Perspectives Property Report June 2024

Hello everyone, and welcome to this month's Perspectives. I'm Jonathan Sissons, the Managing Director of New Zealand Sotheby's International Realty, Remuera based in Auckland. 

Today, we're delving into the vibrant real estate landscape of New Zealand's largest city, Auckland. Renowned as the economic and business hub of the country, Auckland offers an unparalleled array of opportunities in employment, education, and lifestyle, making it a magnet for diverse clientele.  

Our dedicated team specialises in property sales across Central Auckland, encompassing sought-after neighbourhoods like Remuera, Parnell, Epsom and Mount Eden.  

Focusing in on Remuera, our flagship location, we note a median sale price exceeding $3.1 million, compared to Auckland city's median sale price of just under $1.2 million. It's crucial to contextualise these figures, recognising that they include a broad spectrum of properties, ranging from studio apartments to opulent estates surpassing $20 million.  

Despite this variance, we're witnessing robust activity, particularly in the upper end of the market. Remuera is currently undergoing a resurgence, attracting younger families enticed by its esteemed educational institutions.

Simultaneously, we're observing a trend among established homeowners, now empty nesters, who are strategically diversifying their investments. Many are opting for luxury apartments in Auckland as their primary base, while acquiring second and even third residences in coveted destinations such as the Lakes district, Waiheke, and other coastal havens. 

Allow me to highlight some of the exceptional estates currently available: 

298 Remuera Road: This prestigious property is one of New Zealand's most magnificent estates. A substantial property equally suited to both grand gala occasions and intimate family relaxing, featuring a tennis court and swimming pool 

312 Remuera Road: Situated right at the edge of Remuera Village the classic Simon Carnachan design is a showpiece of the celebrated architect's relaxed tropical island style, exquisitely tailored for effortless indoor-outdoor entertaining 

169 Victoria Avenue: The home was originally designed by renowned Arts & Crafts architect Gerald Jones and more recently updated by the award-winning contemporary architect Noel Lane. The classic pre-1920s character blends with magical new architectural elements in a family sanctuary that celebrates serene zen-inspired gardens.  

Our buyer demographic reflects the diversity of our clientele, comprising both local and international buyers. We're witnessing heightened interest from young families drawn to Remuera's rich heritage, as well as returning expats seeking New Zealand's enviable quality of life. 

Some recent transactions worth mentioning include: 

15/460 Remuera Road, Remuera: A luxury penthouse apartment in the heart of Remuera Village, sold to an international buyer who will use this as their Auckland base. 

84 Paritai Drive, Orakei: A substantial family residence situated on one of Auckland's most esteemed streets, offering panoramic harbour views. While locally sold, it garnered significant attention from expats and international buyers.  

Thank you for joining us for this month's Perspectives. If you're considering buying or selling in the Auckland area, don't hesitate to reach out to us at New Zealand Sotheby's International Realty. We're here to assist you every step of the way.