and also a massage table, says Julie Fitzpatrick, of Barfoot & Thompson Remuera.

There will be a wine cellar which will have integrated racks for hundreds of bottles of wine.

No need in these multimillion dollar homes to pop down to the supermarket because you’ve run out of red – and there’s often a tasting area/tasting bar.

The home will usually feature a full entertainment bar as well, but that’s par for the course these days, Fitzpatrick says.

Luxury homes will generally be smart homes with integrated audio, media and climate control.

People also want a home

A trip to the movies from the comfort of your own home.

G YM

Detox in your own private wellbeing studio.

POOL

Infinity pools are a must for modern luxury homes.

cinema, lifts between floors, a cabana/loggia with an outdoor fire and heating, and a pool house.

If the house is on the beach, there is likely to be a boatshed presented mainly as an entertainment hub and a “boys’ getaway area”, and a

guest house is always a plus.

Then, of course, there is the “show garage” which is likely to have glass windows to show off the multiple cars, and these may include anything from Porsches and Bentleys to Range Rovers, though women often like a sporty Fiat to run

about in.

In the old days the super wealthy all had ballrooms but you don’t see much of that now, Fitzpatrick says.

You do see top-of-the-range double appliances, so double washing machines, dryers and double dishwashers. A

How to dress your mansion Pablo Picasso’s Femme assise pres d’ une fenetre. An expensive painting can be a focal point in a luxury home.

Diana Clement If you’re buying or building a mansion, money is probably no object – particularly when it comes to interiors.

But just because you have money doesn’t mean you know how to style and make sense of what can seem like an endless amount of space. Where should you hang your original Picassos and store your collection of Fabergé eggs?

That’s where interior designers make their mark, helping the wealthy – and the not-so-wealthy – create cohesive, stylish and functioning homes.

Laura Heynike, director of interior design firm Pocketspace Interiors, says her clients often focus on craftsmanship and materials.

Typically they want beautiful pieces that tell a story.

“So when someone goes to visit the home or they have a party, one or two of those pieces in their home will catch the eye of someone and create a conversation,” she says.

When it comes to furniture, some clients will already have their own beautifully

separate laundry is a must and here you will find an ironing facility, hanging racks, heated towel rails and heating cabinets for the skiwear or wet raincoat.

A helipad would be nice, Fitzpatrick says, but restrictions for landing in

proportioned pieces or have fixed ideas on what they want in their home. “The client may already have a $20,000 couch that they quite like and don’t need a replacement, but might want a chair to update the space,” Heynike says.

Heynike sources furniture from King Living and Matisse, as well as ECC furniture, which features designer labels like the very on-trend Tom Dixon.

Another popular brand at the top end is Woodwrights of Motueka, which makes bespoke furniture. “They’re incredible and they do really beautiful handmade dining tables and [other furniture]. So you can really get what you want, [with] quality and consistency. It’s definitely something that a high-end client is looking for.”

Recrafting of existing pieces is a growing trend, says Heynike. The client may have a classic chair, for example, but not like the way the headrest was fixed.

“They might choose to recraft it so it can fold down. You can still walk into the room and say ‘oh that’s this chair’. But it’s a little bit more exclusive because it’s a limited edition and your guests haven’t seen that variation before.”

A big part of her job, says Heynike, is curating artwork.

Clients may have existing artwork but might want additional pieces for the walls

OneRoof.co.nz

LOOK FOR IN A KIWI HOME

ELIPAD

Every luxury home needs a place to land the helicopter.

VIEW

A view of the sea is the top feature buyers look for.

WINE Photos / Getty Images, 123RF

central Auckland make it a bit restrictive.

While internet mogul Kim Dotcom’s lavish mansion in Coatesville was infamous for having a panic room, which was accessible via a secret panel in a cupboard, Fitzpatrick, and other agents

spoken to, hasn’t come across such a room, though she has encountered a walk-in safe.

Most luxury homes have a safe and they also have plenty of security, so automatic gates with cameras are routine.

Auckland real estate agent Michael Boulgaris says 10

of their new home to complement the space and the furniture. A favourite of Heynike’s is the Parnell Gallery. She also uses Mobile Art, which leases art. “It’s like an everchanging gallery,” she says.

Debbie Cavit, founder of interior designer firm Cavit+Co, says international names are hot right now and the hottest is American Kelly Wearstler.

Dubbed “the presiding grande dame of West Coast interior design” by The New Yorker, Wearstler is a designer who, in her own words, offers contemporary sophistication and wit, with a nod to the past and a wink at the future.

She’s on the front of every magazine, says Cavit, and many a luxury homeowner wants her work.

“A Wearstler chair doesn’t instantly look like a chair. It’s a very specific look.

Fabulous for people who have got the confidence to go the whole hog. Other furniture manufacturers are now copying that eye-catching, artistic form.”

Cavit has also seen a move away from the mid-century look, which is one of the reasons that Wearstler is becoming so popular.

Other designers popular with the top end of the market include Boca Do Lobo and the enduring work of Barbara Barry, who appeals to clients with more classic tastes.

years ago the mega wealthy wanted tennis courts but because land is so expensive, at least in Auckland, these days it’s all about showing off your view over the sparkling Waitemata Harbour.

To get both a tennis court and a view on the northern

Cavit says the luxury market in New Zealand is different in its approach to spending money on interior design.

Overseas there is a common formula where a percentage of the cost of the house is put aside for furniture.

“In America, they would say for a luxury home you’ve got to spend between 15 and 18% of the purchase value on furniture. If someone spends $5 million on a home, they would be spending almost up to a million dollars on furniture,” she says.

“In Europe, if you went to an architect and they asked, ‘Well how much do you nd you said want to spend on your home?’ and K, you’re €1 million, they would think, ‘OK, re and spending €800,000 on the structure €200,000 on furnishing’.” tant to Kiwis typically are more resistant ure, spending big amounts on furniture, says Cavit. “I think it’s because overseas hem much people buy homes and live in them longer. Here a lot of people will buy a home and think, ‘Oh, this will bee for five st what years’, so maybe they don’t invest mize the they ultimately should to maximize ome. experience of living in a lovely home. tly.

It is something I lament constantly.

Even in Australia, people will spend a lot more money on furnishings than they tend to here.”

slopes of Remuera, or in Paritai Drive, you are looking at anything from $20m to $30m, he says.

Instead, people are concentrating on multiple lavish entertaining areas which take advantage of the

Most homes at the top end of the market have a wine cellar.

Above: A stylish interior furnished by Italian design firm Frigerio.

Right: The distinctive Kelly Wearstlerdesigned Larchmont Chair.

Cavit+Co founder and interior designer Debbie Cavit.

view.

“Generally, there’d be three entertaining areas, if not four. There’d be informal rooms, most definitely a media room and probably a gymnasium.”

And while you’d be right in thinking a luxury home these days includes an infinity pool, Boulgaris says sometimes one pool is not enough.

Luxury kitchens and bathrooms go with luxury houses but Boulgaris says the rich often aren’t too bothered about whether there’s a butler’s pantry or not.

That’s because “anyone at that level will just knock a few walls out and build their own kitchen.”

Most mere mortals might keep their kitchen for 20 years but Boulgaris says the very rich change theirs every three to five years.

He agrees everyone wants privacy first. “A lot of these expensive homes have very, very tall hedges on either side.”

Another agent to the wealthy, Graham Wall, says the most important factor in really high value property is almost always water, “its proximity to the sea and big views.”

The rich also look for homes which have been designed by certain architects.

“People like Fearon Hay, Christian Anderson and Lawrence Sumich; their name on a property makes it more valuable.”

People see those names and they know that’s a good brand, like Mercedes Benz and Rolls Royce, he says.

Photos / Getty Images, Babiche Martens, Supplied

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THE PROPERTY RICH LIST: APARTMENT LIVING

THE HEIGHT OF LUXURY

Overseas buyers with up to $20m to spend are eyeing NZ’s growing apartment market, writes CATHERINE MASTERS.

E

mpty nesters or downsizers are eyeing the luxury apartment market again following a Covid lull, says Suzie Wigglesworth, Bayleys’ head of apartment developments.

But while local interest has been subdued, that has not been the case with overseas buyers who have been eyeing up Auckland apartments big time since the pandemic.

“Certainly, since Covid hit the world the level of overseas interest in apartments, particularly in Auckland central, has grown phenomenally.”

While a foreign buyer ban exists, some apartment buildings had exemptions and those apartments are attracting big interest, Wigglesworth says.

One such building is The Cab in the Civic Quarter, where at least 25% or 30% of inquiries is from overseas.

“Many of those people have a reason to come to New Zealand, whether that be for business or they’re planning to send their children here to study, or they have some kind of connection be it permanent residency or through a relative.

“Obviously, with us being Covid-free or thereabouts, it’s a big drawcard for those people.”

Bayleys has been running a campaign for the penthouse and sub-penthouse stock at The Cab, and the penthouse is already under contract.

While she can’t disclose the price, Wigglesworth says it is in the $15 million to $20 million range.

“In terms of somebody spending that level of money on a penthouse apartment, you wouldn’t see many above $5m in Auckland at all.

“There are lots of $5m transactions but you very rarely get someone who comes along with $10m, $15m or $20m so it certainly is a special sale.”

While $5m still buys a lovely apartment, an extra $10m or $15m buys exclusivity and extras.

The CAB in Auckland’s CBD is on the radar of wealthy Kiwis overseas. Photo / Supplied

The Pacifica is New Zealand’s tallest residential tower. Photos / Alex Robertson

“Generally, you’ll have exclusivity to the floor so you’ll own the whole floor, you haven’t got to share it with anybody,” Wigglesworth says.

“When you get in the lift you don’t have to stop at any floor, you’re straight up into your apartment.

“You get a lot of car parking which you might not get with other units in the building. Often that might be valet car parking or it might have a certain degree of specialty.”

And penthouses get the best view.

“In the case of The Cab penthouse it’s quite a unique

design. It’s 360 degree views really because it occupies the entire floor and it has a bit in the middle that opens up to the elements, which is like an internalised courtyard.

“You’ll often also get a lot higher specifications. You’ll get the top appliances, the most expensive flooring, kitchen bench, you name it. They generally go a bit overboard how they spec the apartments.”

Even so, buyers who can afford to pay millions of dollars often change the specs anyway.

“They often want to bring their own designers in and recalibrate the entire thing.”

A case in point are apartments in

the Jervois & Lawrence Apartments in Herne Bay. “Most of the people who were spending upwards of $5m didn’t really want what the developer had specified, they wanted to bring their own interior design flair to the apartment so many of those have ripped those apart, shall we say, and have started again.”

While a $15m to $20m apartment represents top-end luxury in this country, a $40m apartment is something else like the penthouse at the Pacifica skyscraper in Auckland central.

Wigglesworth says buyers of this calibre are looking for a trophy.

“Ultimately, it’s a statement about owning a floor in that particular building. That’s really what it boils down to,” she says.

“A lot of those people are trophy property collectors. They don’t necessarily spend any time in them.

They might have a beautiful chalet in the Swiss Alps, they might have something in Italy, they might have something in America.

“They’ve got a collection of property and it’s about being able to say they own the penthouse at the Pacifica.”

And while buyers of this calibre are generally foreigners, Wigglesworth says there is plenty of local money around.

“You’d be surprised. We have more wealthy people than you’d probably think we do.”

New Zealand, however, tends to have a lower level of apartment luxury compared to places like London or Sydney, and there has also been a shift from developers delivering product for empty nesters in the CBD fringe suburbs to delivering affordable apartments.

The luxury market is not going away, though.

“I think there will always be a niche for that market. I think there will always be some developers who go after that market but whether that’s the CBD or whether that’s further afield is now the question,” says Wigglesworth.

The Sky Garden penthouse on the top floor of The CAB is under contract.

Photo / Supplied

OneRoof.co.nz

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THE PROPERTY RICH LIST: GLOBAL HOUSE PRICES

GOT ANYTHING FOR

Hampton Hall, Queens Drive, London

Guide price: £29m (NZ$56m)

This 11-bedoom manor house on 0.5ha on the outskirts of London boasts more than 70 rooms. Comes with staff accommodation, internal and external leisure facilities, a two-storey garage and full planning permission to build.

115 Beach Lane, Wainscott, New York Guide price: US$49.5m (NZ$69m) Situated in the exclusive Hamptons, this newly built six-bedroom home offers gated entry, a four-car garage, heated pool and spa, and a private path straight to the ocean.

When it comes to the world of super prime real estate, New Zealand is a poor relation. CATHERINE MASTERS reports

P

ut $100 million into the search engine of any residential real estate website in New Zealand and you’ll likely come up blank.

New Zealand just doesn’t have houses at that price point.

Even searches for houses priced $20m or more will return a small handful of homes. If you do have this kind of money to spend, you may have to arm wrestle an unwilling owner into selling because at this price point properties are rarely let go.

But in countries like the United Kingdom, United States, Hong Kong, or even Australia, you can take your pick of luxury properties with eye-watering price tags.

A trawl of real estate websites shows a multitude of “super prime” homes that are for sale at prices which make $100m seem modest and $20m a steal.

Sotheby’s in France, for example, lists a luxury nine-bedroom villa with 12 bathrooms with a sale price of €120m ($200m).

This luxury property is inspired by the architecture of Byzantium and Venice and has a lake, a tennis court, woodlands and views of Cannes and the Mediterranean.

In Hong Kong, you can buy a property called The Peak for more than $110m. This six-bedroom, four-bathroom mansion is at a highly prestigious address on top of the island and has views stretching across the city to the iconic Victoria Harbour.

Over in London you can find any number of magnificent properties, including Hampton Hall in Queens Drive, which is on offer for more than $55m and features more than 70 rooms including staff accommodation, internal and external leisure facilities and a two-storey garage.

A recent report by global real estate agency Knight Frank found that 201 homes

Black’s Link, The Peak, Hong Kong

Guide price: HK$638m (NZ$114m)

This stylish six-bedroom mansion commands views across Victoria Habour. According to the listing, the generous outdoor space will allow a “privileged family to embrace the fresh air that one can never find in the city living”.

38a Wentworth Road, Vaucluse, Sydney Guide price: A$60m (NZ$64m) This house has seven bedrooms, three kitchens, two internal lifts and a 20-car garage. No photos of the interior are on the listing – the sales agent is taking only qualified buyers through the property for private inspections.

in London - together worth more than $5.3 billion - were snapped up by the super rich last year, up 3% on the year before. In Hong Kong, sales of homes worth more than US$10m numbered 169 last year, while in Sydney there were 55 sales of super-prime properties, up from 46 in 2019.

Last year, Australia recorded its first nine-figure sale price for an apartment and the highest price ever paid for a residential property. The top three floors of Tower 1 in the exclusive One Sydney Harbour development sold for $150m-plus and Fairwater, a significant heritage house in Point Piper, an exclusive seaside suburb in eastern Sydney, sold to a tech billionaire for more than $100m.

