Luxury Issue The Issue 1, 2023 How Challenging are the Conditions? Licensee Salesperson (LLB, AREINZ) 021 221 8622 | lisa.macqueen@raywhite.com Lisa MACQUEEN
How Challenging are the Conditions?
The year began with an exciting personal change – moving to Ray White Remuera. The move feels particularly significant because Megan offered me my first job in real estate years ago 15 years ago. In fact, my first day in real estate was the day she commenced business as the owner of Ray White Remuera. I am nothing short of delighted to join the highest performing office in Ray White internationally for the last 8 years and work with an outstanding team to provide better outcomes for my clients.
February sales in Remuera were at their lowest volume across all price brackets since the Real Estate Institute started collecting statistics in 1992. There were only 8 recorded sales! Compare this figure to 32 sales in February 2022, 76 sales in February 2021, then jumping 10 years to 57 sales in 2013, and 87 sales in 2003. Tropical cyclones, low stock levels, rising interest rates contributed, as did other factors. The encouraging news is that at the time of writing sales levels have already significantly improved.
Turning to the Luxury Market, which I have somewhat arbitrarily defined as sales upward of $3,000,000, the last quarter shows a far more complex and encouraging story. During the period November 2022 – February 2023
there were 29 sales. While this is lower than 68 sales in the same months 2021-22 and 87 sales in 2020-21, it is closer to 34 sales in 2019-2020 and higher than 18 sales in 2018-19.
Unsurprisingly the average luxury sales price has dropped. For the summer quarter Nov 2022 – February 2023 the average sales price was $4,533,000 (rounded). Compare this to the average of $5,262,000 in 2021-22, $4,800,000 in 2020-2021, $5,699,000 in 2019-2020, $4,559,000 in 2018-2019, $6,856,000 in 2017-2018, and $5,624,000 in 2016-2017. The interesting point here, as the graph shows, is that there is little correlation between sales volumes and average sales price.
Undoubtedly the conditions have changed and new challenges presented. However, the Remuera luxury market continues to remain resilient and shows every sign that those who adapt and embrace present conditions sell and move on with their lives.
If you would like more information on exactly how you would fare if you sold now, or simply more information on the market, please call or email for a confidential chat.
Lisa MacQueenLisa MACQUEEN 021 221 8622
0 20 40 60 80 100 120 $$1,000,000.00 $2,000,000.00 $3,000,000.00 $4,000,000.00 $5,000,000.00 $6,000,000.00 $7,000,000.00 $8,000,000.00 March-June2016July-October2016Nov2016-Feb2017March-June2017July-October2017Nov2017-Feb2018March-June2018July-Oct2018Nov2018-Feb2019March-June2019July-October2019Nov2019-Feb2020March-June2020July-October2020Nov2020-February2021March-June2021July-Oct2021Nov21-Feb22March-June22July-Oct2022Nov2022-Feb2023 Number of Sales Average Sales Price Remuera luxury property sales
November 2022 – February 2023
Lisa MACQUEEN 021 221 8622
74 Bell Road Sold $8,250,000 CV $7,900,000 Land 1,611m2 | Floor 438m2 CV Ratio 4% 40 Ranui Road Sold $7,200,000 CV $5,500,000 Land 1,259m2 | Floor 359m2 CV Ratio 31% 302W/4 Victoria Avenue Sold $7,150,000 CV $TBA Land N/A | Floor N/A CV Ratio N/A% 34 Bassett Road Sold $7,100,000 CV $6,900,000 Land 1,553m2 | Floor 299m2 CV Ratio 3% 22 Burwood Crescent Sold $6,704,000 CV $5,600,000 Land 825m2 | Floor 378m2 CV Ratio 20% 515 Remuera Road Sold $6,600,000 CV $7,400,000 Land 1,370m2 | Floor 682m2 CV Ratio -11% 17A Woodley Avenue Sold $5,296,000 CV $5,300,000 Land 804m2 | Floor 277m2 CV Ratio 0% 3 Aldred Road Sold $5,050,000 CV $4,750,000 Land 1,181m2 | Floor 220m2 CV Ratio 6% 100 Waiatarua Road Sold $4,600,000 CV $8,100,000 Land 4,489m2 | Floor 90m2 CV Ratio -43% 42 Rangitoto Avenue Sold $4,500,000 CV $5,100,000 Land 918m2 | Floor 415m2 CV Ratio -12% 8 Rakau Street Sold $4,200,000 CV $TBA Land 504m2 | Floor 368m2 CV Ratio N/A% 271 Victoria Avenue Sold $3,950,000 CV $4,450,000 Land 736m2 | Floor 205m2 CV Ratio -11% 6A Omahu Road Sold $3,900,000 CV $3,225,000 Land 511m2 | Floor 313m2 CV Ratio 21% 77 Shore Road Sold $3,880,000 CV $4,050,000 Land 700m2 | Floor 347m2 CV Ratio -4% 9 Maui Grove Sold $3,820,000 CV $3,500,000 Land 582m2 | Floor 325m2 CV Ratio 9% 5 Combes Road Sold $3,750,000 CV $2,975,000 Land 509m2 | Floor 233m2 CV Ratio 26% 301E/4 Victoria Avenue Sold $3,750,000 CV $TBA Land N/A | Floor N/A CV Ratio N/A% 114 Arney Road Sold $3,665,000 CV $3,650,000 Land 810m2 | Floor 319m2 CV Ratio 0% 12 Elmstone Avenue Sold $3,600,000 CV $5,100,000 Land 749m2 | Floor 171m2 CV Ratio -29% 25 Combes Road Sold $3,580,000 CV $3,300,000 Land 591m2 | Floor 277m2 CV Ratio 8% 29B Combes Road Sold $3,580,000 CV $3,375,000 Land 572m2 | Floor 233m2 CV Ratio 6% 12 Lochiel Road Sold $3,575,000 CV $3,075,000 Land 674m2 | Floor 264m2 CV Ratio 16% 25 Benson Road Sold $3,511,000 CV $3,300,000 Land 623m2 | Floor 324m2 CV Ratio 6% 66 Lingarth Street Sold $3,500,000 CV $3,900,000 Land 706m2 | Floor 296m2 CV Ratio -10% 17 Lingarth Street Sold $3,500,000 CV $4,000,000 Land 771m2 | Floor 207m2 CV Ratio -13%
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This issue of Lisa MacQueen’s The Luxury Issue features a wide selection of published residential property sales. The information comes from multiple sources and may include private sales. Where data is not publically available, a sale may not be reported. While every reasonable effort has been made to ensure the accuracy of the information, inaccuracies may occur, and you should not confine yourself solely to the contents and should make your own inquiries to satisfy yourself in all respects. Megan Jaffe Real Estate Ltd Licensed (REAA 2008) Ray White Remuera and/or Lisa MacQueen, accept no responsibility should the contents of this Issue prove to be incomplete or incorrect.
