Quarterly Market Report | Luxury Property Remuera - Leila and David MacDonald

BARFOOT & THOMPSON | MAY 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 | MAY 2022

BARFOOT & THOMPSON | MAY 2022

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Contents JUNE 2022

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Market Comment

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Key Facts - Remuera Sales

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Key Facts - Remuera Sales over $4Mn

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Selling Luxury. It’s what we do best.

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Remuera - Recent Sales over $4Mn

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Our Reach

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Meet the Team

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BARFOOT & THOMPSON | JULY 2021

Remuera MARKET COMMENT

SETTLING INTO A NEW PHASE OF THE PROPERTY CYCLE

It has to be said that the last quarter of 2021 was somewhat exceptional, in that the property market maintained its momentum right through to December, with prices at or near record levels and the number of sales remaining high.

Heading into 2022, there has been an understandable levelling off. Auckland has seen a decrease in buyers across all segments. And while it is important to note that house prices continue to increase annually, the rate of growth is slowing, sales activity is down, and properties are taking a little longer to sell.

What we are experiencing currently, is that the market is moderating itself.

Following a period of significant activity and growth, the pressure is easing, and sales appear to be returning to a more settled pace.

Thompson added that sales of properties at the top end of the market remained strong.

What we know, here in Remuera, is that this suburb tends to hold its value.

And we are very much looking forward to another productive year with the committed goal of achieving the very best possible for our clients.

A quick analysis of our latest data reveals the following.

The total number of sales over all price brackets in Remuera dropped markedly during Q1, compared to both the previous quarter, and the same quarter last year. Specifically, there were 14 sales over $4 million in January, February and March 2022.

“Buyers are being more cautious than at the end of 2021, and vendors are trimming back price expectations that were based on the prices being achieved at year end” says Barfoot and Thompson managing director Peter Thompson. He remains upbeat about the data, however.

“Contrary to economic forecasts, the average and median sale prices of Auckland residential property in March showed resilience rather than declining” he says.

Carolyn Vernon

Branch Manager 027 577 7000 remuera@barfoot.co.nz

Barfoot & Thompson Remuera 417 Remuera Road, Remuera, Auckland 1050

BARFOOT & THOMPSON | JUNE BARFOOT & THOMPSON 2022 | MAY2022

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1ST QUARTER RESULTS FOR ALL SALES TOTA L S A L E S

MEDIAN SALE PRICE

1ST QUARTER

1ST QUARTER

Jan 22 - Mar 22

Jan 22 - Mar 22

72

$2,298,000

4TH QUARTER

4TH QUARTER

Oct 21 - Dec 21

Oct 21 - Dec 21

143

$2,780,000

49.7%

17.34%

There was a decrease in the total number of sales over the first quarter this year compared to the forth quarter of last year.

There was a decrease in the median sale price over the first quarter this year compared to the forth quarter of last year.

TOTA L S A L E S

HIGHEST SALE PRICE

YEAR TO DATE

YEAR TO DATE

Apr 21 – Mar 22

Apr 21 – Mar 22

448

$29,000,000

Apr 20 – Mar 21

Apr 20 – Mar 21

603

$15,500,000

25.7%

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 | JUNE 2022

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1ST QUARTER HIGH END RESULTS

By comparison, there were 36 sales over $4 million in the quarter just gone (October, November and December 2021), and 22 in the same period last year (January, February and March 2021).

$4Mn+

While it’s usual to see a seasonal decline in sales activity (many people are away or holidaying through the first few months of the year), this latest data reflects what the broader market is experiencing, and that is, a drop off in numbers.

SALE PRICES ACHIEVED

33.8%

There was a 33.8% increase when comparing the median sale price to the median council valuation (where recorded and at the time) for sales over $4Mn that occured during April 2021 to March 2022.

This compares to a 13.48% increase during the same period for the previous year.

ANNUAL TREND SALES $4MN+ 107 80 42

Apr 17 to Mar 18

35

37

Apr 18 to Mar 19

Apr 19 to Mar 20

Apr 20 to Mar 21

Apr 21 to Mar 22

“Buyers are now showing a greater reluctance to meet vendor expectations” reports Peter Thompson. “For vendors, the positive news is that the prices at which sales are being made are still well in excess of those prevailing 12 months ago.”

On that front, Remuera sale prices continue to see strong results against CVs when comparing 2021/22 results to 2020/21 – and they are also outperforming the general market, which is positive proof that desirable real estate in the top Auckland locations will always be in demand.

In a market where there are decreased buyer numbers and tighter margins for vendors we are seeing that who a property is marketed with, and the way in which its marketed, is becoming increasingly important. At Barfoot & Thompson Remuera, we have a large network of clients waiting for properties at the high end of the market. 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.

BARFOOT & THOMPSON | JUNE 2022

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1ST QUARTER - HIGH END RESULTS $4MN+ $4MN+ MEDIAN

$4MN+ SALES OVER

1ST QUARTER

1ST QUARTER

Jan 22 - Mar 22

Jan 22 - Mar 22

$5,401,500

14

4TH QUARTER

4TH QUARTER

Oct 21 - Dec 21

Oct 21 - Dec 21

$5,287,500

36

2.16%

61.1%

There was a increase in the median sale price over the first quarter this year compared to the forth quarter of last year.