New Zealand, it seems, has a long way to go to catch up to the luxury residential market overseas. That’s not to say we won’t ever have a $100m sale but it’s unlikely to happen any time soon.

However, Knight Frank’s latest Wealth Report does single out a couple of

New Zealand suburbs as neighbourhoods to watch.

Alongside the likes of NoMad in New York, Super Cannes in the Cote d’Azur in France and Forum in Barcelona is humble Beachlands, 40 minutes from Auckland’s CBD and a short distance from Maraetai Beach.

Beachlands is emerging as a favoured location with those seeking more space and a commute via the regular ferry service into the CBD, says the report, which explains the suburb is primed for growth with 90% of the residential stock built in the last decade.

The report highlights the beach and the blue water, and points out that just $1m will buy a large, luxurious detached house with four to five bathrooms, a decent sized garden and close enough to the beach that you can leave the car at home.

By comparison, higher-end condos in NoMad, north of Madison Square, in New York, range from $20m to more than $30m.

Papamoa in Tauranga also features in the report, which says $900,000 will buy a

modest beachside home on a flat section around 10 minutes’ walk from the beach.

While luxurious real estate is always going to attract the world’s wealthiest people, luxury residences are not the only thing those with really deep pockets are spending up large on – on the other side of the world people are also buying hotels and football clubs.

The Guardian newspaper in the UK recently reported that last year wealthy individuals went on “an unprecedented buying spree, snapping up trophy UK assets”.

Purchases included the Ritz hotel, Charlton Athletic football club and the 170-yearold suit-maker Moss Bros – all worth almost a billion pounds, reported the paper.

High net worth individuals (those individuals with assets of more than US$30m) led 27 private buyout deals worth a combined £958m and the value of British buyout deals by these multi-millionaires increased by 626% compared with 2019, reported the Guardian.

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MARVEK OVERVIEW

Northland

25%

Auckland

24%

WHITE-HOT HOUSING MARKET HAS NZ AT FEVER PITCH

Waikato

Bay of Plenty

25%

26%

Gisborne

39%

TTaranakii Taranak

Hawke’s Bay

25%

From gloom to boom to gloom again – the housing market’s performance in the 12 months since the Covid-19 lockdown lifted has brought joy to some and frustration to others.

OneRoof editor OWEN VAUGHAN reports on unprecedented price rises.

I

t's now been a full 12 months since New Zealand's property market opened for business again after more than two months of Covid-19 restrictions brought the real estate industry to a standstill.

Back in May 2020, the future of the housing market was far from certain. Sales were happening and the crowds were back at the open homes, but the overall sentiment was that any surge in the market would be short-lived.

But a potent combination of record low interest rates and the removal of home loan restrictions, as well as travel restrictions curbing Kiwi spending, saw a rush of buyers enter the market and house prices grow at their fastest pace in years. This in turn led to a series of government and Reserve Bank measures aimed at slowing house price growth.

According to OneRoof’s latest snapshot of the housing market, New Zealand’s median property value — or typical house price — has jumped 25% in the last 12 months to $779,000, in effect adding $154,000 to the cost of buying a home.

The figures, from OneRoof and its data partner Valocity, show Manawatū-Whanganui is the country’s hottest property market, with the region’s median value rising 41% — or $158,000 — to $548,000.

Also feeling the heat are Gisborne (up 39% to $549,000), Marlborough (up 35% to $622,000), Hawke's Bay (up 34%

to $681,000) and Greater Wellington (up 33% to $888,000).

Auckland house prices — the focus of national concerns around housing affordability — saw the biggest dollar leap since the end of the first Covid-19 lockdown. The city's median value jumped $219,000 in the last 12 months to a new high of $1.114 million. For first-home buyers, the increase represents an extra $43,000 in deposit over the 12-month period.

The post-Covid boom has radically altered the shape of the housing market. New Zealand now has 20 suburbs where the median property value is $2m or above. That's up from four a year ago and 11 three months ago. And another 13 suburbs are likely to join them soon.

Whitford,

in Aucklan’s eastern fringes, has joined Herne Bay in the $3m club, with St Marys Bay and Coatesville, all in Auckland, and Oriental Bay in Wellington on their way to crossing the threshold. A year ago, no suburb West Coast had a median 17% value of $3m or more and

ManawatuWhanganui

41%

Nelson

20%

Wellington Tasman

20%

Marlborough

Canterbury

19%

35%

14%

Southland

25%

The different colours on the map show the extent of the house price changes for each New Zealand region.

40%+ 35%+ 30%+ 25%+ 20%+ 15%+ 10%+

20 sales or more in the last year, 284 — or 32% — have median property values of $1m or above, up from 197 last quarter and 118 a year ago.

For many homeowners, this is a significant boost to their real estate For those not on 40%+ Whatfortunes. the the property ladder, the goal of map tells you 35%+ owning a house, even in a low The different colours 30%+ on the map interest rateshow environment, may the extent of the 25%+ seem housefurther price off than ever. changes for eachjust 16% of 20%+ In Auckland, the New Zealand city's suburbs have median 15%+ region. property values of less than 10%+ $1m. That's down from 25% last quarter and 52% a year ago. In the year since lockdown ended, house prices in many Auckland suburbs have accelerated more than 40%.

The change can be seen in the other major metros:

Latest median value

12-month $ change

12-month % change

Highest sale last 12 mths

Extra deposit required since May 2020

$779,000

$154,000

25%

$24,000,000

$30,800

$1,114,000

$219,000

24%

$24,000,000

$43,800

Bay of Plenty

$792,000

$162,000

26%

$5,875,000

$34,400

Canterbury

$543,000

$88,000

19%

$9,000,000

$17,600

Gisborne

$549,000

$154,000

39%

$2,150,000

$30,800

Hawke’s Bay

$681,000

$171,000

34%

$4,450,000

$34,200

Manawatu-Whanganui

$548,000

$158,000

41%

$2,250,000

$31,600

Marlborough

$622,000

$162,000

35%

$3,000,000

$32,400

Nelson

$692,000

$117,000

20%

$3,000,000

$23,400

Northland

$667,000

$132,000

25%

$5,650,000

$26,400

Otago

$623,000

$78,000

14%

$10,500,000

$15,600

Southland

$399,000

$79,000

25%

$1,550,000

$15,800

Taranaki

$523,000

$103,000

25%

$2,560,000

$20,600

Tasman

$757,000

$127,000

20%

$4,720,000

$25,400

Waikato

$726,000

$146,000

25%

$5,000,000

$29,200

Wellington

$888,000

$218,000

33%

$4,310,000

$43,600

West Coast

$269,000

$39,000

17%

$1,200,000

$7,800

Auckland

Otago

33%

Herne Bay, long the country’s most expensive place to buy a home, was half a million dollars away from becoming the first. Its median value is now $3.31m — up almost $800,000 on this time last year.

The figures show that of the 871 New Zealand suburbs with

New Zealand

What the map tells you

34%

OneRoof.co.nz

33

DEPOSIT CLIMB

The chart below ranks New Zealand's territorial authorities by median property value, with Auckland's North Shore the most expensive place to buy a home and Buller, within the West Coast region, the cheapest.

The chart also shows the extra thousands of dollars first home buyers in each TA would have to save as a result of rising house prices. The sums range from as low as $3500 for Kawerau to $56,300 for South Wairarapa.

OneRoof calculated the extra money required for a 20% deposit by using the current median property value in each region and comparing it to the median value 12 months ago.

• Wellington has just seven suburbs where the median property value is less than $1m, and just two — Te Aro and Wellington Central — where the median value is less than $900,000.

• Tauranga’s $1m club has grown from just one suburb a year ago to six, with another three suburbs close to joining and no suburb boasting a median value of less than $600,000.

• Hamilton now has four $1m-plus suburbs — up from zero a year ago — and the number of suburbs with a median value of $600,000 or less has shrunk from 20 to zero.

• In Dunedin, the number of suburbs with median values of $600,000 or less has dropped from 29 to 11, while in Christchurch — still one of the country’s most affordable places to buy a home — that number has dropped from 55 to 37.

• And while the ban on international visitors hit the economy and housing market hard, in Queenstown Lakes, in the months immediately after the lockdown, the city is still an expensive place to buy property, with just three of its suburbs showcasing median values of less than $1m.

Covid and low interest rates have changed the pecking order at a territorial authority level as well. The most expensive place to buy a house in New Zealand is no longer Queenstown Lakes but Auckland’s North Shore, where the median property value is $1.308m — up 24%, or $253,000, on the same period last year.

Next is Auckland City (up 24%, or $239,000, to $1.234m),

followed by Auckland’s Rodney region (up 24%, or $224,000, to $1.154m); Queenstown Lakes (up just 9%, or $88,000, to $1.108m); Auckland’s Manukau (up 27%, or $220,000, to $1.05m); and Wellington City (up 27%, or $215,000, to $1.025m).

All but 15 territorial authorities (TA) have seen house price growth of 20% or more in the last 12 months, with Kawerau, in the Bay of Plenty, showing the least — up just 6%

• The lifting of price and income caps on First Home Grants; and • A $3.8 billion Housing Acceleration Fund to finance infrastructure.

So far, the impact of these changes on price growth is yet to be felt, it may be some months before the most farreaching of the Government’s policies, the tax changes around investor assets, affects buyer behaviour in the buy-to-let market.

“In its economic forecast, released in the Budget, the Treasury says annual house price growth will slow from a peak of 17.3% to just 0.9% by mid next year.” to $323,000, although it has to be said that prices have more than doubled in the TA in the last five years, a big change in fortunes for the market there.

And 10 TAs saw growth of 40% or more, with house prices in South Wairarapa, in Greater Wellington, jumping a stunning 52% — more than $280,000 — in the last 12 months to $821,000.

These post-lockdown increases are now baked in, and it would take a GFC-type event to bring prices back down to pre-Covid levels.

In the three months since the last OneRoof Property Report, a raft of new measures designed to slow the market have been implemented. The Reserve Bank reintroduced the loan to value ratio restrictions and the Government announced new policies aimed at dampening speculative demand and tilting the balance towards first-home buyers. These changes included: • Investors losing the ability to write off interest expenses; • The bright-line test extending from five to 10 years;

In its economic forecast, released in the Budget, the Treasury stated that annual house price growth would slow from a peak of 17.3% this year to just 0.9% by mid next year, with Finance Minister Grant Robertson declaring: “This is a very sharp adjustment in house prices but a very necessary one.”

Nationally, the share of new mortgage registrations to investors this quarter is up slightly on the same period a year ago, from 23% to 24%, but still down massively on their share during last market peak, in 2016, when it was 29%.

First-home buyers — the group most in competition with investors for affordable homes — have seen their share of the market dip from 42% a year ago to 39% this quarter (although their share remains higher than the 32% in 2016).

The percentage of refinancers has risen from 23% to 27% over the last 12 months while the share of the market represented by movers has dipped from 12% to 11% over the same period.

Auckland - North Shore Auckland City Auckland - Rodney Queenstown-Lakes Auckland - Manukau Wellington Auckland - Waitakere Western Bay of Plenty Porirua Thames-Coromandel Auckland - Franklin Tauranga Auckland - Papakura Kapiti Coast Waikato South Wairarapa Lower Hutt Waipa Upper Hutt Tasman Hamilton Napier Whangarei Hastings Nelson Selwyn Kaipara Taupo Palmerston North Carterton Central Otago Marlborough Whakatane Matamata-Piako Waimakariri Manawatu Dunedin Rotorua New Plymouth Mackenzie Masterton Far North Kaikoura Hauraki Gisborne Otorohanga Christchurch Horowhenua Central Hawke's Bay Hurunui Opotiki Whanganui Timaru Southland Ashburton Waitaki Rangitikei Stratford Invercargill Tararua South Waikato Clutha South Taranaki Waimate Ruapehu Gore Kawerau Westland Waitomo Wairoa Grey Buller

Latest median value

Extra deposit required since May 2020

$1,308,000 $1,234,000 $1,154,000 $1,108,000 $1,050,000 $1,025,000 $993,000 $921,000 $886,000 $884,000 $882,000 $880,000 $880,000 $846,000 $836,000 $821,500 $805,000 $800,000 $799,000 $757,000 $729,000 $722,000 $719,000 $693,000 $692,000 $673,000 $672,000 $669,000 $664,000 $648,000 $630,000 $622,000 $615,000 $609,000 $602,000 $601,000 $597,000 $588,000 $586,000 $584,000 $581,500 $568,000 $564,500 $561,000 $549,000 $544,000 $541,000 $529,000 $514,000 $491,000 $451,000 $448,000 $434,500 $429,000 $428,000 $421,000 $414,500 $412,000 $402,000 $393,000 $375,000 $357,000 $344,000 $341,000 $333,000 $331,000 $323,000 $315,000 $310,000 $297,500 $260,000 $252,000

$50,600 $47,800 $44,800 $17,600 $44,000 $43,000 $39,600 $34,200 $50,200 $37,800 $35,400 $39,000 $37,000 $46,200 $25,200 $56,300 $41,000 $30,000 $39,800 $25,400 $29,800 $35,400 $33,800 $37,600 $23,400 $14,600 $14,400 $29,800 $40,800 $37,600 $10,000 $32,400 $23,000 $18,800 $20,400 $33,200 $23,400 $21,600 $24,200 $14,800 $34,300 $21,600 $19,900 $21,200 $30,800 $28,800 $18,200 $31,800 $25,800 $11,200 $23,200 $27,600 $12,900 $6,800 $13,600 $15,200 $25,900 $18,400 $16,400 $23,600 $16,000 $18,400 $15,800 $10,200 $17,600 $15,200 $3,600 $8,000 $7,000 $19,500 $9,000 $8,400

34

OneRoof.co.nz

COMMENT

Here’s one simple alternative to crashing the entire housing market You don’t need to wipe out the economy to get more people on to the housing ladder.

T

he New Zealand Herald recently published a fascinating article addressing the question of what would happen if house prices fell.

In the lengthy piece, outlined are a range of scenarios based on house prices falling anywhere between 10% and 40%. It quotes the views of various commentators, including yours truly, and it touches on the frequently promoted idea of the Government or Reserve Bank doing something to deliberately crash house prices in some sort of managed process, which would, apparently, be preferable to a sharp correction in house prices.

It’s a topic in which I also have a strong interest.

If we were ever silly enough to actually manage to bring about a controlled drop in prices of 40%, the consequences are entirely predictable and would have a devastating impact on the Kiwi economy.

