Having just been through an extraordinary couple of years, where the local and international property markets have seen fervent buyer demand, unparalleled price increases and heightened activity, a slow correction now appears to be underway, as the post-pandemic world returns to some semblance of ‘normal’.
Locally, the housing market has certainly seen a measured levelling off through 2022. Sales volumes have declined, prices (especially at the mid-lower end of the market) have dipped, and vendor and buyer sentiment has moved gradually from high confidence to caution.
This shift comes as no surprise really, given significant outward pressures like rising interest rates, burgeoning inflation, and concerns over future economic activity. Also playing into this scenario is the fact that it typically takes some time for the expectations of buyers and sellers to meet after a period of rapid price growth, such as the one we’ve just seen.
On the good news front, our borders are now well and truly open, and with that we are experiencing a marked uptick in offshore buyer interest - specifically high-net-worth individuals who are looking to buy premium property at the top end of the New Zealand market.
This bodes well for the luxury sector, which currently is experiencing low inventory, and corresponding to this, a dip in sales volume. A brief analysis of the latest local sales data reveals the following.
The total number of sales over all price brackets in Remuera was down 16% during Q4, compared to the previous quarter. A decrease in volume at this time of year, heading toward Christmas and the Summer period, is in line with seasonal trends and consistent with what’s going on in the wider Auckland market. Q4 also saw a 16% decrease in sale prices across all brackets compared to Q3, which is a reflection of the current uncertainty and economic pressures.
Oct 22 - Dec 22
$2,050,000
There was a 15.85% decrease in the total number of sales over the fourth quarter compared to the third quarter of this year.
Jul 22 - Sep 22
$2,447,500
There was a 16.24% decrease in the median sale price over the fourth quarter compared to the third quarter of this year.
Jan 21 – Dec 21
$29,000,000
There was a decrease in the total number of sales over the last 12 months compared to the same period in the previous year.
In the $4 million+ category specifically, sales volume is well down in Q4, sitting at just 9 sales this year vs. 36 sales in the same period last year. The median sale price achieved on this small sample however is well above the median for the previous quarter – which is bucking the wider market trend, and positive reassurance for home owners at the premium end.
Should you have any questions at all about the local housing market, the team at Barfoot & Thompson Remuera is here to help. We have been a part of this neighbourhood since 1967 (nearly 60 years), over which time we have experienced all sorts of market conditions, with property cycles coming and going.
We are no stranger to the current market, we know this area like noone else, and 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, 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
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.
$4M+ MEDIAN
Oct 22 - Dec 22
$7,000,000
Jul 22 - Sep 22
$5,450,000
There was a 28.44% increase in the median sale price over the fourth quarter compared to the third quarter of this year.
$4M+ SALES OVER
Oct 22 - Dec 22 9
Jul 22 - Sep 22 21
There was a 57.14% decrease in the total number of sales over the third fourth compared to the third quarter of this year.
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.
What makes us the luxury specialists?
417
Auckland 1050
09 524 0149
remuera@barfoot.co.nz
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.
We get a phenomenal amount of repeat business at our branch, which is testimony to our bespoke approach.
If you’re judging the value of your home based on online valuations or the opinions of friends, family or neighbours – think again.
No agent has a crystal ball. But at the very least, you should be asking for a detailed and carefully considered Comparative Market Analysis, where an agent has dug deep into relevant market data, instead of scratching the surface.
We look at house sales of a similar standard, size and condition over the last 9 months or so and within a 2km radius.
We evaluate market intelligence and the latest insights from the wider Barfoot & Thompson network.
When we’ve completed the groundwork, we’ll present a transparent report.
The tactic of attracting vendors with an inflated appraisal, is known as ‘buying the listing’. And it happens more than you think. An inflated appraisal may be what you want to hear, however, it is not carried out in accordance with the required professional standards, and it is not what you need to hear.
Once a listing is secured with an inflated appraisal:
It may result in you missing out on the right buyers from the outset, resulting in a long-drawn-out campaign.
Vendors are often pressured into dropping their preferred selling price, ultimately to where the market value actually sits (or even lower if a long perid has passed).
The process becomes frustrating. Even worse, it damages the trust between agent and vendor.
At Barfoot & Thompson Remuera, we do things from the ground up. Rather than inflate your price appraisal, we will present an estimated range that reflects fair market value. This is an appraisal on which you can rely. If that estimate proves to be conservative, this is because we are providing you a fair, transparent figure.
Our goal is not to sell for the first price, it is to sell for the best price and that is where our marketing expertise and sales skills come into play. After all, it’s not where you start that matters, it’s where you finish that counts.
When it comes to selling a home, we focus on the things that make the biggest difference for our vendors. We start by getting a clear understanding of our vendor’s needs. Next, we build campaigns that deliver the highest number of qualified buyers, working with their enthusiasm and selling the dream of living in the property. We leverage our experience, local knowledge and the wider 70 offices’ strong Barfoot & Thompson network.
We put our clients first at the heart of everything we do. We also know that everyone has a different situation. Which is why we’ll take time to understand your motivations, expectations and what really matters to you. From there, we’ll share our latest market insights. That way, you’ll be in a position to decide what’s best for you and your family.
To help determine house values, many buyers turn to online property valuations. While they can provide a convenient guide, it pays to keep the following in mind:
A PERSON HASN’T VISITED THE PROPERTY
Computer software or algorithms can analyse a wealth of property data, but remember that no human has physically inspected the property.