There was a decrease in the total number of sales over the first quarter this year compared to the forth quarter of last year.

SALES OVER $4MN NUMBER OF SALES 15

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9

6

3

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Apr

May

2020-2021

Jun

Jul

Aug

2021-2022

Sep

Oct

Nov

Dec

Jan

Feb

Mar

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BARFOOT & THOMPSON | MAY 2022

Selling Luxury.

It’s what we do best.

BARFOOT & THOMPSON | JUNE BARFOOT & THOMPSON 2022 | MAY2022

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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 | MAY 2022

Our clients come back because they know we are committed to doing the right thing by them. Which is why you’ll enjoy working with us too.

Extensive high-end experience Our team brings an unparalleled track record of premium property sales built over many years.

We understand the mindset and motivations of discerning top-end buyers, and we have the skillset to tailor marketing strategies that attract them. Innovative ideas, a committed work ethic and a refined approach is what’s needed for this refined end of the market, and these are areas we excel in.

Barfoot & Thompson Remuera 417 Remuera Road, Remuera, Auckland 1050

BARFOOT & THOMPSON | JUNE BARFOOT & THOMPSON 2022 | MAY2022

We do what’s best for you When agents are purely driven by securing a sale, a client’s needs can often be compromised.

We take a different tack – by taking the time to understand your unique situation and expectations, and making decisions based on your priorities and goals.

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We know Remuera In our experience, you can’t put a value on local market knowledge and a high-value network that’s been built over multiple decades. Quite simply, we know and love Remuera like nobody else’s business.

We have been in the Village for more than 55 years. We have 30+ salespeople who love living and working in the area, and they are at your disposal to provide professional advice, market insight, and up to the minute valuations.

If you are considering a move, let’s get together for a chat, and we can connect you with the right people who can help you achieve your goals.

09 524 0149 / remuera@barfoot.co.nz / 417 Remuera Road, Remuera, Auckland 1050.

Remuera Recent Sales OVER $4Mn JANUARY - MARCH 2022

19 Arney Crescent This stunning residence sits proudly on a 690m2 full site in this prestigious Northern slopes Arney Crescent location. Spread over 3 levels, this home offers unparalleled 499m2 living spaces with a lift installed & expansive views to the Sky Tower & sea from the 3rd floor.

Price $5,620,000 | CV $7,100,000 | Land 690 5

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3 SOLD January 2022

134 Arney Road New luxury three-level family residence in Remuera’s most prestigious area. Featuring 5 bedrooms including ensuite and 2 with dressing rooms, 6 bathrooms, cosy living room with a fireplace and a media lounge.

Price $5,850,000 | CV $3,600,000 | Land 695 5

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3 SOLD

March 2022

803/10 Middleton Road A great lifestyle home for couples or families, located on the boundary of Remuera and Newmarket. 3 double bedrooms, 2 bathrooms and 2 decks. Oakridge apartments offers gym, tennis courts and pools.

Price $4,250,000 | CV $4,250,000 | Land n/a 3

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2 SOLD

March 2022

BARFOOT & THOMPSON | JUNE 2022

Remuera Recent Sales

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OVER $4Mn JANUARY - MARCH 2022

12 Ngapuhi Road A character bungalow with a Californian style, situated on a sunny elevated 782sqm section. 4 bedrooms, walk in wardrobe on primary suite, 2 bathrooms, an open plan casual living area, and beautiful kitchen.

Price $4,590,000 | CV $3,175,000 | Land 782 4

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2 SOLD

February 2022

160 Orakei Road Family friendly tastefully decorated home with 6 bedrooms and 4 bathrooms, and superb indoor/outdoor flow to the private backyard and the heated pool. Offering peace, privacy and beautiful valley views.

Price $4,700,000 | CV $5,200,000 | Land 940 6

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3 SOLD

February 2022

3 Orakei Road Family home with an elevated suburban, harbour, and city skyline views. 5 bedrooms, 4 bathrooms, multiple living/dining areas, tennis court, garden and pool.

Price $5,553,000 | CV $5,600,000 | Land 954 5

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2 SOLD

March 2022

Remuera Recent Sales OVER $4Mn JANUARY - MARCH 2022

19 Platina Street Character family bungalow. Elevated 999sqm prime land, 3 bedrooms, 1 bathroom and modern kitchen. Potential for a pool and big lawn for children.

Price $4,920,000 | CV $3,800,000 | Land 999 3

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2 SOLD

February 2022

574 Remuera Road Offering peaceful seclusion down a private driveway, this mouth-watering 1520m² parcel combines a sturdy 4 bedroom home with Remuera’s most admired Double Grammar zoning for Epsom Girls Grammar and Auckland Grammar School, to deliver an alluring prospect for renovators and developers.

Price $4,499,950 | CV $5,500,000 | Land 1520 4

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1 SOLD

March 2022

6/464 Remuera Road A north facing top quality apartment, featuring 3 double bedrooms with 3 ensuites, 3 bathrooms, an open plan lounge/dining area, gourmet kitchen, communal garden, gym and swimming pool.

