BARFOOT & THOMPSON | JULY 2022
Remuera Q U A R T E R LY M A R K E T R E P O R T
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BARFOOT & THOMPSON | JULY 2022
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Contents AUGUST 2022
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Market Comment
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Key Facts - Remuera Sales
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Key Facts - Remuera Sales over $4M
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Selling Luxury. It’s what we do best.
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Sustainability & luxury, going hand in hand
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Remuera - Recent Sales over $4M
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Our Reach
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Meet the Team
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BARFOOT & THOMPSON | JULY 2021
Remuera MARKET COMMENT
HIGH END HOLDS FIRM AS MARKET MOVES TO NEW NORMAL The past few years in real estate have been somewhat extraordinary, in terms of rocketing house prices, ultra-quick sales and extremely heated competition between buyers. It’s been a situation of demand outstripping supply across the board; properties coming onto the market then selling within record time. While this was exhilarating for many (especially vendors), it was also a heightened climate that was largely unsustainable. So it comes as no surprise that, mid-way through 2022, we are seeing a levelling off. For now it looks like we are in a different market – but not necessarily a market that is cause for concern.
In the luxury sector, while inventory is low and sales volumes down, property prices continue to hold - climb in fact as reflected in the latest sales data. A brief analysis to follow. The total number of sales over all price brackets in Remuera was slightly down during Q2, compared to the previous quarter. In the $4 million+ category specifically, there were 13 sales in April, May and June 2022, as opposed to 14 sales in the quarter just gone, i.e. January, February and March 2022. This pattern is in line with seasonal expectations, as there is often a drop off in activity over Winter.
Because, despite a lot of press around falling property prices, there was actually a slight uptick in May, as noted by Barfoot and Thompson’s Managing Director, Peter Thompson. “This does signal that house prices across Auckland are not in full retreat and are moving back gradually, as vendors recognise that if they want to sell, they need to have some flexibility as to price expectations” he says. And as the market levels itself, a sense of stability returns, and so too does confidence in transacting.
Carolyn Vernon
Branch Manager 027 577 7000 remuera@barfoot.co.nz
Barfoot & Thompson Remuera 417 Remuera Road, Remuera, Auckland 1050
BARFOOT & THOMPSON | AUGUST BARFOOT & THOMPSON 2022 | JULY2022
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2ND QUARTER RESULTS FOR ALL SALES TOTA L S A L E S
MEDIAN SALE PRICE
2ND QUARTER
2ND QUARTER
Apr 22 - Jun 22
Apr 22 - Jun 22
61
$2,655,000
1ST QUARTER
1ST QUARTER
Jan 22 - Mar 22
Jan 22 - Mar 22
75
$2,296,000
18.67%
15.64%
There was a decrease in the total number of sales over the second quarter compared to the first quarter of this year.
There was a increase in the median sale price over the second quarter compared to the first quarter of this year.
TOTA L S A L E S
HIGHEST SALE PRICE
YEAR TO DATE
YEAR TO DATE
Jul 21 – Jun 22
Jul 21 – Jun 22
369
$29,000,000
Jul 20 – Jun 21
Jul 20 – Jun 21
659
$15,500,000
44%
There was a decrease in the total number of sales over the last 12 months compared to the same period in the previous year.
87%
There was a increase in the highest sale price over the last 12 months compared to the same period in the previous year.
BARFOOT & THOMPSON | AUGUST 2022
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2ND QUARTER HIGH END RESULTS
Looking to the annual figures, and comparing 2021-22 to 2020-21, there was a significant decline of 44% in the total number of sales over all price points. It’s important to note that 2020-21 was a far from typical period. This was the Covid ‘blip’, involving a heated market and extraordinary buyer competition. What the five-year trend is showing is that the number of sales made in the $4M+ price bracket is now returning to a more ‘normal’ volume.
$4M+
SALE PRICES ACHIEVED
Worth noting: the median sale price in Remuera (for all price ranges) increased by 15.64% during
35.6%
There was a 35.6% increase when comparing the median sale price to the median council valuation (where recorded and at the time) for sales over $4M that occured during July 2021 to June 2022. This compares to a 11.11% increase during the same period for the previous year.
ANNUAL TREND SALES $4M+
the latest quarter, proof that there will always be buyers seeking quality options in desirable locations, with possibly some prepared to pay a premium amongst more limited supply. At Barfoot & Thompson Remuera, our aim is to instil confidence in times of change. We have been through many shifts in the market, we know this area like no-one else, and we understand the importance of giving your unique and very special property the individual time and attention it deserves. If you are considering selling, it is most certainly worth getting in touch with us for a no obligation, in-depth, expert appraisal. P: 09 524 0149 E: remuera@barfoot.co.nz
106 84 67 35
Jul 17 to Jun 18
Jul 18 to Jun 19
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Jul 19 to Jun 20
Jul 20 to Jun 21
Jul 21 to Jun 22
This publication shows data regarding a wide selection of published residential property sales that have recently occurred. It includes information from multiple sources and published reports of sales made by most Real Estate agencies and may include private sales. Where data is not publicly available, an individual sale may have been excluded from the average results and tallies shown in this report. Every reasonable effort has been made to ensure the accuracy of the information. Barfoot and Thompson Limited (REA2008) accepts no responsibility should the contents of this market report prove to be incomplete or incorrect.