These consequences would include negative equity (owing more on your home than it was worth) for anyone who borrowed 80% of the cost of buying a house in the last couple of years; the reduction or even termination of cashflow facilities for mum and dad businesses which Ashley Church used their home as security with the bank (and the subsequent knock-on impact on business viability and jobs); a massive reduction in spending confidence throughout all parts of the economy; the postponement of retirement plans for tens of thousands of The idea of Kiwis for whom their home “crashing equity was the key to their the market” retirement; and a bonanza for might have property investors who would superficial be largely unaffected by a drop appeal to since they are already required academics to hold at least 40% equity in a property due to current Reserve and those struggling to Bank rules. get on the Indeed, these consequences property would be so devastating to so ladder but it much of the economy that it’s would bring difficult to understand the little relief to thinking of anyone who first-home actually believes that this might be a good idea. Promoting it as a buyers.

serious strategy is not only insane, it’s also incredibly irresponsible.

But more to the point, the article actually asks the wrong question in that it presupposes that reducing house prices is somehow the key to resolving housing affordability. It isn’t.

Why? Because almost every article you read about housing affordability is dishonest in that almost all of them only focus on median incomes and house prices.

Measured by these two things alone, affordability is absolutely reducing – but you can’t accurately measure affordability without also taking into account the cost of servicing a mortgage, which has dropped through the floor since the 1980s.

Indeed, so dramatic is the impact of the reduction in mortgage interest rates that the proportion of the average Kiwi household income that services the mortgage in an average Kiwi home has dropped from more than 50% in the 1980s to about 37% today – just slightly higher than it was in 2001. This

just look at what happened during the period that these silly rules were last suspended.

Even during a period in which the banks themselves Falling house prices are normally a sign of economic didn’t fully trouble. Photo / Getty Images embrace the suspension, means that it’s now first-home buyer home sales significantly easier to “afford” soared and people who could the cost of servicing a mortgage afford a mortgage but didn’t than it was in the mid-1980s. have a large deposit were So if house prices aren’t the finally able to get into the major barrier to getting into a market because they no longer home, what is? That’s easy – the needed a crippling deposit. deposit.

The idea of “crashing the If we want to “fix” the market” might have superficial housing market and allow appeal to academics and those young people to get into their struggling to get on the first home again we don’t need property ladder but it would to crash the market or try any of bring little relief to first-home the other hare-brained schemes buyers and would do little more implemented by this and the than kick-start another round of previous government. All we house price inflation in which need to do is dump the artificial the whole process would start loan-to-value ratio deposit all over again. restrictions imposed by the - Ashley Church is a property Reserve Bank. commentator for OneRoof.co.nz.

If you want evidence of this Email him at ashley@nzemail.com

OneRoof.co.nz

35

HOUSE PRI CE INDEX

How hot is your suburb?

The OneRoof Property Report suburb valuation tables, powered by OneRoof’s data partner Valocity, show the latest median property values for every suburb* in New Zealand.

The tables are arranged by region, starting at the top of the North Island and finishing at the bottom of the South Island (with the territorial authorities and suburbs within each region shown in alphabetical order).

What do the tables show?

The tables below show for each suburb, territorial authority and region: ● The median property value at May 7, 2021; ● The 12-month change in percent; ● The 12-month change in dollars; ● The highest settled sale price in the year to May 7, 2021; and ● The extra deposit first home buyers would have needed to save in the last 12 months as a result of rising prices.

What do the numbers mean?

The median property value is the middle point for property values.

Median means “in the middle”, so if for example there are five houses in a suburb and they are valued at $175,000, $200,000, $250,000, $350,000, and $600,000, the median value would be the one in the middle, or $250,000.The median is a good indicator of

SUBURB

typical property values within an area because it is not affected by outliers.

The 12-month change indicates how well property values are tracking in the given area. If the percentage change is upwards, then it means the market in the area may be hot and that homes there are selling quickly and for more money.

If the percentage change is downwards, then it is a sign that the market in the area is soft or cold, and that properties are selling slowly and for less.

The change in dollars shows how much value gain or loss homeowners in any given area has seen in the last 12 months, while the highest settled sale price indicates how well the top end of the market is doing in each area.

OneRoof has calculated the extra money buyers would have had to save in the last 12 months for a 20% deposit.The numbers for each region,TA and suburb are based on a comparison of the current median property value and the median value in May 2020.

Together these figures give a good overview of what’s happening in the housing market in each region,TA and suburb, and what buyers can expect to pay and sellers can expect to make.

LATEST MEDIAN 12-MONTH PROPERTY $ CHANGE VALUE

How are the suburb values calculated?

For latest median property value, the tables use an automated valuation model (AVM).The AVM takes into account recorded property attributes and historical property sales data to estimate the value of every residential property value in a suburb.The model is intended to provide an estimate of value at the date it was run.You can find out the value of your own property - and those of your neighbours - at OneRoof.co.nz/estimate.

An interactive carrying more house price data for every suburb in New Zealand can be found at OneRoof.co.nz/propertyreport.Alternatively, you can go straight to the interactive using the QR code on the right. Hold your phone camera

12-MONTH % CHANGE

HIGHEST SETTLED SALE IN LAST 12 MONTHS

EXTRA DEPOSIT REQUIRED SINCE MAY 2020

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over the code and click on the link. *Only suburbs with 20 sales or more in the 12 months to May 7 have been included in the print tables below.The latest property values for every suburb can be found in the interactive at OneRoof.co.nz/ property-report. If you have a question about the data, please contact support@oneroof.co.nz

LATEST MEDIAN 12-MONTH PROPERTY $ CHANGE VALUE

12-MONTH % CHANGE

HIGHEST SETTLED SALE IN LAST 12 MONTHS

EXTRA DEPOSIT REQUIRED SINCE MAY 2020

NORTH ISLAND NORTHLAND

$667,000

$132,000

25%

$5,650,000

$26,400

FAR NORTH

$568,000

$108,000

23%

$3,700,000

$21,600

AHIPARA CABLE BAY COOPERS BEACH HARURU KAIKOHE KAITAIA KARIKARI PENINSULA KAWAKAWA KERIKERI MANGONUI OPONONI PAIHIA RUSSELL WAIPAPA

$465,000 $655,000 $655,000 $710,000 $275,000 $320,000 $555,000 $390,000 $827,500 $615,000 $455,000 $620,000 $950,000 $925,000

$70,000 $130,000 $105,000 $140,000 $70,000 $60,000 $85,000 $105,000 $117,500 $195,000 $140,000 $85,000 $125,000 $127,500

18% 25% 19% 25% 34% 23% 18% 37% 17% 46% 44% 16% 15% 16%

$975,000 $1,150,000 $1,650,000 $1,620,000 $703,500 $700,000 $1,050,000 $740,000 $2,375,000 $1,475,000 $790,000 $2,850,000 $3,300,000 $1,700,000

$14,000 $26,000 $21,000 $28,000 $14,000 $12,000 $17,000 $21,000 $23,500 $39,000 $28,000 $17,000 $25,000 $25,500

KAIPARA DARGAVILLE KAIWAKA MANGAWHAI MANGAWHAI HEADS MAUNGATUROTO RUAWAI TE KOPURU

$568,000 $425,000 $760,000 $990,000 $975,000 $570,000 $385,000 $385,000

$108,000 $95,000 $120,000 $185,000 $165,000 $145,000 $115,000 $120,000

23% 29% 19% 23% 20% 34% 43% 45%

$3,700,000 $1,100,000 $1,417,000 $4,000,000 $4,350,000 $1,094,000 $570,000 $800,000

$21,600 $19,000 $24,000 $37,000 $33,000 $29,000 $23,000 $24,000

$719,000 $560,000 $495,000 $640,000 $700,000 $985,000 $610,000 $1,010,000 $885,000

$169,000 $145,000 $110,000 $155,000 $150,000 $260,000 $155,000 $210,000 $180,000

31% 35% 29% 32% 27% 36% 34% 26% 26%

$5,650,000 $830,000 $910,000 $860,000 $1,847,391 $1,475,000 $1,325,000 $2,200,000 $1,800,000

$33,800 $29,000 $22,000 $31,000 $30,000 $52,000 $31,000 $42,000 $36,000

WHANGAREI AVENUES HIKURANGI HORAHORA KAMO KAURI KENSINGTON MAUNGATAPERE MAUNU

MORNINGSIDE NGUNGURU ONE TREE POINT ONERAHI OTANGAREI PARAHAKI PARUA BAY RAUMANGA REGENT RIVERSIDE RUAKAKA RUATANGATA WEST TIKIPUNGA TUTUKAKA WAIPU WHANGAREI HEADS WHAU VALLEY WOODHILL

$555,000 $925,000 $905,000 $625,000 $345,000 $680,000 $977,500 $485,000 $670,000 $705,000 $810,000 $915,000 $570,000 $985,000 $930,000 $935,000 $640,000 $590,000

$125,000 $150,000 $185,000 $150,000 $100,000 $125,000 $202,500 $120,000 $140,000 $125,000 $180,000 $260,000 $135,000 $172,500 $135,000 $175,000 $135,000 $145,000

29% 19% 26% 32% 41% 23% 26% 33% 26% 22% 29% 40% 31% 21% 17% 23% 27% 33%

$770,000 $2,450,000 $5,650,000 $1,050,000 $453,000 $1,250,000 $1,809,000 $657,500 $1,220,000 $1,617,000 $1,630,000 $1,500,000 $945,000 $2,377,000 $2,530,000 $1,320,000 $1,000,000 $825,000

$25,000 $30,000 $37,000 $30,000 $20,000 $25,000 $40,500 $24,000 $28,000 $25,000 $36,000 $52,000 $27,000 $34,500 $27,000 $35,000 $27,000 $29,000

AUCKLAND

$1,114,000

$219,000

24%

$24,000,000

$43,800

AUCKLAND CITY AUCKLAND CENTRAL AVONDALE BLOCKHOUSE BAY EDEN TERRACE ELLERSLIE EPSOM FREEMANS BAY GLEN INNES GLENDOWIE GRAFTON GREENLANE GREY LYNN HERNE BAY HILLSBOROUGH KINGSLAND

$1,234,000 $575,000 $1,130,000 $1,300,000 $795,000 $1,400,000 $2,220,000 $1,500,000 $1,270,000 $2,130,000 $640,000 $1,790,000 $1,960,000 $3,310,000 $1,440,000 $1,730,000

$239,000 $120,000 $305,000 $375,000 $165,000 $410,000 $490,000 $340,000 $315,000 $545,000 $150,000 $435,000 $485,000 $782,500 $345,000 $447,500

24% 26% 37% 41% 26% 41% 28% 29% 33% 34% 31% 32% 33% 31% 32% 35%

$24,000,000 $3,300,000 $2,165,000 $2,650,000 $3,100,000 $2,850,000 $8,500,000 $7,900,000 $1,800,000 $6,250,000 $2,305,000 $7,500,000 $4,875,000 $8,000,000 $2,056,000 $2,410,000

$47,800 $24,000 $61,000 $75,000 $33,000 $82,000 $98,000 $68,000 $63,000 $109,000 $30,000 $87,000 $97,000 $156,500 $69,000 $89,500

36

OneRoof.co.nz

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LATEST MEDIAN 12-MONTH PROPERTY $ CHANGE VALUE

12-MONTH % CHANGE

HIGHEST SETTLED SALE IN LAST 12 MONTHS

EXTRA DEPOSIT REQUIRED SINCE MAY 2020

KOHIMARAMA LYNFIELD MEADOWBANK MISSION BAY MORNINGSIDE MOUNT ALBERT MOUNT EDEN MOUNT ROSKILL MOUNT WELLINGTON NEW WINDSOR NEWMARKET OMIHA ONE TREE HILL ONEHUNGA ONEROA ONETANGI ORAKEI OSTEND OTAHUHU PALM BEACH PANMURE PARNELL POINT CHEVALIER POINT ENGLAND PONSONBY REMUERA ROYAL OAK SAINT JOHNS SAINT MARYS BAY SANDRINGHAM ST HELIERS STONEFIELDS SURFDALE THREE KINGS WAI O TAIKI BAY WAIHEKE ISLAND WATERVIEW WESLEY WESTMERE

$2,030,000 $1,380,000 $1,740,000 $1,930,000 $1,490,000 $1,470,000 $1,910,000 $1,290,000 $1,090,000 $1,320,000 $815,000 $1,035,000 $1,490,000 $1,300,000 $1,480,000 $1,270,000 $2,060,000 $1,130,000 $900,000 $1,480,000 $1,110,000 $1,770,000 $1,990,000 $1,240,000 $2,570,000 $2,280,000 $1,510,000 $1,620,000 $2,940,000 $1,450,000 $2,000,000 $1,740,000 $1,200,000 $1,280,000 $1,650,000 $2,260,000 $1,170,000 $900,000 $2,490,000

$500,000 $395,000 $370,000 $400,000 $370,000 $445,000 $455,000 $335,000 $290,000 $350,000 $140,000 $245,000 $440,000 $385,000 $305,000 $270,000 $455,000 $275,000 $260,000 $235,000 $290,000 $415,000 $540,000 $285,000 $800,000 $515,000 $385,000 $435,000 $710,000 $285,000 $465,000 $380,000 $275,000 $280,000 $375,000 $1,082,500 $320,000 -$10,000 $710,000

33% 40% 27% 26% 33% 43% 31% 35% 36% 36% 21% 31% 42% 42% 26% 27% 28% 32% 41% 19% 35% 31% 37% 30% 45% 29% 34% 37% 32% 24% 30% 28% 30% 28% 29% 92% 38% -1% 40%

$5,400,000 $2,200,000 $4,050,000 $6,500,000 $3,050,000 $3,350,000 $5,600,000 $2,500,000 $3,050,000 $1,850,000 $2,250,000 $3,100,000 $2,750,000 $3,880,000 $5,900,000 $2,650,000 $10,800,000 $3,530,000 $2,050,000 $4,600,000 $1,811,000 $9,750,000 $4,600,000 $3,050,000 $7,401,000 $11,500,000 $4,450,000 $3,750,000 $6,358,000 $2,775,000 $6,000,000 $1,957,000 $1,850,000 $2,610,000 $3,850,000 $8,100,000 $2,105,000 $1,930,000 $24,000,000

$100,000 $79,000 $74,000 $80,000 $74,000 $89,000 $91,000 $67,000 $58,000 $70,000 $28,000 $49,000 $88,000 $77,000 $61,000 $54,000 $91,000 $55,000 $52,000 $47,000 $58,000 $83,000 $108,000 $57,000 $160,000 $103,000 $77,000 $87,000 $142,000 $57,000 $93,000 $76,000 $55,000 $56,000 $75,000 $216,500 $64,000 -$2,000 $142,000

FRANKLIN BOMBAY CLARKS BEACH GLENBROOK HUNUA MANUKAU HEADS PATUMAHOE PUKEKOHE RAMARAMA WAIUKU

$882,000 $1,550,000 $1,070,000 $1,250,000 $1,400,000 $910,000 $1,190,000 $910,000 $1,770,000 $845,000

