Agents says new listings in Auckland’s most sought-after school zone have dropped to their lowest level in 14 years.
The number of homes for sale in Remuera has dropped to a low of 74, putting upwards pressure on prices and frustrating families desperate to get into double grammar zone.
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Last week a five-bedroom family home in the suburb sold for $6.14 million under the hammer – more than $2m above its 2017 CV.
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The character home on Bassett Road, listed with UP agents Lisa and Myles Cleave, had attracted nine registered bidders at the auction.
UP director Barry Thom said there was strong competition for the home, citing a shortage of big family residences in the area.
The 272sqm house, which sits on almost 800sqm of land, had been recently refurbished and came with a large outdoor pool.
Thom said: “The house is very central, and is in great school zone. It sits at the top of the hill, boasts sea views and has a whole lot of ingredients that make it a great property. And there’s not a huge number of alternatives that tick all those boxes.”
A large family home on Kenny Road, Remuera, Auckland recently sold for an undisclosed price. Photo / Supplied
Bayleys Remuera agent Gary Wallace said stock levels in Remuera were the lowest he had seen them in 14 years.
“There are plenty buyers but we don’t have the stock and that’s the frustration at the moment,” he said.
Homeowners had been increasingly reluctant to bring their property to market because finding their next one was challenge.
Wallace, who recently sold an architecturally designed four-bedroom family home on Remuera’s Kenny Road for an undisclosed price, said he gets calls daily from people trying to buy a house in the suburb.
He added: “If you’re thinking of selling now, there’s a big shortage of stock at the moment, so it’s a good time to list as there's no competition.”
Bayleys agent Gary Wallace: “There are plenty buyers but we don’t have the stock.” Photo / Fiona Goodall
The latest house price figures from Auckland’s largest real estate agency, Barfoot and Thompson, showed new listings for the agency in June down 16.2% on the previous three-month average, and down 1.1% on the previous month.
The average price of houses sold by the agency was up 2.6% on May to $1.143m.
Barfoot & Thompson managing director Peter Thompson told OneRoof a drop in listings was to be expected in winter.
He said: “Stories about people holding off listing, that’s more a media hype than a reality. People are still selling.
“In the everyday market, there is plenty coming on. In the higher-priced market it is harder because there are fewer homes for the market at $5m or more.”
In June the company sold 120 properties for over $2m, nearly twice the average monthly number in 2020.
Thompson said that the agency’s new listings had been “solid”, hovering at around 1500 for May and June. But because properties had been selling faster, by the end of June total listings of 2864 were the lowest in five years.