BARFOOT & THOMPSON | AUGUST 2022
2ND QUARTER - HIGH END RESULTS $4M+ $4M+ MEDIAN
$4M+ SALES OVER
2ND QUARTER
2ND QUARTER
Apr 22 - Jun 22
Apr 22 - Jun 22
$5,000,000
13
1ST QUARTER
1ST QUARTER
Jan 22 - Mar 22
Jan 22 - Mar 22
$5,401,500
14
7.43%
7.14%
There was a decrease in the median sale price over the second quarter compared to the first quarter of this year.
There was a dewwcrease in the total number of sales over the second quarter compared to the first quarter of this year.
SALES OVER $4M NUMBER OF SALES 15
12
9
6
3
0
Jul
Aug
2020-2021
Sep
Oct
Nov
2021-2022
Dec
Jan
Feb
Mar
Apr
May
Jun
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BARFOOT & THOMPSON | JULY 2022
Selling Luxury. It’s what we do best.
BARFOOT & THOMPSON | AUGUST BARFOOT & THOMPSON 2022 | JULY2022
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We are luxury specialists. What makes us the luxury specialists?
When you’re marketing properties of the very highest standard, we know that one size doesn’t fit all. Which is why we deliver a customised service that’s as unique as you and your home.
Here at Barfoot & Thompson Remuera, it’s not just property that we are passionate about. It’s people too. In fact, all that we do here revolves around our clients; getting to know them on an individual basis, nurturing long-term relationships, and ensuring that every experience for them is a rewarding and positive one.
417 Remuera Road, Remuera Auckland 1050 09 524 0149 remuera@barfoot.co.nz
We get a phenomenal amount of repeat business at our branch, which is testimony to our bespoke approach.
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BARFOOT & THOMPSON | JULY 2022
Sustainability & luxury, going hand in hand Consumer behaviour has changed dramatically over the past few years, and what people are looking for in property has been affected. Research suggests that many buyers now regard sustainability features as essential components in any home they would want to purchase – this is a trend that is particularly strong amongst high end buyers, with 75% choosing their next property with eco-matters in mind*.
Barfoot & Thompson Remuera 417 Remuera Road, Remuera, Auckland 1050
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In a new “Consumer Mindset in Luxury Buying” study released by Luxury Portfolio International®, a sample of nearly 5000 high end consumers (representing the top 5% percent by income) were polled across 50 countries in Asia Pacific, Middle East, Europe and North America.
According to the results, buyer demands have not changed on the basics of “location, quality and well-run, family places to live” in the luxury market, however a significant shift towards “future-proofing” has emerged. Of buyers polled, 89% believe it’s important to mitigate climate change and take action toward sustainability, with a large portion of them willing to pay more for a home with eco-friendly features. The study drilled down onto what features were deemed most desirable. Here’s what was found.
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AUGUST 2022 BARFOOT&&THOMPSON THOMPSON||JULY BARFOOT 2022
Barfoot & Thompson Remuera 417 Remuera Road, Remuera, Auckland 1050
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Which of these sustainable home design elements, if any, are essential in your next residence? (Luxury Buyers) SMART HOME AUTOMATION
73%
ENERGY EFFICIENT APPLIANCES
70%
NON-TOXIC MATERIALS
43%
ORGANIC LIVING 38% LOCAL MATERIALS 36% SOLAR PANELS 32%
Perhaps your home already boasts the latest automated systems and energy efficient appliances - however, if not (and particularly if you are thinking of renovating or selling soon), then it is certainly worth looking into a green upgrade.
Earth-friendly technologies have come a long way since the early days of self-sufficiency, and most of them now feature the best, most sophisticated design and state of the art functionality. Furthermore, showcasing sustainability as part of your home is an investment that will pay off over the short and long term. It will increase your property’s appeal, and enhance its liveability. But it will also make a huge difference to your energy usage, cutting monthly power bills and reducing your environmental footprint. A positive step, you could say, for a brighter future.
73%
70%
Smart Home Automation Energy Efficient Appliances
43%
Non-Toxic Materials
38%
36%
32%
Organic Living Local Materials Solar Panels
*Sourced from Luxury Portfolio International®
Remuera Recent Sales $4M+ APRIL - JUNE 2022
60 Clonbern Road An elegant renovated four-bedroom family home a few min. from Remuera Village. 2 bathrooms, an open plan kitchen, BBQ area, pool and lots of outdoor living, perfect for children to play.
