A quirky 1970s house with bold wallpaper is one of a clutch of fresh listings to hit the market in Remuera in recent weeks, with agents telling OneRoof they don’t expect the drought to end anytime soon.
Ray White Remuera agent Steve Koerber calls it a “Mexican standoff” between buyers and sellers.
“What is stopping people listing? Fear of failure,” Koerber told OneRoof.
“People think it’s difficult to sell or there’s not much selling. But the motivated ones, who are selling, are selling for good prices.
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“There’s good demand and very frustrated buyers with pent-up demand because there’s nothing to buy.”
OneRoof analysis shows a steep slide in stock levels in Remuera. The number of new listings to hit the market in the last three months was down 15% on the same three months last year, with new listings in the $3m-plus bracket down 34% over the same period.
Koerber expects listings levels will further tighten closer to the election, but that demand will stay high. He has buyers who missed out on properties several months ago still hunting for homes in the suburb.
“There’s just not been the stock all year. In the first half of July, the number of Remuera listings felt like we’d gone to sleep,” he said, adding that the shortage actually gave vendors good confidence to bring their homes to auction to make the most of the competition.
“If you’ve got a $5 million to $8m home, we can get five to eight bidders. And that’s not counting the new people just starting to look,” he said.
The 1970s house on 22 Richard Farrell Avenue was built to accommodate the owners’ business and boat-building hobby downstairs. Photo / Supplied
The original 1970s carpet and decor in the house is attracting interest from buyers all over Auckland. Photo / Supplied
“Auctions to June were running at 76% clearance, it’s getting better. Sellers need to test the market and it’s a fantastic time to test it,” he said.
“There’s enough confidence in the market now, without waiting until after the election.”
Koerber and his wife Nila are bringing five homes to auction later this month, one of which is a 1970s time capsule on 22 Richard Farrell Avenue. The property, which has a CV of $2.175m, is on the market for the first time since it was built in the then-new subdivision running off Ladies Mile.
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The four-bedroom house is a standout in the market, largely due to its “groovy” decor.
Vendor Tina Ah Chee said the home had belonged to her late parents, Bruce and Grace, and remembered as a 15-year-old helping to pick out the striking wallpaper and carpet.
“We went with the décor of the time, I’d go to Tingeys and select the wallpaper and we’d go down to Hills Flooring in Otahuhu to pick the carpets,” she said, highlighting the orange feature wall in the lobby and the pink carpet in the living room.
The original cabinets in the large family kitchen and generous dining room that regularly hosted 10 or 12 guests remain in the solid brick and tile house.
Less than a week after listing, Koerber said the house was already attracting huge interest, drawing buyers from all over Auckland.
Buyers are being told to ignore the CV of a four-bedroom home at 80B Bassett Road, Remuera, that is being auctioned August 16. Photo / Supplied
“They love the colours, they’re interested in the house and its style as it is,” he said, adding that the vendors were aware that plenty of places in the suburb were selling for under CV.
The Koerbers are also bringing to auction on August 23 a five-bedroom 1990s house with a pool at 7 Loreto Heights, and have advised buyers to disregard the CV of $3.5m.
Buyers are also being told by the Koerbers to ignore the $4.1m CV on a four-bedroom 1980s house at 80B Bassett Road, which was last on the market 11 years ago. The property goes to auction August 16.
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