$177,000 $495,000 $282,500 $375,000 $330,000 $185,000 $305,000 $240,000 $440,000 $200,000

25% 47% 36% 43% 31% 26% 34% 36% 33% 31%

$3,400,000 $2,325,000 $2,650,000 $3,010,000 $2,315,000 $1,280,000 $1,800,000 $2,300,000 $3,000,000 $1,535,000

$35,400 $99,000 $56,500 $75,000 $66,000 $37,000 $61,000 $48,000 $88,000 $40,000

MANUKAU BEACHLANDS BOTANY DOWNS BUCKLANDS BEACH BURSWOOD CLENDON PARK CLEVEDON CLOVER PARK COCKLE BAY DANNEMORA EAST TAMAKI EAST TAMAKI HEIGHTS FARM COVE FAVONA FLAT BUSH GOLFLANDS GOODWOOD HEIGHTS HALF MOON BAY HIGHLAND PARK HOWICK MANGERE MANGERE BRIDGE MANGERE EAST MANUKAU MANUREWA MANUREWA EAST MARAETAI MELLONS BAY NORTHPARK OTARA PAKURANGA PAKURANGA HEIGHTS PAPATOETOE RANDWICK PARK SHELLY PARK SOMERVILLE SUNNYHILLS THE GARDENS

$1,050,000 $1,500,000 $1,460,000 $1,660,000 $1,290,000 $820,000 $2,050,000 $920,000 $1,560,000 $1,790,000 $1,380,000 $1,730,000 $1,700,000 $895,000 $1,440,000 $1,590,000 $1,190,000 $1,500,000 $1,230,000 $1,310,000 $980,000 $1,320,000 $950,000 $700,000 $890,000 $935,000 $1,550,000 $1,940,000 $1,560,000 $825,000 $1,220,000 $1,300,000 $955,000 $825,000 $1,520,000 $1,610,000 $1,580,000 $1,340,000

$220,000 $340,000 $460,000 $425,000 $335,000 $280,000 $695,000 $265,000 $350,000 $380,000 $395,000 $450,000 $400,000 $215,000 $340,000 $495,000 $350,000 $345,000 $320,000 $350,000 $300,000 $375,000 $295,000 $190,000 $255,000 $315,000 $325,000 $410,000 $360,000 $250,000 $310,000 $365,000 $245,000 $215,000 $350,000 $345,000 $385,000 $315,000

27% 29% 46% 34% 35% 52% 51% 40% 29% 27% 40% 35% 31% 32% 31% 45% 42% 30% 35% 36% 44% 40% 45% 37% 40% 51% 27% 27% 30% 43% 34% 39% 35% 35% 30% 27% 32% 31%

$5,900,000 $4,885,000 $2,235,000 $3,200,000 $1,430,000 $1,050,000 $3,775,000 $1,310,000 $3,000,000 $4,320,000 $1,980,000 $3,150,000 $3,530,000 $1,005,000 $3,000,000 $1,757,000 $1,364,000 $5,650,000 $2,101,000 $2,670,500 $1,390,000 $2,650,000 $1,750,000 $1,310,000 $4,000,000 $1,150,000 $2,275,000 $4,720,000 $1,950,000 $1,320,000 $3,860,000 $1,700,000 $3,385,000 $930,000 $2,600,000 $2,100,000 $5,800,000 $2,200,000

$44,000 $68,000 $92,000 $85,000 $67,000 $56,000 $139,000 $53,000 $70,000 $76,000 $79,000 $90,000 $80,000 $43,000 $68,000 $99,000 $70,000 $69,000 $64,000 $70,000 $60,000 $75,000 $59,000 $38,000 $51,000 $63,000 $65,000 $82,000 $72,000 $50,000 $62,000 $73,000 $49,000 $43,000 $70,000 $69,000 $77,000 $63,000

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LATEST MEDIAN 12-MONTH PROPERTY $ CHANGE VALUE

12-MONTH % CHANGE

HIGHEST SETTLED SALE IN LAST 12 MONTHS

EXTRA DEPOSIT REQUIRED SINCE MAY 2020

TOTARA HEIGHTS WATTLE DOWNS WEYMOUTH WHITFORD WIRI

$1,150,000 $1,130,000 $890,000 $3,030,000 $795,000

$342,500 $290,000 $245,000 $847,500 $235,000

42% 35% 38% 39% 42%

$1,520,000 $4,880,000 $1,800,000 $5,900,000 $796,000

$68,500 $58,000 $49,000 $169,500 $47,000

NORTH SHORE ALBANY ALBANY HEIGHTS BAYSWATER BAYVIEW BEACH HAVEN BELMONT BIRKDALE BIRKENHEAD BROWNS BAY CAMPBELLS BAY CASTOR BAY CHATSWOOD DEVONPORT FAIRVIEW HEIGHTS FORREST HILL GLENFIELD GREENHITHE HAURAKI HILLCREST LONG BAY MAIRANGI BAY MILFORD MURRAYS BAY NARROW NECK NORTHCOTE NORTHCOTE POINT NORTHCROSS OTEHA PINEHILL ROTHESAY BAY SCHNAPPER ROCK STANLEY POINT SUNNYNOOK TAKAPUNA TORBAY TOTARA VALE UNSWORTH HEIGHTS WAIAKE WINDSOR PARK

$1,308,000 $1,250,000 $1,310,000 $1,580,000 $1,080,000 $1,150,000 $1,470,000 $1,080,000 $1,340,000 $1,380,000 $2,235,000 $1,910,000 $1,560,000 $2,110,000 $1,710,000 $1,520,000 $1,140,000 $1,720,000 $1,820,000 $1,390,000 $1,830,000 $1,840,000 $1,620,000 $1,740,000 $1,910,000 $1,410,000 $1,830,000 $1,310,000 $1,310,000 $1,780,000 $1,640,000 $1,750,000 $2,260,000 $1,420,000 $1,690,000 $1,300,000 $1,150,000 $1,270,000 $1,480,000 $1,400,000

$253,000 $260,000 $270,000 $415,000 $275,000 $315,000 $390,000 $285,000 $360,000 $340,000 $515,000 $415,000 $365,000 $555,000 $380,000 $335,000 $285,000 $410,000 $445,000 $375,000 $370,000 $355,000 $400,000 $395,000 $465,000 $390,000 $555,000 $345,000 $390,000 $370,000 $370,000 $350,000 $595,000 $405,000 $390,000 $305,000 $280,000 $330,000 $285,000 $300,000

24% 26% 26% 36% 34% 38% 36% 36% 37% 33% 30% 28% 31% 36% 29% 28% 33% 31% 32% 37% 25% 24% 33% 29% 32% 38% 44% 36% 42% 26% 29% 25% 36% 40% 30% 31% 32% 35% 24% 27%

$8,400,000 $2,565,000 $2,100,000 $4,360,000 $1,701,000 $2,605,000 $3,250,000 $1,733,000 $4,500,000 $2,360,000 $3,000,000 $3,700,000 $4,200,000 $5,625,000 $2,050,000 $2,546,000 $2,130,000 $5,650,000 $8,400,000 $1,980,000 $3,060,000 $2,875,000 $6,550,000 $4,500,000 $5,250,000 $4,050,000 $2,835,000 $1,950,000 $2,230,000 $2,400,000 $3,100,000 $2,915,000 $5,280,000 $2,330,000 $8,300,000 $3,550,000 $1,550,000 $1,720,000 $2,005,000 $2,100,000

$50,600 $52,000 $54,000 $83,000 $55,000 $63,000 $78,000 $57,000 $72,000 $68,000 $103,000 $83,000 $73,000 $111,000 $76,000 $67,000 $57,000 $82,000 $89,000 $75,000 $74,000 $71,000 $80,000 $79,000 $93,000 $78,000 $111,000 $69,000 $78,000 $74,000 $74,000 $70,000 $119,000 $81,000 $78,000 $61,000 $56,000 $66,000 $57,000 $60,000

PAPAKURA CONIFER GROVE KARAKA OPAHEKE PAHUREHURE PAPAKURA RED HILL ROSEHILL TAKANINI ARMY BAY

$880,000 $1,150,000 $1,480,000 $1,030,000 $1,100,000 $845,000 $830,000 $860,000 $985,000 $1,150,000

$185,000 $335,000 $285,000 $285,000 $345,000 $225,000 $240,000 $240,000 $240,000 $300,000

27% 41% 24% 38% 46% 36% 41% 39% 32% 35%

$6,000,000 $1,540,000 $6,000,000 $1,877,500 $2,850,000 $1,376,000 $1,700,000 $2,800,000 $1,380,000 $2,222,000

$37,000 $67,000 $57,000 $57,000 $69,000 $45,000 $48,000 $48,000 $48,000 $60,000

RODNEY COATESVILLE DAIRY FLAT GULF HARBOUR HELENSVILLE HUAPAI KAUKAPAKAPA KUMEU LEIGH MANLY MATAKANA MATAKATIA OMAHA OREWA PARAKAI POINT WELLS RED BEACH RIVERHEAD SILVERDALE SNELLS BEACH SOUTH HEAD STANMORE BAY STILLWATER WAIMAUKU WAINUI WARKWORTH WELLSFORD

$1,154,000 $2,910,000 $2,570,000 $1,060,000 $1,050,000 $1,340,000 $1,420,000 $1,390,000 $1,110,000 $1,120,000 $1,650,000 $1,465,000 $2,010,000 $1,230,000 $815,000 $1,720,000 $1,220,000 $1,560,000 $1,440,000 $1,030,000 $1,365,000 $1,020,000 $1,390,000 $1,660,000 $1,520,000 $1,060,000 $835,000

$224,000 $515,000 $665,000 $265,000 $235,000 $395,000 $337,500 $325,000 $275,000 $300,000 $445,000 $340,000 $435,000 $335,000 $255,000 $350,000 $300,000 $395,000 $350,000 $265,000 $385,000 $270,000 $630,000 $445,000 -$15,000 $235,000 $250,000

24% 22% 35% 33% 29% 42% 31% 31% 33% 37% 37% 30% 28% 37% 46% 26% 33% 34% 32% 35% 39% 36% 83% 37% -1% 28% 43%

$8,800,000 $8,800,000 $4,130,000 $3,100,000 $2,315,000 $1,710,000 $2,600,000 $4,430,000 $6,200,000 $5,100,000 $3,850,000 $1,905,000 $7,350,000 $4,000,000 $1,050,000 $2,550,000 $3,770,000 $5,000,000 $1,940,000 $1,930,000 $2,050,000 $3,725,000 $3,800,000 $4,125,000 $2,850,000 $6,100,000 $1,765,000

$44,800 $103,000 $133,000 $53,000 $47,000 $79,000 $67,500 $65,000 $55,000 $60,000 $89,000 $68,000 $87,000 $67,000 $51,000 $70,000 $60,000 $79,000 $70,000 $53,000 $77,000 $54,000 $126,000 $89,000 -$3,000 $47,000 $50,000

WAITAKERE GLEN EDEN GLENDENE

$993,000 $980,000 $1,040,000

$198,000 $245,000 $270,000

25% 33% 35%

$4,000,000 $1,600,000 $1,575,000

$39,600 $49,000 $54,000

OneRoof.co.nz

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LATEST MEDIAN 12-MONTH PROPERTY $ CHANGE VALUE

12-MONTH % CHANGE

HIGHEST SETTLED SALE IN LAST 12 MONTHS

EXTRA DEPOSIT REQUIRED SINCE MAY 2020

GREEN BAY HENDERSON HENDERSON VALLEY HOBSONVILLE KELSTON LAINGHOLM MASSEY NEW LYNN ORATIA PIHA RANUI SUNNYVALE SWANSON TE ATATU PENINSULA TE ATATU SOUTH TITIRANGI WAITAKERE WEST HARBOUR WESTGATE WHENUAPAI

$1,230,000 $1,050,000 $1,210,000 $1,140,000 $985,000 $1,110,000 $1,010,000 $990,000 $1,475,000 $1,210,000 $950,000 $970,000 $1,140,000 $1,290,000 $1,090,000 $1,250,000 $1,390,000 $1,350,000 $1,100,000 $1,300,000

$360,000 $270,000 $325,000 $220,000 $235,000 $290,000 $265,000 $235,000 $597,500 $270,000 $260,000 $245,000 $285,000 $340,000 $275,000 $355,000 $425,000 $365,000 $260,000 $305,000

41% 35% 37% 24% 31% 35% 36% 31% 68% 29% 38% 34% 33% 36% 34% 40% 44% 37% 31% 31%

$2,000,000 $2,125,000 $1,725,000 $2,105,000 $1,205,000 $1,299,000 $3,200,000 $1,810,000 $2,125,000 $3,000,050 $1,600,000 $1,250,000 $2,050,000 $2,290,000 $3,200,000 $2,200,000 $4,000,000 $2,400,000 $2,300,000 $1,800,000

$72,000 $54,000 $65,000 $44,000 $47,000 $58,000 $53,000 $47,000 $119,500 $54,000 $52,000 $49,000 $57,000 $68,000 $55,000 $71,000 $85,000 $73,000 $52,000 $61,000

WAIKATO

$726,000

$146,000

25%

$5,000,000

$29,200

HAMILTON BADER BEERESCOURT CHARTWELL CHEDWORTH CLAUDELANDS DEANWELL DINSDALE ENDERLEY FAIRFIELD FAIRVIEW DOWNS FITZROY FLAGSTAFF FOREST LAKE FRANKTON GLENVIEW GRANDVIEW HEIGHTS HAMILTON CENTRAL HAMILTON EAST HAMILTON LAKE HILLCREST HUNTINGTON MAEROA MELVILLE NAWTON PUKETE QUEENWOOD ROTOTUNA ROTOTUNA NORTH SAINT ANDREWS SILVERDALE WHITIORA

$729,000 $650,000 $880,000 $820,000 $912,500 $780,000 $700,000 $760,000 $635,000 $715,000 $770,000 $812,500 $1,110,000 $770,000 $640,000 $785,000 $935,000 $760,000 $760,000 $890,000 $835,000 $1,070,000 $740,000 $700,000 $685,000 $805,000 $975,000 $1,030,000 $1,060,000 $790,000 $765,000 $675,000

$149,000 $220,000 $227,500 $225,000 $225,000 $210,000 $200,000 $215,000 $205,000 $210,000 $220,000 $212,500 $275,000 $205,000 $190,000 $220,000 $240,000 $182,500 $210,000 $220,000 $230,000 $255,000 $210,000 $205,000 $210,000 $210,000 $257,500 $260,000 $255,000 $210,000 $205,000 $200,000

26% 51% 35% 38% 33% 37% 40% 39% 48% 42% 40% 35% 33% 36% 42% 39% 35% 32% 38% 33% 38% 31% 40% 41% 44% 35% 36% 34% 32% 36% 37% 42%