Price $4,500,000 | CV $3,750,000 | Land 774 4
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1 SOLD June
2022
33A Entrican Avenue Designed by renowned architect Alan Shanahan, this exquisitely crafted home impressively showcases the finest fixtures and fittings, resulting in a home that delivers on space, style and luxury. Five double bedrooms and four bathrooms (including 2 ensuites).
Price $5,300,000 | CV $5,900,000 | Land 847 5
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3 SOLD June
2022
65 Lingarth Street A modern living north-west facing home. Featuring 5 bedrooms, 3 bathrooms, an island bench kitchen and outdoor pool-side entertaining for the family.
Price $4,900,000 | CV $4,350,000 | Land 619 5
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4 SOLD April
2022
BARFOOT & THOMPSON | AUGUST 2022
Remuera Recent Sales
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$4M+ APRIL - JUNE 2022
18 Macmurray Road A prime location home with amazing views of Mt Hobson. Close to bustling Newmarket with a fantastic mixed housing suburban site, and featuring four bedrooms and three bathrooms.
Price $6,555,000 | CV $6,000,000 | Land 1397 4
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2 SOLD April
2022
902/10 Middleton Road Located in the ever-popular Broadway Park, this home has 3 bedrooms, master bedroom suite facing north with a generous walk-in wardrobe, 2 bathrooms and a fantastic indoor/outdoor flow between living, dining and terrace.
Price $5,000,000 | CV $4,450,000 | Land n/a 3
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3 SOLD April
2022
22B Omahu Road Situated on considerable land in one of Auckland’s most prestigious suburbs, this 704m2 freehold site offers an excellent opportunity to discerning buyers. This home offers 380m2 floor area, with 5 beds, 4.5 baths, 3 generous living areas, 2 kitchens and double automated garage with internal access.
Price $4,800,000 | CV $4,650,000 | Land 704 5
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2 SOLD June
2022
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BARFOOT & THOMPSON | JULY 2022
Remuera Recent Sales $4M+ APRIL - JUNE 2022
503/424 Remuera Road Located on the top floor, along the ridgeline of Remuera Road and directly across from the heritage library building. This 3 bedroom, 3.5 bathroom apartment, complemented with 3 basement carparks and a storage locker, emanates a refined atmosphere.
Price $4,750,000 | CV $4,300,000 | Land n/a 3
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3 SOLD April
2022
724 Remuera Road First time on market in 30 years, stunning super sized family home set down a secluded driveway. An outdoor living paradise with a beautiful veranda, ginormous deck, and superb floor plan for busy family life.
Price $4,600,000 | CV $4,500,000 | Land 1295 4
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4 SOLD June
2022
68 Seaview Road Fabulous home with a prized location and harbour views. With a spacious open plan living area, three large bedrooms and two bathrooms on the first floor, and a fourth bedroom, bathroom and lounge on the floor below.
Price $5,100,000 | CV $5,600,000 | Land 1550 4
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1+4 SOLD April
2022
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Remuera Recent Sales
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$4M+ APRIL - JUNE 2022
21 Upland Road A great family residence on a 2979m site. Five bedrooms., three bathrooms, a pool and tennis court.
Price $11,600,000 | CV $9,600,000 | Land 2979 5
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2 SOLD April
2022
142 Victoria Avenue Exclusive location home with four bedrooms, four bathrooms and swimming pool for lots of outdoor family entertainment.
Price $6,650,000 | CV $5,800,000 | Land 703 4
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2 SOLD June
2022
70 Victoria Avenue An architectural luxury home with 4 bedrooms, 5 bathrooms, marble kitchen and dining area, pool and BBQ area and log fire.
Price $7,000,000 | CV $6,500,000 | Land 1161 4
5
2 SOLD April
2022
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BARFOOT & THOMPSON | JULY 2022
Remuera Recent Sales $4M+ APRIL - JUNE 2022
12A Walton Street Stunning family residence with Museum and Sky Tower views. With space-enhancing tall ceilings and gas-heated polished concrete floors, five generous size bedrooms, three bathrooms and indoor/outdoor flow.
Price $4,430,000 | CV $3,125,000 | Land 364 5
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2 SOLD
May 2022
These pages show a summary of sales in Remuera made by all selling agencies from April to June 2022. Our sales data includes information submitted by the selling agency and may include some private sales. Where details of a particular sale may not have been able to be fully verified, it may be omitted from our reports. Every reasonable effort has been made to ensure the accuracy of the information presented. Land and floor sizes are approximate, sourced from REINZ, Auckland Council or other public sources and may contain inaccuracies. Barfoot & Thompson Limited (REA2008) accepts no responsibility should the contents of this market report prove to be incomplete or incorrect.
