BARFOOT & THOMPSON | NOVEMBER 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 | NOVEMBER 2022
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Contents NOVEMBER 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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What gives a suburb staying power?
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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
LUXURY SECTOR MARCHING TO ITS OWN BEAT If you believe everything you read in the media, then it’s likely you will be thinking that the New Zealand property market has taken a significant hit over 2022. Of course there is no denying that rising interest rates, soaring inflation, buyer hesitancy and ongoing affordability issues have had a negative impact on property prices in the last 10 months. However, one sector that appears to be holding firm is the luxury homes niche, which continues to boast value growth and a steady volume of sales. As we have touched on before, rarity of stock within this niche is a contributing factor to its enduring appeal, with demand often outstripping supply. But so too is the fact that buyers in this sector are not as affected by issues such as rising mortgage rates, tighter bank regulations or escalating living costs. Added to this, now the borders are well and truly open, there is a contingent of Kiwis returning home, who, having earned comparatively higher wages overseas, are keen to leverage their position by investing in high-value residential assets. What we know for sure is that desirable real estate in the top Auckland locations will always be in demand. This is particularly true of Remuera, which is a standout suburb that tends to hold its value.
A quick analysis of our latest local data reveals the following. The total number of sales over all price brackets in Remuera was up 27.42% during Q3, compared to the previous quarter. In the $4million+ category specifically, there were 20 sales in July, August September 2022, as opposed to 13 sales in the quarter just gone, i.e. April, May and June 2022. This jump in volume is ahead of the expected seasonal trend, although this time last year of course Auckland was in lockdown, so this must be factored into any year-on-year comparisons. Looking to the annual figures, 2022 vs. 2021, overall there was a drop of 40% in the total number of sales across all price points.
Carolyn Vernon
Branch Manager 027 577 7000 remuera@barfoot.co.nz
Barfoot & Thompson Remuera 417 Remuera Road, Remuera, Auckland 1050
BARFOOT BARFOOT&&THOMPSON THOMPSON| |NOVEMBER NOVEMBER2022 2022
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3RD QUARTER RESULTS FOR ALL SALES TOTA L S A L E S
MEDIAN SALE PRICE
3RD QUARTER
3RD QUARTER
Jul 22 - Sep 22
Jul 22 - Sep 22
79
$2,445,000
2ND QUARTER
2ND QUARTER
Apr 22 - Jun 22
Apr 22 - Jun 22
62
$2,678,000
27.42%
8.7%
There was a increase in the total number of sales over the third quarter compared to the second quarter of this year.
There was a decrease in the median sale price over the third quarter compared to the second quarter of this year.
TOTA L S A L E S
HIGHEST SALE PRICE
YEAR TO DATE
YEAR TO DATE
Oct 21 – Sep 22
Oct 21 – Sep 22
362
$29,000,000
Oct 20 – Sep 21
Oct 20 – Sep 21
604
$13,500,000
40.07%
There was a decrease in the total number of sales over the last 12 months compared to the same period in the previous year.
115%
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 | NOVEMBER 2022
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3RD QUARTER HIGH END RESULTS
However – again, last year was far from a typical period, as the market was incredibly heated due to Covid, and buyer competition was at peak. What the five-year trend is showing is that the number of sales made in the $4million+ price bracket is now returning to a more ‘normal’ volume, with signs of positive and sustainable activity.
$4M+
SALE PRICES ACHIEVED
Worth noting: the median sale price in Remuera in the $4 million+ category increased by 7% during
23.17%
There was a 23.17% 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 October 2021 to September 2022. This compares to a 20% increase during the same period for the previous year.
ANNUAL TREND
the latest quarter (defying the downturn), which is proof that there will always be buyers seeking prime real estate in the most sought-after locations, with some prepared to pay a premium amongst limited supply. Finally, Remuera sale prices continue to see a strong result against council valuations, with an increase of 23.17%. At Barfoot & Thompson Remuera, we have clients waiting for properties at the high-end of the market. Furthermore, we understand the importance of giving your unique and very special property the individual time and attention it deserves - so if you are considering selling, please feel free to get in touch with us for a no obligation, in-depth, expert appraisal. We are here to help.
