It’s one of Auckland’s most established and poshest suburbs that some can only dream of living in, but first-home buyers are starting to realise that in a falling market even blue-chip Remuera could actually be a reality.
House prices in the high-end suburb have fallen since the market peaked at the end of last year, yet its central location, good school zones and good transport links continue to attract.
And while houses on Remuera’s northern slopes can sell for $10 million or $20m without blinking an eyelid, other more basic homes can be scooped up for about $1m.
The latest OneRoof-Valocity house value figures point to a sharp comedown from the market's peak at the end of last year. Remuera's average property value has fallen 8.2% ($265,000) in the last six months to $2.983m, with 637 or 6% of houses in the suburb valued at less than $1m.
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Ray White Remuera agent Ben Ryken said his own data indicated that houses in Remuera were 10%-15% cheaper now than they were at the end of last year.
“I think the entry-level price point has lowered a little bit or it has certainly come back to where it should be after two years of madness when entry level didn’t feel like entry level anymore,” he said.
An entry-level two-bedroom property in Remuera can now be bought for around $1m, while a three-bedroom, one-bathroom basic family home with a small backyard would cost between $1.2m and $1.4m. “It might not be a quarter acre, but it would be something,” Ryken said.
Sold: This three-bedroom on Wimbledon Way, Remuera, had an asking price of $1.335m. Photo / Supplied
Remuera property values surged last year, but the suburb’s housing market has cooled this year, giving entry-level buyers an opening. Photo / Fiona Goodall
At the time of writing, there were 20 Remuera properties listed on OneRoof in the sub-$1.5m price bracket.
Ryken just sold a three-bedroom, two-bathroom house on Wimbledon Way that had an asking price of $1.335m. The property had a 2021 CV of $1.28m and last sold in 2018 for $983,000.
Ryken considers the street, which sits outside the prized double grammar school zone, as being entry-level Remuera.
“I’ve sold six in that street now to young couples and they turn into families and then they move out once the space isn’t big enough for their kids. But generally, I’ve sold to young professional couples.”
Other Remuera “bargains” are out there. Ray White agent Lesley Harris has a three-bedroom, one-bathroom house at 20C Rotomahana Terrace on the market for sale at $1.265m. Its price has been reduced $80,000 since it was first listed in March and is $115,000 below its 2021 CV. Another three-bedroom home, at 11 Monteith Crescent, has been listed for sale by Barfoot & Thompson agents Hamish Hargrave and Alice Gu with an asking price of $1.25m – just above its $1.2m CV.
Last year, high house prices drove some people out of Remuera, but Ryken reckoned buyers were now returning. Ray White Parnell agent Steve Stone agrees. He said the fact that first-home buyers were now back looking in the area was a good sign.
A three-bedroom home at 11 Monteith Crescent, in Remuera, has an asking price of $1.25m. Photo / Supplied
A two-bedroom townhouse at 11A Richard Farrell Avenue, in Remuera, goes to auction on July 27. Photo / Supplied
“It’s a great time for them to be buying right now. If they can get the finance, they should be doing it now because who knows where prices are going – up, down, sideways from here - but they are pretty good at the moment.”
Stone is currently marketing a two-bedroom townhouse at 11a Richard Farrell Avenue, in Remuera, and he told OneRoof that the property attracted about 20 groups during its first weekend of open homes, most of whom were first-home buyers from outside the suburb – some with their parents in tow. Others looking at the property had been Kiwis returning from overseas. “I do think it’s good value and I do think Remuera is probably pretty good value at the moment,” he said.
Barfoot & Thompson Remuera agent Steve Hood said that Remuera was definitely now more affordable for entry-level buyers. “This time last year I was selling units for a million bucks; for a little bit more, 20% more, you are getting a freestanding home,” he said.
Hood is currently marketing a plaster three-bedroom, two-bathroom standalone home at 15A Maungarei Road for $1.2m - 13% less than its $1.38m CV. “That sort of property also attracts young families who want a good school zone in a nice family-oriented suburb,” he said.
A three-bedroom home at 15A Maungarei Road, Remuera, has an asking price of $1.2m. Photo / Supplied
In comparison to suburbs further out, like Pakuranga, North Shore and South Auckland, the non-Grammar zone side of Remuera represented really good value for a central location, he said.
Earlier this month Hood sold another two houses in Remuera in what he calls the suburb’s mid-range price bracket selling at $3m and $4.5m.
But for those blue-chip suburb seekers who couldn’t find their dream property in Remuera, Hood said Ellerslie and Meadowbank were also attractive options and in the same price category as non-Grammar zone Remuera. “They are all family-oriented, good, safe, central suburbs.”
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