Price $8,200,000 | CV $6,100,000 | Land n/a 3

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3 SOLD

March 2022

BARFOOT & THOMPSON | JUNE 2022

Remuera Recent Sales

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OVER $4Mn JANUARY - MARCH 2022

15 Stirling Street Stylish, functional and comfortable family home. 4 bedrooms, 3 bathrooms, meticulously landscaped, and planted, with minimal maintenance required. A pivotal position affords easy access to surrounding suburbs.

Price $5,250,000 | CV $4,650,000 | Land 787 4

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2 SOLD

March 2022

143 Victoria Avenue A prime located one level home just minutes to Remuera Village. Featuring 4 bedrooms, 2 bathrooms, an open plan kitchen/family room, garden and poolside.

Price $6,575,000 | CV $5,600,000 | Land 1219 4

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2 SOLD

February 2022

334A Victoria Avenue A luxury home located at the end of one of the most prestigious streets in the prime suburb of Auckland. 3 bedrooms, 3 full bathrooms and a separate toilet and an elegant open kitchen living and outdoor dining area.

Price $6,640,000 | CV $7,500,000 | Land 364 3

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2 SOLD March

2022

Remuera Recent Sales OVER $4Mn JANUARY - MARCH 2022

294 Victoria Avenue A brand new home featuring 5 bedrooms (ensuites), 6 bathrooms, 2 large living rooms and wine room/cellar, designer kitchen and pool.

Price $11,000,000 | CV $9,900,000 | Land 1158 5

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3 SOLD

February 2022

3 Waiata Avenue Family home set on 921m2 (approx). Featuring 5 bedrooms, 3 bathrooms, multiple living areas, modern kitchen, pool and superb location.

Price $4,900,000 | CV $4,050,000 | Land 920 5

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3 SOLD February 2022

These pages show a summary of sales in Remuera made by all selling agencies from January to March 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.

BARFOOT & THOMPSON | JUNE 2022

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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 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.

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BARFOOT & THOMPSON | JUNE 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 | JUNE 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.

2 Things That Are Never Open To Negotiation listen guide deliver

WORKING FOR YOU At every step of the journey, our recommendations will be entirely grounded on your motivations and expectations.

WORKING TOGETHER Our team approach means you’ll benefit from our collective expertise and exposure to the widest possible network.

417 Remuera Road | 09 524 0149 | barfoot.co.nz/remuera

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BARFOOT & THOMPSON | JUNE 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

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

BARFOOT & THOMPSON | JUNE 2022

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LEILA & DAVID MACDONALD Residential Sales Leila MacDonald

M 021 928 926 DDI 09 215 4394 l.macdonald@barfoot.co.nz

David MacDonald

M 021 650 901 DDI 09 215 4395 d.macdonald@barfoot.co.nz

To be robust and resilient, and actually emerge with accolades over a career spanning more than twodecades (and still ongoing), is a testament to the qualities of Leila. The Auckland property market has been through Crests, and Troughs, new accommodation styles, expansion and diversification. Leila has seen it all, and emerged triumphant. Truly a necessary companion in any property process.

Leila’s outstanding sales records and achievements confirm her commitment to delivering the very best professional and personal service to her clients. It is this commitment that has led her to twice be bestowed the honour of REINZ salesperson of the year, be inducted into the Barfoot & Thompson Hall of Fame in 2008 and be awarded numerous other real estate awards throughout her career.

Leila has developed quite a reputation for integrity, honesty and a keen insight into the property market.

She complements these renowned qualities with a firm work ethic and ability to achieve the best return on investment.

David MacDonald has become renowned for his genuine, straight up approach. Following in the family traditions, his strong commitment and work ethic has earned him considerable success, repeat business and referrals in his Real Estate activities. A great negotiator and problem solver, David believes that paramount to the success of any transaction are three key ingredients: integrity, trust and honesty. David has a reputation of going the extra mile in order to deliver, even the most difficult of deals. His down to earth approach is also well regarded and you will often see David lending a helping hand to his clients with the hard physical tasks of preparing their properties for market.

“We have a serious commitment to achieving the best possible prices for our clients. We believe in dealing with all clients and prospective customers with absolute respect and in the importance of maintaining total confidentiality.”

Leila & David MacDonald

“The most important and valuable asset which many people own is their home. Hence it is so essential to be very careful when reflecting on the choice of real estate agents when selling. From our perspective we decided to choose ‘The Biggest and also The Best’ which without doubt for us were Barfoot & Thompson combined with Leila and David MacDonald. What an amazing team they have proved to be. Without any doubts, our choices have been inspirational. With many years of experience and background knowledge Leila and David have both been excellent. The price they obtained exceeded our wildest expectations. They have been so supportive and also demonstrated very clear thinking when required at such a stressful time. We have no hesitation in recommending them to all prospective vendors. Warmest regards, Ivan and Alison Priaulx”

barfoot.co.nz/l.macdonald

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BARFOOT & THOMPSON | MAY 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