P: 09 524 0149 E: remuera@barfoot.co.nz
SALES $4M+ 111 84 61
50 31
Oct 17 to Sep 19
Oct 18 to Sep 19
Oct 19 to Sep 20
Oct 20 to Sep 21
Oct 21 to Sep 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 | NOVEMBER 2022
3RD QUARTER - HIGH END RESULTS $4M+ $4M+ MEDIAN
$4M+ SALES OVER
3RD QUARTER
3RD QUARTER
Jul 22 - Sep 22
Jul 22 - Sep 22
$5,350,000
20
2ND QUARTER
2ND QUARTER
Apr 22 - Jun 22
Apr 22 - Jun 22
$5,000,000
13
7%
53.85%
There was a increase in the median sale price over the third quarter compared to the second quarter of this year.
There was a increase in the total number of sales over the third quarter compared to the second quarter of this year.
SALES OVER $4M NUMBER OF SALES 15
12
9
6
3
0
Oct
Nov
2021-2022
Dec
Jan
Feb
2020-2021
Mar
Apr
May
Jun
Jul
Aug
Sep
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BARFOOT & THOMPSON | NOVEMBER 2022
Selling Luxury. It’s what we do best.
BARFOOT BARFOOT&&THOMPSON THOMPSON| |NOVEMBER NOVEMBER2022 2022
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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 | NOVEMBER 2022
BARFOOT & THOMPSON | MARCH 2022 BARFOOT & THOMPSON 2022 | NOVEMBER
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What gives a suburb staying power? While it’s tempting to rattle off the usual selling points, the fact is, Remuera has a charm and allure that’s far from every day, and this is what keeps our clients coming back…
Let’s just start off by saying that, yes, this highly desirable, high-end suburb certainly ticks all the boxes in terms of being an attractive and enduring pocket of real estate. It’s a wonderful place to live, and the value of the properties here have held up incredibly well through the years, riding the market ups and downs with relative ease.
Barfoot & Thompson Remuera 417 Remuera Road, Remuera, Auckland 1050
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BARFOOT & THOMPSON | NOVEMBER 2022
Of course the appeal of Remuera is easy to see. The homes are magnificent. The area is established and affluent. The streets, safe, serene and leafy. Excellent amenities. Refined and relaxed shopping. Some of Auckland’s most prestigious schools. Close proximity to the CBD and easy access to the main transport routes. A host of beautiful parks, reserves and beaches on your doorstep. And the list goes on! Not quite as easy to quantify are the intangibles. Such as the sense of place, the neighbourly feel and the warmth, spark and character of the people who live here. People who have raised families here, and whose children return to do the same tells a real story.
417 Remuera Road, Remuera Auckland 1050 09 524 0149 remuera@barfoot.co.nz
BARFOOT BARFOOT&&THOMPSON THOMPSON| |NOVEMBER NOVEMBER2022 2022
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A remarkable place, attracting remarkable people. It is fair to say that Remuera has been home to some of New Zealand’s greatest personalities over the years, including pioneering aviator Jean Batten, legendary mountaineer Sir Edmund Hilary, famous race car driver Bruce McLaren and beloved broadcaster, Paul Holmes.
Our office, at Barfoot & Thompson, has been a fixture in the Village for more than 55 years. We have 30+ salespeople who love living and working in the area – and who know Remuera will continue to be an exceptional choice for those who want the best money can buy.
And it’s a suburb that today is thriving. Thanks to that indelible community spirit, unique heritage and the vibrant new developments that are in the works.
If there is anything you’d like to know about this superb (and enduring!) suburb, please just call us.
Barfoot & Thompson Remuera 417 Remuera Road, Remuera, Auckland 1050
Remuera Recent Sales $4M+ JULY - SEPTEMBER 2022
52A Arney Crescent A stunning, contemporary home designed by renowned architect Malcolm Taylor. Five bedrooms, three bathrooms and swimming pool.