COMPUTERS CAN’T VALUE THE INTANGIBLES
Some homes you can just fall in love with - without being able to pinpoint why. Add in access, sun aspect, view, neighbourhood, school zones, charm, design and overall ‘feel’ – and you have a bunch of factors that an algorithm can’t measure.
NO TWO HOUSES ARE IDENTICAL
Comparing apartments or townhouses within the same ‘block’ can be easy to value. But it gets more difficult to determine price if your suburb has lots of standalone properties, of varying age and style, that have had renovations over the years.
Online property valuations are based on settled sales that happened months ago. To keep your finger on the pulse, go to property auctions when you can, or touch base with local agents who have completed recent sales in your suburb.
Are you going to live in the home? Are you an investor? Do you have family living close by? Is it in a sought-after school zone? North side of the street or south? These are a few factors that can influence one buyer to pay a lot more than another.
Online valuation will generally ignore section contour which can give radically different values to adjoining properties.
You may have exclusively renovated your home at great cost and this may not be reflected in the valuations.
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At every step of the journey, our recommendations will be entirely grounded on your motivations and expectations.
Our team approach means you’ll benefit from our collective expertise and exposure to the widest possible network.
$4M+ OCT -DEC 2022
On the market for the first time in 53 years, , this superbly located circa 1900s heritage home with five bedrooms and three bathrooms, enjoys amazing views to the harbour, Rangitoto, Mt Hobson and the city skyline.
Price $7,100,000 | CV $6,900,000 | Land 1553
SOLD November 2022
This classic Lawrence Sumich architect-designed home features City and harbour views, four bedrooms (master with ensuite) plus a study, two and a half bathrooms, two living areas, beautiful north-facing gardens and a pool.
Price $4,795,000 | CV $4,050,000 | Land 640
SOLD October 2022
Nestled in a quiet street known for its prestigious homes, this 25-year-old brick & cedar 378sqm home offers everything you need for family good times. With five bedrooms, three bathrooms, three garaging, beautiful gardens, pool and spa.
Price $6,704,000 | CV $5,600,000 | Land 825
SOLD December 2022
BARFOOT
Situated in the heart of Remuera’s northern slopes DGZ, this lovingly designed and just completed home has five generous bedrooms (three with ensuite), five bathrooms, internal access double garage and off-street parking, and perfect indoor/ outdoor flow.
Price $4,200,000 | CV $6,000,000 | Land 504
SOLD November 2022
This quiet sanctuary located in a no-exit avenue with Sky Tower views offers location and lifestyle living. It features four bedrooms, one study, three and a half bathrooms, two family spaces, a recreation room, double garaging, and spa.
Price $4,500,000 | CV $5,100,000 | Land 918
SOLD December 2022
Completely renovated and with architectural design, this beautiful family home in DGZ, offers lovely tropical gardens, great indoor/outdoor living, five bedrooms, three bathrooms, two living areas, an office with its own entrance, and a pool.
Price $7,200,000 | CV $5,500,000 | Land 1259
Buyers now spend more time than ever online, so It’s smart to market your property there too. Fortunately, our salespeople are well-versed when it comes to all things digital. Want a 3D walkthrough to fully showcase your home’s features? We can do that. Or to advertise your place with a video on Facebook or YouTube? Not a problem. And we have a wide network of property websites to list your property on, ensuring your place is seen by as many potential buyers as possible. To find how else we can help, check out our website. barfoot.co.nz
Buyers now spend more time than ever online, so it’s smart to market your property there too. Fortunately, our salespeople are well-versed when it comes to all things digital. Want a 3D walkthrough to fully showcase your home’s features? We can do that. Or to advertise your place with a video on Facebook or YouTube? Not a problem. And we have a wide network of property websites to list your property on, ensuring your place is seen by as many potential buyers as possible. To find out how else we can help, check out our website.
REMUERA | $4M+ OCT -DEC 2022
Set over approximately 384sqm, this perfectly located luxury penthouse offers unrivalled views of the city and sea. With exclusive design, it features three bedrooms with its own ensuite and wardrobe, two living areas, an office and four carparks.
Price $12,771,500 | CV n/a | Land n/a
SOLD October 2022
A magnificent apartment that has it all: location, outlook and design. A luxury and modern interpretation of New York glamour, with elegant interiors and amazing views to the harbour. Pet-friendly and in-house exclusive concierge.
Price $7,150,000 | CV n/a | Land n/a
SOLD December 2022
Located in one of Remuera’s most prestigious northern slopes no-exit streets, this 343sqm fully renovated home offers great indoor/outdoor flow, five bedrooms (three with ensuite), four bathrooms, two garaging and a charming deck and garden.
Price $7,000,000 | CV $7,400,000 | Land 1482
SOLD October 2022
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.
A global network of over 565 premier real estate firms with 130,000 sales associates at your service to not only market 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.
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.
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.
Rachel Willis Diana Castano Margaret Chapman image_6483441.JPG https://mail.google.com/mail/u/0/#inbox/FMfcgxwLswJRLNpzfQNDcnrKRQDCLRpg?projector=1&messagePartId=0.2 1 1 Suria Fan Karen Rodie Head of Property Management 027 886 0376 Jordan Auckbarally Property Manager 027 570 7700 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 22 BARFOOT & THOMPSON | MARCH 2023
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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