$3,600,000 $882,500 $2,850,000 $1,520,000 $1,055,000 $1,250,000 $673,500 $1,200,000 $906,000 $1,610,000 $805,000 $992,000 $3,600,000 $1,050,000 $3,200,000 $1,468,000 $945,000 $1,330,000 $1,665,000 $1,970,000 $1,290,000 $1,420,000 $990,000 $1,232,000 $978,000 $3,200,000 $1,962,500 $1,190,000 $2,700,000 $1,620,000 $920,000 $1,185,000

$29,800 $44,000 $45,500 $45,000 $45,000 $42,000 $40,000 $43,000 $41,000 $42,000 $44,000 $42,500 $55,000 $41,000 $38,000 $44,000 $48,000 $36,500 $42,000 $44,000 $46,000 $51,000 $42,000 $41,000 $42,000 $42,000 $51,500 $52,000 $51,000 $42,000 $41,000 $40,000

HAURAKI NGATEA PAEROA WAIHI WHIRITOA

$561,000 $555,000 $485,000 $540,000 $660,000

$106,000 $75,000 $80,000 $100,000 $45,000

23% 16% 20% 23% 7%

$1,880,000 $1,150,000 $1,225,000 $1,880,000 $1,861,500

$21,200 $15,000 $16,000 $20,000 $9,000

MATAMATA-PIAKO MATAMATA MORRINSVILLE TE AROHA

$609,000 $665,000 $665,000 $560,000

$94,000 $135,000 $130,000 $110,000

18% 25% 24% 24%

$2,040,000 $1,855,000 $2,040,000 $1,200,000

$18,800 $27,000 $26,000 $22,000

OTOROHANGA

$525,000

$155,000

42%

$1,050,000

$31,000

SOUTH WAIKATO PUTARURU TIRAU TOKOROA

$375,000 $500,000 $585,000 $415,000

$80,000 $155,000 $150,000 $160,000

27% 45% 34% 63%

$1,700,000 $750,000 $955,000 $900,000

$16,000 $31,000 $30,000 $32,000

$669,000 $1,100,000 $725,000 $1,050,000 $655,000 $400,000 $685,000 $805,000 $875,000 $700,000 $535,000 $645,000 $410,000 $795,000

$149,000 $295,000 $190,000 $275,000 $170,000 $145,000 $200,000 $230,000 $230,000 $185,000 $145,000 $175,000 $140,000 $220,000

29% 37% 36% 35% 35% 57% 41% 40% 36% 36% 37% 37% 52% 38%

$4,075,000 $2,800,000 $2,575,000 $4,075,000 $915,000 $620,000 $900,000 $1,210,000 $1,800,000 $1,138,000 $800,000 $1,850,000 $775,000 $1,100,000

$29,800 $59,000 $38,000 $55,000 $34,000 $29,000 $40,000 $46,000 $46,000 $37,000 $29,000 $35,000 $28,000 $44,000

TAUPO ACACIA BAY HILLTOP KINLOCH KURATAU MANGAKINO MOTUOAPA NUKUHAU RANGATIRA PARK RICHMOND HEIGHTS TAUHARA TAUPO TURANGI TWO MILE BAY

SUBURB

LATEST MEDIAN 12-MONTH PROPERTY $ CHANGE VALUE

37

12-MONTH % CHANGE

HIGHEST SETTLED SALE IN LAST 12 MONTHS

EXTRA DEPOSIT REQUIRED SINCE MAY 2020

WAIPAHIHI WHAREWAKA

$960,000 $1,060,000

$255,000 $280,000

36% 36%

$1,920,000 $2,050,000

$51,000 $56,000

THAMES-COROMANDEL COROMANDEL HAHEI MATARANGI ONEMANA PAUANUI TAIRUA TE PURU THAMES WHANGAMATA WHITIANGA

$884,000 $775,000 $1,280,000 $920,000 $972,500 $1,090,000 $930,000 $747,500 $640,000 $1,080,000 $875,000

$189,000 $185,000 $245,000 $295,000 $255,000 $255,000 $220,000 $162,500 $140,000 $320,000 $215,000

27% 31% 24% 47% 36% 31% 31% 28% 28% 42% 33%

$5,000,000 $1,450,000 $3,400,000 $2,275,000 $2,150,000 $3,750,000 $1,530,000 $755,000 $1,310,000 $5,000,000 $3,000,000

$37,800 $37,000 $49,000 $59,000 $51,000 $51,000 $44,000 $32,500 $28,000 $64,000 $43,000

WAIKATO HUNTLY NGARUAWAHIA POKENO RAGLAN TAMAHERE TE KAUWHATA TE KOWHAI TUAKAU WHATAWHATA

$836,000 $540,000 $685,000 $1,040,000 $975,000 $1,820,000 $810,000 $1,340,000 $820,000 $1,280,000

$126,000 $170,000 $220,000 $285,000 $240,000 $485,000 $220,000 $350,000 $230,000 $395,000

18% 46% 47% 38% 33% 36% 37% 35% 39% 45%

$4,550,000 $980,000 $3,200,000 $1,650,000 $2,560,000 $4,550,000 $1,110,000 $3,690,000 $1,875,000 $2,200,000

$25,200 $34,000 $44,000 $57,000 $48,000 $97,000 $44,000 $70,000 $46,000 $79,000

WAIPA CAMBRIDGE KIHIKIHI LEAMINGTON NGAHINAPOURI OHAUPO PIRONGIA RUKUHIA TE AWAMUTU

$800,000 $990,000 $645,000 $835,000 $1,170,000 $1,080,000 $925,000 $1,260,000 $690,000

$150,000 $205,000 $170,000 $185,000 $255,000 $205,000 $215,000 $275,000 $170,000

23% 26% 36% 28% 28% 23% 30% 28% 33%

$3,100,000 $2,265,000 $1,100,000 $1,660,000 $1,195,000 $3,075,000 $1,430,000 $1,850,000 $1,860,000

$30,000 $41,000 $34,000 $37,000 $51,000 $41,000 $43,000 $55,000 $34,000

WAITOMO TE KUITI

$310,000 $335,000

$35,000 $60,000

13% 22%

$1,300,000 $1,300,000

$7,000 $12,000

BAY OF PLENTY

$792,000

$162,000

26%

$5,875,000

$32,400

KAWERAU

$415,000

$110,000

36%

$825,000

$22,000

OPOTIKI OPOTIKI WAIOTAHE

$451,000 $425,000 $845,000

$116,000 $155,000 $180,000

35% 57% 27%

$1,500,000 $820,000 $1,500,000

$23,200 $31,000 $36,000

ROTORUA FAIRY SPRINGS GLENHOLME HAMURANA HILLCREST KAWAHA POINT KOUTU LYNMORE MANGAKAKAHI NGONGOTAHA OWHATA POMARE PUKEHANGI ROTORUA SPRINGFIELD SUNNYBROOK UTUHINA VICTORIA WESTERN HEIGHTS

$588,000 $585,000 $675,000 $1,125,000 $640,000 $725,000 $515,000 $950,000 $540,000 $625,000 $620,000 $740,000 $590,000 $565,000 $845,000 $675,000 $610,000 $565,000 $510,000

$108,000 $170,000 $125,000 $265,000 $160,000 $167,500 $165,000 $215,000 $150,000 $165,000 $145,000 $155,000 $140,000 $160,000 $225,000 $180,000 $145,000 $130,000 $155,000

23% 41% 23% 31% 33% 30% 47% 29% 38% 36% 31% 26% 31% 40% 36% 36% 31% 30% 44%

$4,500,000 $680,000 $1,280,000 $1,500,000 $705,000 $1,850,000 $1,185,000 $1,077,000 $767,000 $1,700,000 $1,300,000 $1,180,000 $1,112,000 $760,000 $1,165,000 $2,600,000 $690,000 $900,000 $770,000

$21,600 $34,000 $25,000 $53,000 $32,000 $33,500 $33,000 $43,000 $30,000 $33,000 $29,000 $31,000 $28,000 $32,000 $45,000 $36,000 $29,000 $26,000 $31,000

TAURANGA BELLEVUE BETHLEHEM BROOKFIELD GATE PA GREERTON HAIRINI JUDEA MATUA MAUNGATAPU MOUNT MAUNGANUI OHAUITI OTUMOETAI PAPAMOA PAPAMOA BEACH PARKVALE PYES PA TAURANGA TAURANGA SOUTH TAURIKO WELCOME BAY

$880,000 $785,000 $1,120,000 $810,000 $680,000 $725,000 $765,000 $725,000 $1,070,000 $845,000 $1,120,000 $1,080,000 $965,000 $895,000 $980,000 $660,000 $1,050,000 $970,000 $830,000 $1,670,000 $860,000

$195,000 $230,000 $315,000 $225,000 $175,000 $180,000 $225,000 $190,000 $315,000 $215,000 $325,000 $300,000 $250,000 $205,000 $260,000 $180,000 $295,000 $285,000 $215,000 $430,000 $225,000

28% 41% 39% 38% 35% 33% 42% 36% 42% 34% 41% 38% 35% 30% 36% 38% 39% 42% 35% 35% 35%

$5,875,000 $1,110,000 $2,750,000 $1,525,000 $1,200,000 $850,000 $1,280,000 $1,210,000 $2,800,000 $1,920,000 $5,875,000 $1,950,000 $3,400,000 $1,822,500 $4,155,000 $840,000 $2,350,000 $2,275,000 $2,400,000 $2,400,000 $2,020,000

$39,000 $46,000 $63,000 $45,000 $35,000 $36,000 $45,000 $38,000 $63,000 $43,000 $65,000 $60,000 $50,000 $41,000 $52,000 $36,000 $59,000 $57,000 $43,000 $86,000 $45,000

38

OneRoof.co.nz

SUBURB

LATEST MEDIAN 12-MONTH PROPERTY $ CHANGE VALUE

12-MONTH % CHANGE

HIGHEST SETTLED SALE IN LAST 12 MONTHS

EXTRA DEPOSIT REQUIRED SINCE MAY 2020

WESTERN BAY OF PLENTY AONGATETE ATHENREE KATIKATI MINDEN OMOKOROA PUKEHINA TAHAWAI TE PUKE TE PUNA WAIHI BEACH WHAKAMARAMA

$921,000 $1,100,000 $965,000 $740,000 $1,500,000 $1,070,000 $1,050,000 $1,110,000 $730,000 $1,700,000 $1,200,000 $1,250,000

$171,000 $260,000 $280,000 $185,000 $370,000 $285,000 $270,000 $215,000 $200,000 $570,000 $360,000 $230,000

23% 31% 41% 33% 33% 36% 35% 24% 38% 50% 43% 23%

$3,500,000 $1,860,000 $1,800,000 $2,150,000 $3,100,000 $3,500,000 $2,025,000 $2,200,000 $1,550,000 $2,150,000 $2,875,000 $2,770,000

$34,200 $52,000 $56,000 $37,000 $74,000 $57,000 $54,000 $43,000 $40,000 $114,000 $72,000 $46,000

WHAKATANE COASTLANDS EDGECUMBE MATATA MURUPARA OHOPE WHAKATANE

$615,000 $835,000 $525,000 $675,000 $155,000 $1,100,000 $645,000

$115,000 $165,000 $145,000 $190,000 $40,000 $300,000 $195,000

23% 25% 38% 39% 35% 38% 43%

$3,650,000 $1,130,000 $670,000 $1,300,000 $300,000 $3,650,000 $1,350,000

$23,000 $33,000 $29,000 $38,000 $8,000 $60,000 $39,000

GISBORNE

$549,000

$154,000

39%

$2,150,000

$30,800

GISBORNE INNER KAITI KAITI LYTTON WEST MANGAPAPA OUTER KAITI RIVERDALE TE HAPARA WHATAUPOKO

$515,000 $615,000 $425,000 $915,000 $560,000 $407,500 $642,500 $530,000 $755,000

$145,000 $165,000 $120,000 $225,000 $180,000 $142,500 $197,500 $170,000 $225,000

39% 37% 39% 33% 47% 54% 44% 47% 42%

$1,100,000 $1,100,000 $950,000 $1,435,000 $1,250,000 $1,570,000 $1,430,000 $1,040,000 $1,380,000

$29,000 $33,000 $24,000 $45,000 $36,000 $28,500 $39,500 $34,000 $45,000

HAWKE’S BAY

$681,000

$171,000

34%

$4,450,000

$34,200

CENTRAL HAWKE’S BAY OTANE WAIPAWA WAIPUKURAU

$514,000 $610,000 $550,000 $555,000

$129,000 $177,500 $180,000 $175,000

34% 41% 49% 46%

$1,510,000 $1,300,000 $925,000 $1,510,000

$25,800 $35,500 $36,000 $35,000

HASTINGS AKINA CAMBERLEY CLIVE ESKDALE FLAXMERE FRIMLEY HASTINGS HAVELOCK NORTH MAHORA MAYFAIR PARKVALE RAUREKA SAINT LEONARDS WAIMARAMA

$693,000 $685,000 $510,000 $870,000 $1,190,000 $525,000 $890,000 $660,000 $1,090,000 $755,000 $665,000 $740,000 $700,000 $695,000 $1,360,000

$188,000 $235,000 $210,000 $292,500 $365,000 $195,000 $290,000 $230,000 $330,000 $255,000 $225,000 $255,000 $240,000 $235,000 $417,500

37% 52% 70% 51% 44% 59% 48% 53% 43% 51% 51% 53% 52% 51% 44%

$4,450,000 $820,000 $933,000 $1,350,000 $2,000,000 $661,000 $1,400,000 $1,080,000 $4,450,000 $1,185,000 $1,450,000 $988,000 $885,000 $930,000 $3,200,000

$37,600 $47,000 $42,000 $58,500 $73,000 $39,000 $58,000 $46,000 $66,000 $51,000 $45,000 $51,000 $48,000 $47,000 $83,500

NAPIER AHURIRI AWATOTO BAY VIEW BLUFF HILL GREENMEADOWS HOSPITAL HILL MARAENUI MAREWA NAPIER SOUTH ONEKAWA PIRIMAI PORAITI TAMATEA TARADALE

$722,000 $1,010,000 $970,000 $1,040,000 $1,050,000 $845,000 $975,000 $595,000 $685,000 $785,000 $720,000 $765,000 $1,190,000 $760,000 $865,000

$177,000 $272,500 $260,000 $340,000 $300,000 $245,000 $260,000 $285,000 $245,000 $265,000 $260,000 $265,000 $335,000 $260,000 $245,000

32% 37% 37% 49% 40% 41% 36% 92% 56% 51% 57% 53% 39% 52% 40%

$2,700,000 $1,850,000 $1,200,000 $2,700,000 $1,800,000 $1,440,000 $1,450,000 $699,000 $850,000 $1,120,000 $926,000 $815,000 $1,800,000 $950,000 $1,628,000

