Parents, with young kids in tow, arrived in the eastern city fringe suburb of Parnell 30-years-ago and loved it so much that they never left.
But in the past few years, those older home owners have slowly been moving out of their long-term family homes as they look to either downsize or move into retirement villages.
Agents say those properties - particularly those in the $3m to $5m range - remain in high demand as families look to move from Herne Bay or St Marys Bay to be in the double grammar zone or closer to private schooling.
Homeowners in neighbouring areas such as Remuera are also moving into the suburb in favour of a smaller, lower maintenance property more likely found in Parnell.
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According to the latest OneRoof figures, the average property value in Parnell is $2.348m, up 15% on last year.
Ray White Parnell agent Steve Stone, whose office recorded its best ever sales in April, said the suburb had gone from being quiet at the weekends to being a vibrant hive of activity.
"The hospitality side of things, which drives Parnell a lot, has really come back," he said.
This apartment on Cheshire Street is on the market seeking buyers in the mid-$1m range. Photo / Supplied
Entry level prices for free-standing homes sit in $2.5m to $3m range, and even then those homes will need some renovation work.
Prices in the middle to upper end of the market are high. Last year four Parnell properties sold for more than $9m. Among those was four-bedroom character home on Taurarua Terrace that was completed overhauled by award-winning architect Julian Guthrie. The property sold at the end of last year for $10.05 million - more than double its CV at the time.
For downsizers in the suburb, apartments are an option but even those are in high demand and prices can go well beyond the $1m mark.
Stone, who is currently marketing a three-bedroom penthouse at 511/13 on Cheshire Street in the mid-$1m range, said that one of the challenges for those wanting to downsize from a large Parnell house to something more low maintenance was that stock levels were tight, with apartment developments such as Edition and Trinity all in high demand.
Ray White Epsom agent Ross Hawkins said Parnell's reputation of being a traditionally older market had changed over the past few years.
"As the older market has passed away, younger people have come in. Being close as it is to the city and the waterfront is a real driver for Parnell," he said.
Parnell often unfairly fell under the radar because Parnell was to Remuera what St Marys Bay was to Herne Bay on the city's western side, he said.
Ray White agent Ross Hawkins says properties in Parnell are tightly held. Photo / Fiona Goodall
"There's a lot more focus on Remuera because it's a massive suburb obviously and Parnell is quite a small area with a lot of people wanting to be in it. So it's pretty tightly held, but there are a lot of younger professionals in it these days," he said, adding that the suburb had a great community vibe that some outsiders weren't aware of.
Bayleys agent Fleur Denning, who has lived in the area for 15 years, agreed that Parnell not only offers the "supreme convenience to the CBD", but was much friendlier than people realised.
"People from outside the area kind of lump Parnell and Remuera together whereas Parnell people are a lot more friendly, a lot more down to earth and probably not as stuffy as people expect them to be,” she said.
"It's quiet and it's got a really good community feel. I love my neighbours, everyone knows everyone in the street, and we all look out for each other."
Demand for top properties in the suburb is high, but many homeowners are happy to stay put.
Grand homes dominate Parnell’s St Stephens Avenue. Photo / Fiona Goodall
"What I found last year was there was just very little movement at the upper end. I was phoning and door knocking at a number of properties that were $10m plus and people just didn't want to move," Denning said.
Earlier this year, OneRoof reported that agents had approached people with $20m-plus offers on their Parnell houses but the owners wouldn't budge as they didn't want to leave the suburb.
Hawkins said this was because development sites were hard to find. A lot of the commercial properties are owned by a select few wealthy Auckland families and didn't often come up for sale often.
He is currently selling four of the 19 apartments in the soon-to-be complete high-end Edition Parnell complex on Churton Street which range from $5.895m for a 254sqm apartment on level three to $11.5m for the northern 334sqm penthouse. The same penthouse set a record for apartment prices when it sold for $9.25m off the plans three years ago and is due to be completed by Christmas.