Ray White Remuera | Megan Jaffe Real Estate Ltd (Licensed REAA
2008) 3 Armadale Road Sold $3,480,000 CV $3,375,000 Land 607m2 | Floor 238m2 CV Ratio 3% 69 Bell Road Sold $3,395,000 CV $2,875,000 Land 613m2 | Floor 256m2 CV Ratio 18% 39C Clonbern Road Sold $3,260,000 CV $3,250,000 Land 397m2 | Floor 286m2 CV Ratio 0% 96 Orakei Road Sold $3,100,000 CV $3,225,000 Land 607m2 | Floor 242m2 CV Ratio -4% 1/154 Bassett Road Sold $2,950,000 CV $2,975,000 Land 1/3rd 1,912m2 | Floor 249m2 CV Ratio -1% 42A Orakei Road Sold $2,888,000 CV $2,850,000 Land 607m2 | Floor 174m2 CV Ratio 1% 85B Benson Road Sold $2,850,000 CV $3,325,000 Land 451m2 | Floor 290m2 CV Ratio -14% 1-3, 23 Buttle Street Sold $2,850,000 CV $3,120,000 Land Unit Title | Floor 246m2 CV Ratio -9% 29 Dell Avenue Sold $2,760,000 CV $2,625,000 Land 993m2 | Floor 181m2 CV Ratio 5% Lot 1, 45 Benson Road Sold $2,645,000 CV $TBA Land 388m2 | Floor 185m2 CV Ratio N/A 14C Victoria Avenue Sold $2,610,000 CV $2,925,000 Land 1/3rd 892m2 | Floor 281m2 CV Ratio -11% 1A/2 Bassett Road Sold $2,600,000 CV $2,025,000 Land Unit Title | Floor 199m2 CV Ratio 28% 76 Ladies Mile Sold $2,600,000 CV $2,825,000 Land 1,090m2 | Floor 240m2 CV Ratio -8% Lot 5, 45 Benson Road Sold $2,595,000 CV $TBA Land 399m2 | Floor 188m2 CV Ratio N/A Lot 2, 45 Benson Road Sold $2,545,000 CV $TBA Land 301m2 | Floor 182m2 CV Ratio N/A 58 Koraha Street Sold $2,538,000 CV $2,975,000 Land 1012m2 | Floor 140m2 CV Ratio -15% 16 Koraha Street Sold $2,530,000 CV $2,725,000 Land 662m2 | Floor 241m2 CV Ratio -7% 12A Kenny Road Sold $2,500,000 CV $2,975,000 Land 500m2 | Floor 208m2 CV Ratio -16% Lot 13, 45 Benson Road Sold $2,385,000 CV $TBA Land 134m2 | Floor 200m2 CV Ratio N/A% 3A Ingram Road Sold $2,360,000 CV $2,825,000 Land 455m2 | Floor 266m2 CV Ratio -16% 26A Platina Street Sold $2,350,000 CV $2,850,000 Land 655m2 | Floor 297m2 CV Ratio -18% 34 Ara Street Sold $2,310,000 CV $2,225,000 Land 835m2 | Floor 81m2 CV Ratio 4% Lot 11, 45 Benson Road Sold $2,195,000 CV $TBA Land 255m2 | Floor 169m2 CV Ratio N/A Lot 14, 45 Benson Road Sold $2,185,000 CV $TBA Land 244m2 | Floor 169m2 CV Ratio N/A 3C/705 Remuera Road Sold $2,100,000 CV $2,075,000 Land Unit Title | Floor 139m2 CV Ratio 1% MJRE SALE MJRE SALE MJRE SALE MJRE SALE MJRE SALE MJRE SALE MJRE SALE MJRE SALE MJRE SALE MJRE SALE MJRE SALE
Lisa MACQUEEN 021 221 8622