$35,400 $54,500 $52,000 $68,000 $60,000 $49,000 $52,000 $57,000 $49,000 $53,000 $52,000 $53,000 $67,000 $52,000 $49,000

WAIROA MAHIA WAIROA

$297,500 $640,000 $255,000

$97,500 $100,000 $90,000

49% 19% 55%

$1,830,000 $1,830,000 $579,835

$19,500 $20,000 $18,000

MANAWATU-WHANGANUI

$548,000

$158,000

41%

$2,250,000

$31,600

HOROWHENUA FOXTON FOXTON BEACH LEVIN OHAU SHANNON WAITARERE BEACH

$529,000 $465,000 $575,000 $555,000 $935,000 $455,000 $610,000

$159,000 $160,000 $190,000 $180,000 $270,000 $185,000 $192,500

43% 52% 49% 48% 41% 69% 46%

$2,250,000 $1,125,000 $1,350,000 $2,250,000 $2,000,000 $985,000 $951,000

$31,800 $32,000 $38,000 $36,000 $54,000 $37,000 $38,500

MANAWATU FEILDING HIMATANGI BEACH

$601,000 $615,000 $520,000

$166,000 $180,000 $175,000

38% 41% 51%

$1,375,000 $1,270,000 $750,000

$33,200 $36,000 $35,000

SUBURB RONGOTEA SANSON

LATEST MEDIAN 12-MONTH PROPERTY $ CHANGE VALUE

12-MONTH % CHANGE

HIGHEST SETTLED SALE IN LAST 12 MONTHS

EXTRA DEPOSIT REQUIRED SINCE MAY 2020

$575,000 $555,000

$145,000 $190,000

34% 52%

$1,100,000 $1,120,000

$29,000 $38,000

$664,000 $1,100,000 $680,000 $685,000 $850,000 $660,000 $1,010,000 $585,000 $845,000 $885,000 $695,000 $712,500 $605,000 $640,000 $710,000 $675,000 $600,000

$204,000 $290,000 $210,000 $220,000 $215,000 $240,000 $320,000 $200,000 $280,000 $300,000 $240,000 $247,500 $215,000 $220,000 $240,000 $240,000 $225,000

44% 36% 45% 47% 34% 57% 46% 52% 50% 51% 53% 53% 55% 52% 51% 55% 60%

$2,150,000 $1,700,000 $1,300,000 $1,100,000 $1,350,000 $850,000 $1,820,000 $772,000 $1,875,000 $2,150,000 $922,325 $1,150,000 $1,100,000 $811,575 $1,050,000 $1,175,000 $650,150

$40,800 $58,000 $42,000 $44,000 $43,000 $48,000 $64,000 $40,000 $56,000 $60,000 $48,000 $49,500 $43,000 $44,000 $48,000 $48,000 $45,000

RANGITIKEI BULLS MARTON TAIHAPE

$414,500 $440,000 $435,000 $305,000

$129,500 $110,000 $120,000 $100,000

45% 33% 38% 49%

$1,400,000 $975,000 $1,400,000 $595,000

$25,900 $22,000 $24,000 $20,000

RUAPEHU MANUNUI OHAKUNE TAUMARUNUI

$333,000 $310,000 $485,000 $305,000

$88,000 $65,000 $115,000 $105,000

36% 27% 31% 53%

$1,350,000 $725,000 $960,000 $1,350,000

$17,600 $13,000 $23,000 $21,000

TARARUA DANNEVIRKE PAHIATUA WOODVILLE

$393,000 $425,000 $450,000 $400,000

$118,000 $145,000 $160,000 $135,000

43% 52% 55% 51%

$1,165,000 $1,165,000 $838,000 $685,000

$23,600 $29,000 $32,000 $27,000

WHANGANUI ARAMOHO CASTLECLIFF COLLEGE ESTATE DURIE HILL GONVILLE OTAMATEA SAINT JOHNS HILL SPRINGVALE TAWHERO WHANGANUI WHANGANUI EAST

$448,000 $440,000 $395,000 $562,500 $560,000 $430,000 $830,000 $655,000 $560,000 $510,000 $400,000 $470,000

$138,000 $160,000 $150,000 $177,500 $190,000 $155,000 $250,000 $210,000 $185,000 $175,000 $145,000 $175,000

45% 57% 61% 46% 51% 56% 43% 47% 49% 52% 57% 59%

$1,310,000 $780,000 $1,200,000 $750,000 $650,000 $695,000 $1,146,000 $1,300,000 $835,000 $891,500 $940,000 $675,000

$27,600 $32,000 $30,000 $35,500 $38,000 $31,000 $50,000 $42,000 $37,000 $35,000 $29,000 $35,000

TARANAKI

$523,000

$103,000

25%

$2,560,000

$20,600

NEW PLYMOUTH BELL BLOCK BLAGDON FITZROY FRANKLEIGH PARK HIGHLANDS PARK HURDON INGLEWOOD LEPPERTON LOWER VOGELTOWN LYNMOUTH MARFELL MERRILANDS MOTUROA NEW PLYMOUTH OAKURA SPOTSWOOD STRANDON UPPER VOGELTOWN URENUI VOGELTOWN WAITARA WAIWHAKAIHO WELBOURN WESTOWN WHALERS GATE

$586,000 $630,000 $495,000 $780,000 $607,500 $827,500 $680,000 $510,000 $825,000 $610,000 $585,000 $435,000 $720,000 $580,000 $735,000 $1,030,000 $480,000 $770,000 $600,000 $530,000 $560,000 $445,000 $1,010,000 $635,000 $555,000 $740,000

$121,000 $165,000 $100,000 $225,000 $132,500 $190,000 $180,000 $105,000 $175,000 $160,000 $135,000 $115,000 $195,000 $130,000 $200,000 $242,500 $105,000 $200,000 $135,000 -$195,000 $135,000 $135,000 $210,000 $170,000 $130,000 $200,000

26% 35% 25% 41% 28% 30% 36% 26% 27% 36% 30% 36% 37% 29% 37% 31% 28% 35% 29% -27% 32% 44% 26% 37% 31% 37%

$2,560,000 $1,225,000 $725,000 $1,775,000 $1,215,000 $1,250,000 $1,300,000 $910,000 $1,550,000 $940,000 $840,000 $545,000 $1,645,000 $1,410,000 $2,560,000 $1,675,000 $730,000 $2,300,000 $975,000 $1,200,000 $860,000 $715,000 $1,260,000 $940,000 $1,150,000 $940,000

$24,200 $33,000 $20,000 $45,000 $26,500 $38,000 $36,000 $21,000 $35,000 $32,000 $27,000 $23,000 $39,000 $26,000 $40,000 $48,500 $21,000 $40,000 $27,000 -$39,000 $27,000 $27,000 $42,000 $34,000 $26,000 $40,000

SOUTH TARANAKI ELTHAM HAWERA MANAIA NORMANBY OPUNAKE PATEA WAVERLEY

$344,000 $365,000 $440,000 $295,000 $390,000 $410,000 $240,000 $310,000

$79,000 $130,000 $135,000 $120,000 $130,000 $120,000 $100,000 $125,000

30% 55% 44% 69% 50% 41% 71% 68%

$1,270,000 $745,000 $1,270,000 $619,000 $972,000 $655,000 $650,000 $555,000

$15,800 $26,000 $27,000 $24,000 $26,000 $24,000 $20,000 $25,000

STRATFORD

$420,000

$110,000

35%

$900,000

$22,000

PALMERSTON NORTH AOKAUTERE ASHHURST AWAPUNI BUNNYTHORPE CLOVERLEA FITZHERBERT HIGHBURY HOKOWHITU KELVIN GROVE MILSON PALMERSTON NORTH ROSLYN TAKARO TERRACE END WEST END WESTBROOK

OneRoof.co.nz

SUBURB

LATEST MEDIAN 12-MONTH PROPERTY $ CHANGE VALUE

12-MONTH % CHANGE

HIGHEST SETTLED SALE IN LAST 12 MONTHS

EXTRA DEPOSIT REQUIRED SINCE MAY 2020

WELLINGTON

$888,000

$218,000

33%

$4,310,000

$43,600

CARTERTON

$605,000

$175,000

41%

$1,090,000

$35,000

KAPITI COAST OTAKI OTAKI BEACH PAEKAKARIKI PARAPARAUMU PARAPARAUMU BEACH RAUMATI BEACH RAUMATI SOUTH WAIKANAE WAIKANAE BEACH

$846,000 $700,000 $690,000 $1,040,000 $855,000 $950,000 $915,000 $970,000 $960,000 $1,000,000

$231,000 $230,000 $225,000 $495,000 $270,000 $315,000 $275,000 $320,000 $335,000 $325,000

38% 49% 48% 91% 46% 50% 43% 49% 54% 48%

$4,150,001 $2,366,000 $830,000 $1,561,000 $3,200,000 $2,850,000 $2,200,000 $1,570,000 $4,150,001 $1,928,888

$46,200 $46,000 $45,000 $99,000 $54,000 $63,000 $55,000 $64,000 $67,000 $65,000

LOWER HUTT ALICETOWN AVALON BELMONT BOULCOTT EASTBOURNE EPUNI FAIRFIELD HUTT CENTRAL KELSON MAUNGARAKI MOERA NAENAE NORMANDALE PETONE STOKES VALLEY TAITA WAINUIOMATA WAIWHETU WATERLOO WOBURN

$805,000 $1,100,000 $915,000 $1,040,000 $1,050,000 $1,310,000 $1,000,000 $995,000 $1,250,000 $985,000 $1,040,000 $870,000 $810,000 $1,030,000 $1,110,000 $810,000 $785,000 $775,000 $960,000 $1,060,000 $1,390,000

$205,000 $390,000 $300,000 $325,000 $335,000 $410,000 $330,000 $325,000 $405,000 $320,000 $320,000 $295,000 $310,000 $325,000 $370,000 $305,000 $285,000 $295,000 $325,000 $350,000 $470,000

34% 55% 49% 45% 47% 46% 49% 49% 48% 48% 44% 51% 62% 46% 50% 60% 57% 61% 51% 49% 51%

$3,409,000 $1,572,000 $1,180,000 $1,740,000 $2,222,222 $2,300,000 $2,400,000 $1,260,000 $2,310,000 $1,523,065 $1,411,974 $930,000 $1,175,000 $1,525,000 $2,455,000 $1,220,000 $945,000 $1,230,715 $1,800,000 $1,335,000 $2,000,000

$41,000 $78,000 $60,000 $65,000 $67,000 $82,000 $66,000 $65,000 $81,000 $64,000 $64,000 $59,000 $62,000 $65,000 $74,000 $61,000 $57,000 $59,000 $65,000 $70,000 $94,000

$581,500 $550,000 $620,000 $555,000 $595,000

$171,500 $180,000 $185,000 $180,000 $195,000

42% 49% 43% 48% 49%

$1,660,000 $1,219,550 $1,095,000 $1,300,000 $960,000

$34,300 $36,000 $37,000 $36,000 $39,000

$886,000 $1,375,000 $760,000 $1,060,000 $655,000 $1,110,000 $1,110,000 $1,170,000 $1,040,000 $720,000 $865,000 $1,120,000

$251,000 $440,000 $255,000 $305,000 $210,000 $370,000 $345,000 $340,000 $360,000 $235,000 $305,000 $365,000

40% 47% 50% 40% 47% 50% 45% 41% 53% 48% 54% 48%

$3,130,000 $1,620,000 $865,000 $1,350,000 $790,640 $1,175,000 $2,450,000 $3,130,000 $1,360,000 $861,000 $1,205,000 $1,840,000

$50,200 $88,000 $51,000 $61,000 $42,000 $74,000 $69,000 $68,000 $72,000 $47,000 $61,000 $73,000

$821,500 $610,000 $895,000 $900,000

$281,500 $205,000 $260,000 $295,000

52% 51% 41% 49%

$2,300,000 $2,100,000 $2,240,000 $2,000,000

$56,300 $41,000 $52,000 $59,000

UPPER HUTT BIRCHVILLE BROWN OWL CLOUSTON PARK EBDENTOWN ELDERSLEA HERETAUNGA MAORIBANK PINEHAVEN RIVERSTONE TERRACES SILVERSTREAM TIMBERLEA TOTARA PARK TRENTHAM WALLACEVILLE

$799,000 $805,000 $960,000 $845,000 $895,000 $925,000 $1,030,000 $805,000 $940,000 $1,190,000 $1,090,000 $725,000 $830,000 $885,000 $865,000

$199,000 $275,000 $320,000 $280,000 $305,000 $320,000 $370,000 $275,000 $305,000 $400,000 $385,000 $255,000 $270,000 $295,000 $295,000

33% 52% 50% 50% 52% 53% 56% 52% 48% 51% 55% 54% 48% 50% 52%

$1,650,000 $1,252,000 $1,305,000 $1,033,500 $911,358 $1,102,500 $1,600,777 $812,000 $1,050,000 $1,275,000 $1,342,000 $1,420,000 $1,200,000 $1,370,000 $1,500,000

$39,800 $55,000 $64,000 $56,000 $61,000 $64,000 $74,000 $55,000 $61,000 $80,000 $77,000 $51,000 $54,000 $59,000 $59,000

WELLINGTON ARO VALLEY BERHAMPORE BROADMEADOWS BROOKLYN CHURTON PARK CROFTON DOWNS GRENADA VILLAGE HATAITAI ISLAND BAY JOHNSONVILLE

$1,025,000 $1,170,000 $1,180,000 $1,090,000 $1,255,000 $1,240,000 $1,210,000 $1,170,000 $1,430,000 $1,340,000 $985,000

$215,000 $365,000 $375,000 $340,000 $355,000 $370,000 $350,000 $375,000 $385,000 $400,000 $285,000

27% 45% 47% 45% 39% 43% 41% 47% 37% 43% 41%

$4,310,000 $2,210,000 $1,485,000 $1,255,000 $2,489,000 $1,660,000 $1,607,000 $1,404,040 $2,675,000 $1,977,000 $2,112,288

$43,000 $73,000 $75,000 $68,000 $71,000 $74,000 $70,000 $75,000 $77,000 $80,000 $57,000

MASTERTON KURIPUNI LANSDOWNE MASTERTON SOLWAY PORIRUA AOTEA ASCOT PARK CAMBORNE CANNONS CREEK PAPAKOWHAI PAREMATA PLIMMERTON PUKERUA BAY RANUI TITAHI BAY WHITBY SOUTH WAIRARAPA FEATHERSTON GREYTOWN MARTINBOROUGH

