A stylishly renovated five-bedroom home in Auckland's Remuera sold last week for more than more than $1m above its $4.1m CV - after less than a week on the market.
The two-storey house on Keith Avenue was outside the prized double grammar zone. but Ray White agent Steve Koerber, who marketed the property with wife Nila, said this fact did not put off buyers.
“One of the buyers said to me that because of what it offered in amenity – the tennis court, the pool, the views it was the whole package,” he said.
“In central grammar zone, this would have been $8m to $10m. Our buyer was happy to get the house as being in grammar zone was not an issue for their family.”
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Koerber said that much of the interest had come from families in neighbouring Meadowbank.
“They’re selling their houses for $3m or $3m and moving to where they’re looking to spend around that $5m. There are also a lot of people who have recently returned from abroad in the last six months, and they’re out and about looking - they want to put down roots,” he said.
The property had been due to go to auction on October 12, but the speed of the sale showed it wasn't a buyers' market in Remuera, Koerber said.
“This shows buyers don’t have the upper hand, people move swiftly. There were five other buyers lining up, but they would have been too low,” he said.
Although it was outside double grammar zone, the house on Keith Avenue, Remuera, had a pool, tennis court, views and a large section so demand was high. Photo / Supplied
The sale comes as just a handful of other high end properties in Remuera have sold around the $5m price point.
One, a smartly renovated four-bedroom mid-century style house on Shore Road with a pool had been on the market since April, before selling last week for $5.25m, comfortably more than its $4.9m CV.
Agent Terry King of Kings of Remuera who marketed the property said that properties in the $5m to $6m price bracket had suffered from the negativity in the market.
“You go back then to April, buyers were conditional on selling their own house. There were a number of people who were interested, but they were all suffering from the same malais – everyone else had a house to sell,” King said.
Buyers paid $5.25m for a renovated house with a pool on Shore Road, Remuera . Photo / Supplied
“The whole media talking the market down, meant that everyone was worried what they’d get for their place. [One client] said to me it was the most challenging market since the GFC.”
He added that there were “a heap” of buyers in the spring market with up to $10m to spend who just can’t find their house.
“Houses in good position in good condition are selling, but you have to be patient.”
A five- bedroom home on Westbourne Road, Remuera, is being billed as selling below CV of $7.4m when it goes to auction this week. Photo / Supplied
A three-bedroom bungalow on 1A Burwood Crescent, Remuera, is still on the market, asking $5.3m after it passed in at auction a month ago. The character home, on the market for the first time in 39 years, is in double grammar zone so while the leafy 845sqm property doesn’t have the pool, tennis court or up-to-the-minute kitchen and bathroom, it is in Remuera heartland.
Another listing the Koerbers have, a five bedroom home on 1482sqm on 29 Westbourne Road, which goes to auction this week, is being marketed as selling below its CV of $7.4m. The extensively renovated house off Remuera Road with a ground floor granny flat, sold eight years ago for $3.1m before extensive renovations.
“The owners are committed to sell below CV,” the agents say.
- Click here to find more properties for sale in Remuera