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QUALITY. CONNECTIONS. INDEPENDENCE. As a member of Leading Real Estate Companies of the World®, we combine our authentic local market leadership with top-ranked resources and relationships with other premier real estate firms across the country and around the world.
We are proud to be a part of this global network focused on quality, connections and independence.
Quality. Delivering the highest quality service to home buyers and sellers is what defines our by-invitation network.
Connections. LeadingRE members share more than just business
opportunities— we share ideas, insights, tools, and support. Success comes more easily when you are aligned with other smart people who are focused on growing their businesses.
Independence. Our brand is deeply rooted in the markets we serve, and
we continually reinvest in our community in countless ways. With LeadingRE, we are able to keep our local focus and distinctive personality, while enjoying world-class resources.
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BARFOOT & THOMPSON | AUGUST 2022
Our reach Barfoot & Thompson is committed to getting your property in front of as many buyers as possible - even across the country and the world. When you choose to work with us, you have the benefit of our national and international partner network to leverage during your sale or purchase.
Leading Real Estate Companies of the World A global network of over 565 premier real estate firms with 130,000 sales associates at your service to not only markets your property, but also provides more opportunities to connect buyers through referrals. Member companies generate more than 1.1 million transactions valued at NZ$399 billion annually. Should you wish to purchase property overseas, we have trusted colleagues that can offer you the same high level of service and care you would expect from us here at Barfoot & Thompson - anywhere in the world.
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Luxury Portfolio Our partnership with LeadingRE also includes membership to Luxury Portfolio International, the luxury marketing division of LeadingRE. Any property listed with Barfoot & Thompson worth over a certain value will feature on LuxuryPortfolio.com, which attracts over three million unique website visitors each year.
NZ Realtors Network The New Zealand Realtors Network is a collection of our country’s leading real estate agencies. Your property listing will be featured on the NZ Realtors website which receives thousands of visitors each year.
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Our marketing and negotiating skills are well proven with our focus being on providing valuable, insightful, knowledgeable and respectful real estate services to you. Your needs are what drives us—we understand the one size doesn’t fit all, which is why we deliver a bespoke service that’s as unique as you and your home. As we value the same things as you do, you can be assured we’ve got all the right measures in place to ensure your privacy and security.
Successful selling relies on unparalleled market knowledge, superior negotiating skills and a lot of hard work. We are focused, professional real estate experts with years of experience in every kind of market.
Carolyn Vernon Branch Manager 027 577 7000
Meet the Team
CUSTOMER SERVICE TEAM 17/03/2021
image_6483441.JPG
Suria Fan
Margaret Chapman
Rachel Willis
Mae Barclay-Lang
PROPERTY MANAGEMENT TEAM
https://mail.google.com/mail/u/0/#inbox/FMfcgxwLswJRLNpzfQNDcnrKRQDCLRpg?projector=1&messagePartId=0.2
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Karen Rodie Head of Property Management 027 886 0376
Kirsty-ann Ofamo’oni Jordan Auckbarally Senior Property Property Manager Manager 027 570 7700 027 405 2505
Fergus Salmon Property Manager 09 524 1654
Serena Xie Property Management Administrator 09 524 1654
RESIDENTIAL SALES TEAM
Neale Jones Sales Manager 027 289 5512
BARFOOT & THOMPSON | AUGUST 2022
Alex Baker 027 457 9805
Amos Ling 021 100 0202
Barbara Armon 021 799 012
Carol Cong 021 199 8876
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Cici Wang 021 280 2828
Cindy Jiang 021 777 273
David MacDonald 021 650 901
David Wang 022 351 1588
Dennis Dunford 027 491 4666
Dermot Kelly 021 954 573
Gill Macdonald 021 983 634
Janice Hamilton-Cox 027 232 2356
Judith Barr 021 971 500
Julia Nah 021 281 6899
Julie Fitzpatrick 021 530 290
Kathy Bower 021 928 648
Leila MacDonald 021 928 926
Lisa MacQueen 021 221 8622
Maree Church 021 988 272
Oscar Zhao 022 580 8866
Paul Studman 021 998 563
Philip Cox 027 488 8968
Prince Kapoor 027 788 6666
Raewyn Anderson 0274 255 271
Rawdon Christie 027 459 2951
Rose Hu 021 295 7593
Sara-Jayne Kingston 021 767 729
Stanley Armon 021 723 177
Steve Hood 021 911 606
Sue Su 021 166 6011
Tracey Cameron 027 446 7056
Verena Ryan 027 522 0773
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BARFOOT & THOMPSON | JULY 2022
build relationships guide, listen & deliver results make sure it’s all about you
Barfoot & Thompson Remuera 417 Remuera Road, Remuera, Auckland 1050 Residential Sales 09 524 0149 Property Management 09 524 1654 Email remuera@barfoot.co.nz
barfoot.co.nz/remuera
