Remuera is one of New Zealand’s most desirable suburbs, with houses there typically selling for well over $2m, with some stretching past $10m.
Much of the central Auckland suburb is in the lucrative double grammar zone – which gives residents access to two of the country’s best state schools, Auckland Grammar and Epsom Girls Grammar.
The suburb is also one of New Zealand’s oldest, and while many of the grand mansions and villas built in the late 1800s and early 1900s have been modernised, some have fallen into disrepair.
Ray White Remuera agent Steve Koerber told OneRoof that there are more run-down properties in Remuera than people realise. “Every second street in Remuera has a house like that,” he said.
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And even Remuera do-ups are worth a lot of money, mainly because of the land they sit on.
Remuera’s median house value has risen sharply in the last five years, from $1.66m to $2.3m, but for homeowners in the suburb who bought 20-plus years ago the capital gains are considerably more, especially for those lucky enough to have a home sitting on land that’s zoned for development.
Koerber said once a do-up gets restored its value “skyrockets”.
“When old run-down homes are restored it is good news for the area because there will be lots of very pretty homes with character surrounding it.”
Koerber and his wife and business partner Nila recently sold a three-bedroom villa in need of a makeover for $3.33m, more than $1.4m above its 2017 CV.
The house on Armadale Road was on the market for the first time since 1980, and sat on a 627sqm site zoned for mixed housing suburban. “It had 11 registered bidders, which proves how popular these are,” Koerber said.
A house on Ascot Avenue in, Remuera, sold for $3.56m after the buyer gave it complete makeover. Below, one of the renovated rooms. Photos / Supplied
Koerber told OneRoof that he knew of a developer who had restored three run-down homes in Remuera and had recently sold a house on Ascot Avenue for $3.56m after picking it up in 2019 for just over $2m.
“There’s still money in restoring and selling, if you have the funds,” he said.
Koerber also sold a do-up on Ridings Road last year for nearly $5m, marketing the house as “Grand Designs” ready. He said at the time that buyers could easily spend $2m improving it.
Bayleys agent Gary Wallace said there two types of buyers for Remuera do-ups: home-owners, who love restoration projects and want to create a family home, and developers, who buy old properties for their land value.
“It’s all driven by the dollar. But it’s different when someone is restoring it to live in themselves. They are planting trees and creating generous family home. They aren’t subdividing the land,” he said.
He said the pressure to create more homes in Auckland and the potential for intensification afforded by the Unitary Plan would put the heritage character of suburbs like Remuera and neighbouring Parnell at risk
“There’s a lot of residential amenity and charm in Remuera and Parnell but this is being destroyed, with developers cramming as many townhouses as they can, building actual shoe boxes,” he said.