SUBURB KARORI KELBURN KHANDALLAH KILBIRNIE LYALL BAY MIRAMAR MOUNT COOK MOUNT VICTORIA NEWLANDS NEWTOWN NGAIO NORTHLAND ORIENTAL BAY PAPARANGI SEATOUN STRATHMORE PARK TAWA TE ARO THORNDON WADESTOWN WELLINGTON CENTRAL WILTON WOODRIDGE

LATEST MEDIAN 12-MONTH PROPERTY $ CHANGE VALUE

39

12-MONTH % CHANGE

HIGHEST SETTLED SALE IN LAST 12 MONTHS

EXTRA DEPOSIT REQUIRED SINCE MAY 2020

$1,240,000 $1,720,000 $1,480,000 $1,150,000 $1,230,000 $1,210,000 $930,000 $1,510,000 $960,000 $1,210,000 $1,260,000 $1,280,000 $2,605,000 $985,000 $1,860,000 $1,140,000 $980,000 $785,000 $1,070,000 $1,440,000 $465,000 $1,180,000 $1,115,000

$365,000 $455,000 $425,000 $355,000 $355,000 $350,000 $265,000 $525,000 $275,000 $335,000 $385,000 $365,000 $642,500 $280,000 $460,000 $335,000 $285,000 $185,000 $295,000 $375,000 $110,000 $355,000 $337,500

42% 36% 40% 45% 41% 41% 40% 53% 40% 38% 44% 40% 33% 40% 33% 42% 41% 31% 38% 35% 31% 43% 43%

$3,820,000 $2,900,000 $2,400,000 $1,500,000 $2,100,000 $2,105,000 $2,350,000 $2,750,000 $2,180,000 $1,721,500 $1,720,000 $3,150,000 $4,310,000 $1,490,000 $3,457,000 $2,000,002 $2,405,000 $2,250,000 $2,250,000 $2,395,000 $1,220,000 $1,652,000 $1,230,000

$73,000 $91,000 $85,000 $71,000 $71,000 $70,000 $53,000 $105,000 $55,000 $67,000 $77,000 $73,000 $128,500 $56,000 $92,000 $67,000 $57,000 $37,000 $59,000 $75,000 $22,000 $71,000 $67,500

NELSON

$692,000

$117,000

20%

$3,000,000

$23,400

ANNESBROOK ATAWHAI BISHOPDALE BRITANNIA HEIGHTS ENNER GLYNN MARYBANK MONACO NELSON NELSON SOUTH STEPNEYVILLE STOKE TAHUNANUI THE BROOK THE WOOD TOI TOI WAKATU WASHINGTON VALLEY

$690,000 $865,000 $730,000 $1,260,000 $815,000 $890,000 $700,000 $997,500 $655,000 $1,030,000 $730,000 $660,000 $700,000 $790,000 $590,000 $680,000 $645,000

$160,000 $175,000 $135,000 $185,000 $150,000 $180,000 $130,000 $137,500 $140,000 $165,000 $160,000 $150,000 $150,000 $165,000 $140,000 $155,000 $155,000

30% 25% 23% 17% 23% 25% 23% 16% 27% 19% 28% 29% 27% 26% 31% 30% 32%

$800,000 $1,720,000 $806,000 $2,420,000 $1,980,000 $1,500,000 $1,070,000 $1,600,000 $2,400,000 $3,000,000 $1,530,000 $930,000 $775,000 $1,620,000 $760,000 $1,289,000 $1,050,000

$32,000 $35,000 $27,000 $37,000 $30,000 $36,000 $26,000 $27,500 $28,000 $33,000 $32,000 $30,000 $30,000 $33,000 $28,000 $31,000 $31,000

MARLBOROUGH

$622,000

$162,000

35%

$3,000,000

$32,400

BLENHEIM MAYFIELD PICTON REDWOODTOWN RENWICK RIVERSDALE SPRINGLANDS WAIKAWA WITHERLEA

$585,000 $565,000 $580,000 $595,000 $630,000 $560,000 $730,000 $800,000 $695,000

$165,000 $190,000 $175,000 $170,000 $165,000 $190,000 $185,000 $205,000 $195,000

39% 51% 43% 40% 35% 51% 34% 34% 39%

$858,500 $821,000 $1,040,000 $770,500 $1,420,000 $692,500 $1,650,000 $2,555,000 $2,010,000

$33,000 $38,000 $35,000 $34,000 $33,000 $38,000 $37,000 $41,000 $39,000

TASMAN

$757,000

$127,000

20%

$4,720,000

$25,400

BRIGHTWATER HOPE MAPUA MOTUEKA REDWOOD VALLEY RICHMOND RUBY BAY TAKAKA TASMAN UPPER MOUTERE WAKEFIELD

$830,000 $1,130,000 $970,000 $700,000 $1,325,000 $835,000 $1,210,000 $615,000 $1,170,000 $1,090,000 $800,000

$160,000 $252,500 $225,000 $170,000 $202,500 $195,000 $360,000 $170,000 $190,000 $135,000 $175,000

24% 29% 30% 32% 18% 30% 42% 38% 19% 14% 28%

$1,330,000 $2,200,000 $2,110,000 $1,550,000 $1,720,000 $2,100,000 $2,325,000 $950,000 $4,720,000 $2,500,000 $1,650,000

$32,000 $50,500 $45,000 $34,000 $40,500 $39,000 $72,000 $34,000 $38,000 $27,000 $35,000

WEST COAST

$269,000

$39,000

17%

$1,200,000

$7,800

BULLER CARTERS BEACH REEFTON WESTPORT

$252,000 $370,000 $225,000 $260,000

$42,000 $70,000 $47,500 $50,000

20% 23% 27% 24%

$1,200,000 $740,000 $380,000 $800,000

$8,400 $14,000 $9,500 $10,000

GREY BLAKETOWN COBDEN GREYMOUTH KARORO PAROA

$260,000 $215,000 $205,000 $315,000 $405,000 $505,000

$45,000 $55,000 $60,000 $75,000 $90,000 $110,000

21% 34% 41% 31% 29% 28%

$990,000 $410,000 $480,000 $735,000 $841,000 $730,000

$9,000 $11,000 $12,000 $15,000 $18,000 $22,000

WESTLAND HOKITIKA

$315,000 $325,000

$40,000 $65,000

15% 25%

$1,050,000 $628,000

$8,000 $13,000

SOUTH ISLAND

40

OneRoof.co.nz

SUBURB

LATEST MEDIAN 12-MONTH PROPERTY $ CHANGE VALUE

12-MONTH % CHANGE

HIGHEST SETTLED SALE IN LAST 12 MONTHS

EXTRA DEPOSIT REQUIRED SINCE MAY 2020

CANTERBURY

$543,000

$88,000

19%

$9,000,000

$17,600

ASHBURTON ALLENTON ASHBURTON HAMPSTEAD METHVEN NETHERBY RAKAIA TINWALD

$428,000 $470,000 $415,000 $365,000 $515,000 $400,000 $420,000 $445,000

$68,000 $90,000 $85,000 $80,000 $105,000 $85,000 $105,000 $105,000

19% 24% 26% 28% 26% 27% 33% 31%

$1,385,000 $1,385,000 $900,000 $529,000 $718,000 $700,000 $670,000 $1,125,000

$13,600 $18,000 $17,000 $16,000 $21,000 $17,000 $21,000 $21,000

CHRISTCHURCH ARANUI FENDALTON BISHOPDALE WALTHAM AVONHEAD CASHMERE AVONSIDE BECKENHAM

$541,000 $395,000 $1,290,000 $585,000 $440,000 $695,000 $880,000 $465,000 $710,000

$91,000 $95,000 $285,000 $135,000 $105,000 $145,000 $180,000 $115,000 $155,000

20% 32% 28% 30% 31% 26% 26% 33% 28%

$9,000,000 $555,000 $3,100,000 $952,500 $725,000 $1,310,000 $9,000,000 $695,000 $940,000

$18,200 $19,000 $57,000 $27,000 $21,000 $29,000 $36,000 $23,000 $31,000

DALLINGTON DIAMOND HARBOUR HEATHCOTE VALLEY HUNTSBURY ISLINGTON NORTHCOTE OPAWA SOUTH NEW BRIGHTON SOUTHSHORE STROWAN WAIMAIRI BEACH WAINONI WESTMORLAND YALDHURST SUMNER BRYNDWR NEW BRIGHTON AVONDALE HAREWOOD CHRISTCHURCH CENTRAL BURWOOD HALSWELL SAINT MARTINS MAIREHAU HILLSBOROUGH AIDANFIELD BURNSIDE SPREYDON LYTTELTON SOMERFIELD PAPANUI WOOLSTON PARKLANDS RICHMOND SOCKBURN BROMLEY AKAROA HEI HEI EDGEWARE BELFAST CASEBROOK MARSHLAND HORNBY SYDENHAM PHILLIPSTOWN RICCARTON ST ALBANS HILLMORTON ILAM WIGRAM SHIRLEY RUSSLEY HOON HAY REDWOOD NORTHWOOD LINWOOD ADDINGTON MOUNT PLEASANT MERIVALE UPPER RICCARTON REDCLIFFS TEMPLETON NORTH NEW BRIGHTON BROOMFIELD

$505,000 $650,000 $637,500 $875,000 $505,000 $495,000 $650,000 $485,000 $550,000 $910,000 $810,000 $430,000 $900,000 $710,000 $865,000 $620,000 $455,000 $475,000 $815,000 $545,000 $545,000 $695,000 $620,000 $535,000 $630,000 $825,000 $685,000 $560,000 $625,000 $615,000 $605,000 $460,000 $605,000 $480,000 $565,000 $445,000 $780,000 $510,000 $465,000 $570,000 $635,000 $835,000 $520,000 $490,000 $405,000 $575,000 $675,000 $585,000 $780,000 $755,000 $525,000 $630,000 $555,000 $565,000 $815,000 $430,000 $480,000 $860,000 $1,120,000 $585,000 $865,000 $600,000 $480,000 $590,000

$115,000 $165,000 $137,500 $167,500 $120,000 $120,000 $132,500 $110,000 $120,000 $155,000 $170,000 $100,000 $155,000 $135,000 $190,000 $140,000 $115,000 $115,000 $160,000 $125,000 $130,000 $160,000 $145,000 $115,000 $140,000 $170,000 $140,000 $130,000 $130,000 $140,000 $140,000 $110,000 $135,000 $110,000 $135,000 $110,000 $130,000 $120,000 $105,000 $150,000 $150,000 $170,000 $120,000 $120,000 $110,000 $135,000 $160,000 $135,000 $165,000 $140,000 $120,000 $150,000 $130,000 $130,000 $160,000 $115,000 $120,000 $170,000 $285,000 $120,000 $185,000 $145,000 $115,000 $145,000

29% 34% 28% 24% 31% 32% 26% 29% 28% 21% 27% 30% 21% 23% 28% 29% 34% 32% 24% 30% 31% 30% 31% 27% 29% 26% 26% 30% 26% 29% 30% 31% 29% 30% 31% 33% 20% 31% 29% 36% 31% 26% 30% 32% 37% 31% 31% 30% 27% 23% 30% 31% 31% 30% 24% 37% 33% 25% 34% 26% 27% 32% 32% 33%

$710,000 $1,300,000 $1,021,000 $1,987,500 $485,000 $855,000 $985,000 $800,000 $1,035,000 $2,200,000 $1,250,000 $500,000 $1,430,000 $1,950,000 $2,975,000 $1,680,000 $650,000 $575,000 $1,700,000 $1,940,000 $1,000,000 $2,350,000 $907,000 $997,862 $1,120,000 $1,150,000 $3,620,000 $920,000 $1,325,000 $905,000 $2,200,000 $750,000 $1,670,000 $750,000 $900,000 $520,000 $2,100,000 $630,000 $718,000 $1,435,000 $2,850,000 $3,300,000 $830,000 $1,407,000 $1,160,000 $1,900,000 $2,500,000 $900,000 $2,905,000 $1,100,000 $980,000 $785,000 $1,220,000 $907,000 $3,450,000 $728,000 $655,000 $1,700,000 $6,700,000 $1,380,000 $1,355,000 $1,600,000 $630,000 $995,000

$23,000 $33,000 $27,500 $33,500 $24,000 $24,000 $26,500 $22,000 $24,000 $31,000 $34,000 $20,000 $31,000 $27,000 $38,000 $28,000 $23,000 $23,000 $32,000 $25,000 $26,000 $32,000 $29,000 $23,000 $28,000 $34,000 $28,000 $26,000 $26,000 $28,000 $28,000 $22,000 $27,000 $22,000 $27,000 $22,000 $26,000 $24,000 $21,000 $30,000 $30,000 $34,000 $24,000 $24,000 $22,000 $27,000 $32,000 $27,000 $33,000 $28,000 $24,000 $30,000 $26,000 $26,000 $32,000 $23,000 $24,000 $34,000 $57,000 $24,000 $37,000 $29,000 $23,000 $29,000

$491,000 $565,000 $335,000

$56,000 $110,000 $105,000

13% 24% 46%

$1,397,000 $1,312,500 $730,000

$11,200 $22,000 $21,000

HURUNUI AMBERLEY CHEVIOT

SUBURB

LATEST MEDIAN 12-MONTH PROPERTY $ CHANGE VALUE

12-MONTH % CHANGE

HIGHEST SETTLED SALE IN LAST 12 MONTHS

EXTRA DEPOSIT REQUIRED SINCE MAY 2020

HANMER SPRINGS LEITHFIELD

$625,000 $510,000

$120,000 $125,000

24% 32%

$1,397,000 $1,065,000

$24,000 $25,000

KAIKOURA

$490,000

$45,000

10%

$941,000

$9,000

MACKENZIE FAIRLIE LAKE TEKAPO TWIZEL

$584,000 $460,000 $935,000 $615,000

$74,000 $110,000 $85,000 $110,000

15% 31% 10% 22%

$1,850,000 $1,850,000 $1,500,000 $1,025,000

$14,800 $22,000 $17,000 $22,000

SELWYN DARFIELD DUNSANDEL KIRWEE LEESTON LINCOLN PREBBLETON ROLLESTON SOUTHBRIDGE TAI TAPU WEST MELTON WINDWHISTLE

$673,000 $635,000 $630,000 $770,000 $585,000 $790,000 $945,000 $685,000 $500,000 $1,040,000 $1,060,000 $410,000

$73,000 $115,000 -$15,000 $135,000 $110,000 $155,000 $190,000 $125,000 $122,500 $300,000 $200,000 $60,000

12% 22% -2% 21% 23% 24% 25% 22% 32% 41% 23% 17%

$3,325,000 $2,930,000 $840,000 $1,390,000 $1,300,000 $3,325,000 $2,400,000 $2,100,000 $780,000 $2,550,000 $2,250,000 $950,000

$14,600 $23,000 -$3,000 $27,000 $22,000 $31,000 $38,000 $25,000 $24,500 $60,000 $40,000 $12,000

