Top-end buyers looking for homes in Auckland’s trendiest neighbourhood won’t settle for anything less than stunning, an leading agent has told OneRoof.
Ollie Wall, of Graham Wall Real Estate, said that Ponsonby buyers were no longer satisfied with the standard “box on the back of a villa” renovation, and were on the hunt for something way more creative.
“They’ve all started to look the same. Now people are getting a bit more creative, with designs from architects like Jack McKinney. You’d be looking at $2 million at least for that sort of renovation,” he said.
Finished designer houses in Ponsonby can fetch up to $6m, he said, although the agency recently inked a $9m-plus deal for a stunning home in neighbouring Freemans Bay and are currently marketing for sale an award-winning four-bedroom villa at 7 Franklin Road in the same suburb.
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“Buyers looking in Ponsonby and Freemans Bay area want to walk into home and know they have got the best. They are not downgrading, they’re happy to spend but it’s got to be special,” Wall said.
Wall said some of his buyers were very particular about location, some briefing him to find homes within walking distance of Prego, the celebrated Italian restaurant on Ponsonby Road.
Off-street parking, a rarity in Ponsonby, was also a must for some buyers, and they were willing to pay a premium for it, he said.
Other agents who cover the suburb say that buyers aren’t too fussy if their dream “Ponsonby villa” is actually in neighbouring Grey Lynn, or Freemans Bay or St Marys Bay.
This award-winning villa at 7 Franklin Road, in Freemans Bay, Auckland, is on the market for sale. Picture / Supplied
“The popularity of the Ponsonby villa hasn’t changed – there’ll always be a buyer – but when people say Ponsonby, they mean greater Ponsonby – and the further down the price ladder they are, the less picky,” Bayleys agent Luke McCaw told OneRoof.
He said entry-level buyers in the inner-city suburbs can expect to pay up to $2.3m for a three-bedroom, free-standing villa with no car park. “If you’ve only got that much to spend, then a car park is what you’ll sacrifice.”
He pointed to the $2.2m sale of a four-bedroom house on Georgina Street, in Freemans Bay, as a typical entry-level buy for the area.
“People upgrading from a townhouse to a character villa are always going to be the biggest buyer pool. They can spend $1m on a refurbishment, but with supply chain issues and rising costs now, there is big demand for done-up places. They get a premium price.”
Ponsonby's shops and restaurants are major drawcards for buyers. Photo / Fiona Goodall
However, there is still a market for do-ups in the area. McCaw said his listing at 63 Wanganui Avenue, in Ponsonby, had attracted a lot of interest. The three-bedroom “blank canvas” villa, which has a 2021 CV of $3.45m, was on the market for the first time in 60 years and will be auctioned August 31.
Bayleys Ponsonby branch manager Bernadette Morrison said there were subtle differences between Ponsonby and surrounding suburbs, and even differences between streets.
“Ponsonby is a walk to the shops and cafes, but the villas are smaller. Grey Lynn the houses are bigger with a bit more space between, people want to be near Grey Lynn Park. Some people think of the avenues like Wanganui, or Ardmore as Herne Bay,” she said, adding that she’s seeing a spring upturn and plenty of new listings coming through.
A lot of agents in the area have reported a pick-up in the market in the past two to three weeks. Barfoot & Thompson Ponsonby branch manager Chris Batchelor said he had a pre-auction offer on a modern four-bedroom house at 32C Picton Street, in Freemans Bay, within eight days of it hitting the market. The house, which has a CV of $2.4m, is now going to auction on August 15 as a result of the offer.
This modern four-bedroom house on Picton Street, in Freemans Bay, will be auctioned on August 15. Photo / Supplied
“Buyers are a bit more confident and vendors more realistic,” he said. “Ponsonby’s always been desirable, and that’s not going to change."
He said some A-grade properties in the area were being sold off-market. “Buyers will act very quickly. They’re actually under greater pressure than in an auction, and they will pay a premium price so the house doesn’t go to market," he said. “Sales are lighting up the board."
Ray White agent Cristina Casares has noticed the pick-up too, saying she’s seeing “bloom instead of gloom” this spring.
“Last year we were selling at the top of the range, but this year it was more the bottom. But a beautifully done up house that ticks all the boxes, those have not gone down. They’re selling for $4m, $5m, $6m.
“There are a lot more properties. A lot of people have been waiting to get into the market here; they’re saying ‘we should just do it’ and there’s a lot coming up for September.”
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