Price $7,680,000 | CV $8,300,000 | Land 1320 5
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2 SOLD
September 2022
113 Arney Road A residential home bulit in 1950s, featuring four bedrooms, 2 bathrooms, a deck to enjoy with the family.
Price $4,430,000 | CV $5,100,000 | Land 922 4
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1 SOLD August
2022
147 Arney Road A luxury 1900 resindence on a 1447sqm section, north facing position with amazing views across Hobson Bay to the harbour, Rangitoto Island and beyond. Five bedrooms, three bathrooms and swimming pool.
Price $11,550,000 | CV $9,800,000 | Land 1447 5
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2 SOLD July 2022
BARFOOT & THOMPSON | NOVEMBER 2022
Remuera Recent Sales
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$4M+ JULY - SEPTEMBER 2022
41 Combes Road A modern residential property built in with five bedrooms and three bathrooms, swimming pool to enjoy with the family.
Price $8,500,000 | CV $6,200,000 | Land Crosslease 5
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2 SOLD August
2022
8 Homai Street A charming refurbished and beautifully renovated home, with four bedrooms, four bathrooms and north facing poolside garden.
Price $4,359,000 | CV $4,000,000 | Land 685 4
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2 SOLD
September 2022
5 Keith Avenue A unique renovated family home with a 1920s style. Featuring five bedrooms, three bathrooms, a swimming pool and tennis court.
Price $5,175,000 | CV $4,100,000 | Land 1133 5
3
2 SOLD
September 2022
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BARFOOT & THOMPSON | NOVEMBER 2022
Remuera Recent Sales $4M+ JULY - SEPTEMBER 2022
1A Mahoe Avenue A sensational townhome designed by Brent Hulena including four bedrooms, three bathrooms, a refurbished living, dining and kitchen, a study and second lounge upstairs.
Price $4,150,000 | CV $3,500,000 | Land Crosslease 4
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2 SOLD
September 2022
22A Mahoe Avenue Residential property nestled on the premium northern slopes of Remuera and a quiet tree-lined suburban street, built in 1995 with four bedrooms, three bathrooms and three parking spaces.
Price $5,015,000 | CV $4,150,000 | Land 892 4
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3 SOLD
September 2022
33 Market Road Amazing zen-like home designed by Architect Megan Edwards with four bedrooms, three bathrooms and a separate accommodation for family and guests.
Price $7,105,000 | CV $3,250,000 | Land 1405 4
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3 SOLD August
2022
BARFOOT BARFOOT&&THOMPSON THOMPSON| |NOVEMBER NOVEMBER2022 2022
Remuera Recent Sales
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$4M+ JULY - SEPTEMBER 2022
39 Market Road A character architecturally designed home that used to be an award-winning boutique hotel with ten bedrooms and bathrooms, large living areas and gardens.
Price $5,750,000 | CV $7,300,000 | Land 1819 10
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2 SOLD July 2022
3 Platina Street A wonderful family home proudly set on 846m² of freehold flat land in double grammar and mixed housing suburban zones. Four bedrooms and two bathrooms.
Price $4,200,000 | CV $3,550,000 | Land 846 4
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2 SOLD August
2022
171 Remuera Road A luxury residential property built in 1935 with four bedrooms, two bathrooms, two parking spaces and swimming pool.
Price $8,888,000 | CV $6,100,000 | Land 994 4
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2 SOLD
September 2022
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BARFOOT & THOMPSON | NOVEMBER 2022
Remuera Recent Sales $4M+ JULY - SEPTEMBER 2022
422D Remuera Road A fully renovated north facing bespoke penthouse located on the Remuera Ridge with panoramic 180º harbour, park and city views. Including three bedrooms, master with ensuite and two bathrooms.
Price $4,435,000 | CV $3,900,000 | Land n/a 3
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4 SOLD July 2022
13 Ridings Road An elegant home located in a sought after location on northern slopes Remuera, four large bedrooms, three bathrooms, spacious kitchen/living room, poolside and spa.
Price $5,450,000 | CV $4,950,000 | Land 755 4
3
2+2 SOLD
September 2022
73A Shore Road A stylish home in its own private environment with four bedrooms, three bathrooms, two living areas and pool.