TIMARU GERALDINE GLENITI GLENWOOD HIGHFIELD KENSINGTON MAORI HILL MARCHWIEL PARKSIDE PLEASANT POINT SEAVIEW TEMUKA WAIMATAITAI WATLINGTON WEST END

$434,500 $475,000 $620,000 $495,000 $505,000 $390,000 $495,000 $435,000 $410,000 $475,000 $410,000 $425,000 $430,000 $415,000 $430,000

$64,500 $90,000 $100,000 $110,000 $90,000 $80,000 $90,000 $90,000 $95,000 $80,000 $90,000 $100,000 $90,000 $95,000 $95,000

17% 23% 19% 29% 22% 26% 22% 26% 30% 20% 28% 31% 26% 30% 28%

$2,050,000 $1,026,000 $1,350,000 $665,000 $1,245,000 $713,000 $775,000 $989,000 $695,000 $940,000 $705,000 $740,000 $1,000,000 $660,000 $765,000

$12,900 $18,000 $20,000 $22,000 $18,000 $16,000 $18,000 $18,000 $19,000 $16,000 $18,000 $20,000 $18,000 $19,000 $19,000

WAIMAKARIRI CUST EYREWELL FERNSIDE KAIAPOI LOBURN OHOKA OXFORD PEGASUS RANGIORA SEFTON SWANNANOA WAIKUKU BEACH WOODEND

$602,000 $855,000 $795,000 $980,000 $565,000 $860,000 $1,050,000 $540,000 $620,000 $570,000 $775,000 $960,000 $515,000 $590,000

$102,000 $135,000 $160,000 $180,000 $110,000 $115,000 $145,000 $110,000 $120,000 $115,000 $115,000 $155,000 $112,500 $125,000

20% 19% 25% 23% 24% 15% 16% 26% 24% 25% 17% 19% 28% 27%

$3,125,000 $1,300,000 $970,000 $2,310,000 $1,150,000 $1,300,000 $2,560,000 $875,000 $1,310,000 $1,650,000 $3,125,000 $1,500,000 $901,000 $1,210,000

$20,400 $27,000 $32,000 $36,000 $22,000 $23,000 $29,000 $22,000 $24,000 $23,000 $23,000 $31,000 $22,500 $25,000

WAIMATE

$380,000

$95,000

33%

$885,000

$19,000

OTAGO

$623,000

$78,000

14%

$10,500,000

$15,600

CENTRAL OTAGO ALEXANDRA BRIDGE HILL CLYDE CROMWELL MOUNT PISA RANFURLY ROXBURGH

$630,000 $650,000 $720,000 $740,000 $800,000 $1,020,000 $325,000 $395,000

$50,000 $160,000 $135,000 $150,000 $145,000 $170,000 $75,000 $100,000

9% 33% 23% 25% 22% 20% 30% 34%

$3,100,000 $1,790,000 $1,675,000 $3,035,297 $3,100,000 $1,860,000 $550,000 $744,000

$10,000 $32,000 $27,000 $30,000 $29,000 $34,000 $15,000 $20,000

CLUTHA BALCLUTHA MILTON

$357,000 $380,000 $380,000

$92,000 $85,000 $135,000

35% 29% 55%

$1,075,000 $650,000 $910,000

$18,400 $17,000 $27,000

DUNEDIN ABBOTSFORD ANDERSONS BAY BALACLAVA BELLEKNOWES BROCKVILLE CALTON HILL CAVERSHAM CONCORD CORSTORPHINE DUNEDIN CENTRAL FAIRFIELD FORBURY GREEN ISLAND HALFWAY BUSH KAIKORAI KARITANE

$597,000 $632,500 $715,000 $660,000 $815,000 $540,000 $510,000 $485,000 $625,000 $560,000 $710,000 $760,000 $510,000 $615,000 $625,000 $610,000 $585,000

$117,000 $157,500 $165,000 $155,000 $190,000 $130,000 $135,000 $125,000 $160,000 $145,000 $175,000 $190,000 $130,000 $160,000 $155,000 $155,000 $165,000

24% 33% 30% 31% 30% 32% 36% 35% 34% 35% 33% 33% 34% 35% 33% 34% 39%

$2,850,000 $915,000 $903,000 $1,000,000 $1,226,000 $695,000 $940,000 $1,022,000 $790,000 $980,000 $1,130,000 $1,350,500 $607,000 $1,110,000 $1,110,000 $1,305,000 $950,000

$23,400 $31,500 $33,000 $31,000 $38,000 $26,000 $27,000 $25,000 $32,000 $29,000 $35,000 $38,000 $26,000 $32,000 $31,000 $31,000 $33,000

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LATEST MEDIAN 12-MONTH PROPERTY $ CHANGE VALUE

12-MONTH % CHANGE

HIGHEST SETTLED SALE IN LAST 12 MONTHS

EXTRA DEPOSIT REQUIRED SINCE MAY 2020

KENMURE MAORI HILL MARYHILL MORNINGTON MOSGIEL MUSSELBURGH NORTH DUNEDIN NORTH EAST VALLEY OPOHO OUTRAM RAVENSBOURNE ROSLYN SAINT CLAIR SAINT KILDA SOUTH DUNEDIN TAINUI WAIKOUAITI WAKARI WAVERLEY

$650,000 $960,000 $655,000 $620,000 $700,000 $670,000 $790,000 $580,000 $720,000 $770,000 $560,000 $872,500 $810,000 $565,000 $450,000 $645,000 $470,000 $625,000 $820,000

$145,000 $180,000 $150,000 $140,000 $175,000 $150,000 $175,000 $160,000 $180,000 $190,000 $135,000 $187,500 $175,000 $150,000 $105,000 $145,000 $135,000 $150,000 $200,000

29% 23% 30% 29% 33% 29% 28% 38% 33% 33% 32% 27% 28% 36% 30% 29% 40% 32% 32%

$880,000 $2,400,000 $770,000 $1,215,000 $1,975,000 $750,000 $1,552,000 $920,000 $1,030,000 $1,500,000 $692,000 $2,000,000 $2,000,000 $830,000 $633,000 $1,060,000 $1,000,000 $1,200,000 $1,260,000

$29,000 $36,000 $30,000 $28,000 $35,000 $30,000 $35,000 $32,000 $36,000 $38,000 $27,000 $37,500 $35,000 $30,000 $21,000 $29,000 $27,000 $30,000 $40,000

QUEENSTOWN-LAKES ALBERT TOWN ARROWTOWN ARTHURS POINT FERNHILL FRANKTON JACKS POINT KINGSTON LAKE HAWEA LAKE HAYES LOWER SHOTOVER QUEENSTOWN WANAKA

$1,108,000 $985,000 $1,320,000 $1,200,000 $1,020,000 $1,060,000 $1,460,000 $650,000 $890,000 $1,200,000 $1,190,000 $1,170,000 $1,220,000

$88,000 $190,000 $152,500 $120,000 $145,000 $90,000 $155,000 $70,000 $190,000 $160,000 $135,000 $120,000 $200,000

9% 24% 13% 11% 17% 9% 12% 12% 27% 15% 13% 11% 20%

$10,500,000 $2,380,000 $10,500,000 $1,800,000 $6,725,000 $2,650,000 $2,700,000 $975,000 $2,306,000 $7,772,500 $5,391,304 $6,800,000 $4,200,000

$421,000 $485,000 $520,000 $400,000 $410,000

$76,000 $110,000 $140,000 $95,000 $95,000

22% 29% 37% 31% 30%

$1,600,000 $1,050,000 $1,600,000 $550,000 $1,050,000

WAITAKI HOLMES HILL KAKANUI OAMARU OAMARU NORTH

12-MONTH % CHANGE

HIGHEST SETTLED SALE IN LAST 12 MONTHS

EXTRA DEPOSIT REQUIRED SINCE MAY 2020

PALMERSTON SOUTH HILL WESTON

$385,000 $460,000 $535,000

$120,000 $105,000 $110,000

45% 30% 26%

$910,000 $895,000 $1,325,000

$24,000 $21,000 $22,000

SOUTHLAND

$399,000

$79,000

25%

$1,550,000

$15,800

GORE EAST GORE GORE MATAURA

$331,000 $310,000 $395,000 $195,000

$76,000 $90,000 $100,000 $35,000

30% 41% 34% 22%

$1,180,000 $680,000 $850,000 $750,000

$15,200 $18,000 $20,000 $7,000

$17,600 $38,000 $30,500 $24,000 $29,000 $18,000 $31,000 $14,000 $38,000 $32,000 $27,000 $24,000 $40,000

INVERCARGILL APPLEBY AVENAL BLUFF GEORGETOWN GLADSTONE GLENGARRY GRASMERE HARGEST HAWTHORNDALE HEIDELBERG KINGSWELL NEWFIELD OTATARA RICHMOND ROCKDALE ROSEDALE STRATHERN TURNBULL THOMSON PARK WAIKIWI WAVERLEY WINDSOR

$402,000 $320,000 $430,000 $290,000 $335,000 $580,000 $400,000 $435,000 $470,000 $445,000 $365,000 $360,000 $405,000 $587,500 $455,000 $365,000 $610,000 $355,000 $355,000 $500,000 $505,000 $535,000

$82,000 $105,000 $85,000 $75,000 $75,000 $95,000 $100,000 $120,000 $95,000 $95,000 $95,000 $95,000 $95,000 $137,500 $115,000 $90,000 $90,000 $85,000 $95,000 $95,000 $95,000 $115,000

26% 49% 25% 35% 29% 20% 33% 38% 25% 27% 35% 36% 31% 31% 34% 33% 17% 31% 37% 23% 23% 27%

$1,300,000 $515,000 $636,000 $619,000 $485,000 $1,160,000 $650,000 $550,000 $565,000 $540,000 $597,000 $450,000 $590,000 $950,000 $870,000 $825,000 $800,000 $528,000 $495,000 $1,300,000 $699,000 $850,257

$16,400 $21,000 $17,000 $15,000 $15,000 $19,000 $20,000 $24,000 $19,000 $19,000 $19,000 $19,000 $19,000 $27,500 $23,000 $18,000 $18,000 $17,000 $19,000 $19,000 $19,000 $23,000

$15,200 $22,000 $28,000 $19,000 $19,000

SOUTHLAND OTAUTAU RIVERTON TE ANAU WINTON

$429,000 $305,000 $465,000 $570,000 $420,000

$34,000 $85,000 $55,000 $60,000 $60,000

9% 39% 13% 12% 17%

$1,550,000 $442,000 $1,025,000 $1,200,000 $985,000

$6,800 $17,000 $11,000 $12,000 $12,000

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Diana & Peter West Your Epsom Property Experts

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SPONSORED: BARFOOT & THOMPSON

‘When you’re a high-net-worth buyer you’re going to be interested in other things like travel and expensive cars’

M

arketing tools have changed the way ultra-high-value properties are matched to potential buyers, say Barfoot & Thompson experts.

Chris Andersen, the company’s chief marketing officer, defines high-net-worth properties as those in the $3 million-plus price bracket and says the more a property is worth the smaller the pool of buyers so niche marketing strategies are required to get the property noticed by overseas buyers.

“There are obviously limitations on who can buy from overseas now with the legislation that’s in place but there are probably more tools in the digital space available to our sales people that allow them to run activity through digital channels where you can be a lot more specific in terms of the demographic you’re trying to reach,” he says.

Google, for example, tracks everything users do, he says.

“When you engage on things like digital channels, those platforms are building up profiles on who you are and the sort of things you are interested in,” Andersen says.

“If you’re a high-net-worth buyer, there are things you’re going to be interested in like, until recently, international travel, and also expensive cars and things like that. These platforms start to identify the sorts of interests and hobbies

you might have and then when we come to market the property we can go ‘right, let’s make sure this ad is displayed in digital channels in front of people to match that sort of criteria’.”

Barfoot & Thompson has affiliations with international partners, which also helps. The company belongs to an organisation called Leading Real Estate Companies of the World, which has the Luxury Portfolio website, and these sites help raise the profile of high-end properties overseas.

“People overseas go to that website, see there are listings in New Zealand and the site then helps generate leads and business for us,” Andersen says.

A lot of digital marketing tools have come on to the market in the last couple of years, Andersen says, and the company also sometimes places ads in international lifestyle and travel magazines which high net worth people read.

“The more targeted you are — putting the right message in front of the right people — the more likely you will get more quality leads.”

Scott McElhinney sells highend lifestyle and rural properties in the south Auckland/Franklin district where prices are often between $2m and $5m but higher for ultra-high-end properties on larger land parcels.

Above, two multi-million-dollar luxury lifestyle properties on the southern fringes of Auckland that were sold by Barfoot and Thompson agent Scott McElhinney.

“These may not be incomeproducing. They may be more hobby-based and they’re significant rural properties with extra facilities such as large sheds for hobbies, or equestrian facilities, or there might be amazing gardens and orchards, with beautiful streams and native bush and views.”

McElhinney says there are few available, however, as stock is at a record low but demand for such properties has increased since Covid with people reassessing their business and lifestyle needs.

When properties do come on to the market, it’s important the agent be brought in early so they can advise on a marketing strategy and customise the

approach. Landscapers, for example, might be brought in to ensure the property is immaculately presented from the gates to the pastures to the fencing to the front entrance.

“When you’re dealing with the high-net-wealth buyers there’s not that many of them so you need to make sure you maximise those opportunities to ensure you can get the best first impression as they come through, or that impression is made online or through the marketing,” McElhinney says.

He has a range of ways he reaches wealthy niche buyers, one of which is via digital mediums and social media.

“The use of social media has been a phenomenal growth area. I would say I’ve probably

got 16,000 people following me on social (mainly Facebook and Instagram) and a database of over 15,000 as well. Everyone has got a smartphone and a device and that information is at your fingertips so it’s a tool to build relationships and network with people.”

With high-net-worth buyers, there is a lot of referral and networking, he says.

Barfoot & Thompson, a family-owned business, has a huge reach of relationships with agents co-operating with each other. Getting the marketing mix right can lead to excellent results – McElhinney recently sold a property on Runciman Rd, Ramarama for 85% above the CV. There’s also a huge demand for vacant lifestyle land in the area, McElhinney says.

“People are really wanting to buy land to build their Kiwi dream place in the country and we’re seeing people paying well above the average house price just for land.”

Sections he is involved in selling on Bush Rd, Pukekohe are fetching well over $1m with people then planning on spending another $2m to develop the land.

McElhinney, however, again points to a “desperate” shortage of listings, saying he has high-end buyers waiting with money to spend.

Finding properties for them comes down to trust and strong relationships built over a long time with word-of-mouth marketing still vitally important. * Barfoot & Thompson won best real estate agency marketing in the world and best website at the International Property Awards last year, being praised for a combination of functionality, content and presentation.

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