Price $5,250,000 | CV $4,900,000 | Land 1322 4
3
2+1 SOLD
September 2022
BARFOOT BARFOOT&&THOMPSON THOMPSON| |NOVEMBER NOVEMBER2022 2022
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33 Upland Road Located in the most prized streets. Featuring 4 bedrooms, three bathroons, a full-size tennis court and classical gardens.
Price $5,200,000 | CV $7,000,000 | Land 2236 4
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2 SOLD July 2022
74 Victoria Avenue Property built in 1950 in heart of Remuera with twelve bedrooms and four bathrooms.
Price $12,380,000 | CV $11,000,000 | Land 2819 12
4 SOLD July 2022
169 Victoria Avenue A sanctuary located in Victoria Avenue. Originally designed by renowned Arts and Crafts architect Gerald Jones. Including renovated five bedrooms and five bathrooms, pool and zen garden.
Price $10,250,000 | CV $9,000,000 | Land 1562 5
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3 SOLD August
2022
Remuera Recent Sales $4M+ JULY - SEPTEMBER 2022
306 Victoria Avenue An architectural masterpiece in Double Grammar Zone family home with four bedrooms, three bathrooms and swimming pool.
Price $4,620,000 | CV $4,550,000 | Land 607 4
3
2 SOLD July 2022
314 Victoria Avenue An elegant family home designed by Jasmax and spread across three spacious levels, featuring four bedrooms, three bathrooms, pool and gardens.
Price $6,775,000 | CV $5,600,000 | Land 713 4
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2 SOLD July 2022
These pages show a summary of sales in Remuera made by all selling agencies from July to September 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.
2 Things That Are Never Open To Negotiation WORKING FOR YOU At every step of the journey, our recommendations will be entirely grounded on your motivations and expectations.
417 Remuera Road | 09 524 0149
barfoot.co.nz/remuera
WORKING TOGETHER Our team approach means you’ll benefit from our collective expertise and exposure to the widest possible network.
listen guide deliver
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BARFOOT & THOMPSON | NOVEMBER 2022
QUALITY. CONNECTIONS. INDEPENDENCE. As a member of Leading Real Estate Companies of the World®, we combine our authentic local market leadership with topranked 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.
BARFOOT & THOMPSON | NOVEMBER 2022
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Brand Marketing The name says it all: Leading Real Estate Companies of the World®. Paired with Barfoot & Thompson’s well-known brand, it instantly conveys our market strength, quality focus and global reach. It’s a powerful combination that gives us a competitive edge. Our company has also earned membership in Luxury Portfolio International® (LPI), an exclusive group of LeadingRE companies that hold significant market share in the highend. LPI gives us powerful high-end listing presentation and marketing tools and unique opportunities to target high-net-worth buyers. When you choose Barfoot & Thompson, you’ll have the benefit of our international partner network. This means you’ll have even more opportunities to connect buyers to your property -no matter where they are in the world.
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BARFOOT & THOMPSON | NOVEMBER 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.
BARFOOT & THOMPSON | NOVEMBER 2022
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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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BARFOOT & THOMPSON | NOVEMBER 2022
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
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 Senior Property Manager 027 405 2505
Fergus Salmon Property Manager 09 524 1654
Serena Xie Property Management Administrator 09 524 1654
Jordan Auckbarally Property Manager 027 570 7700
RESIDENTIAL SALES TEAM
Neale Jones Sales Manager 027 289 5512
BARFOOT & THOMPSON | NOVEMBER 2022
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Alex Baker 027 457 9805
Amos Ling 021 100 0202
Barbara Armon 021 799 012
Carol Cong 021 199 8876
Cici Wang 021 280 2828
Cindy Jiang 021 777 273
David MacDonald 021 650 901
David Wang 022 351 1588
Deepa Kukreja 0210 8890 595
Dennis M Dunford 027 491 4666
Dermot Kelly 021 954 573
Gill Macdonald 021 983 634
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
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
Tracey Cameron 027 446 7056
Verena Ryan 027 522 0773
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