- Two Auckland homes sold for $5.8m and $3.71m, highlighting a sluggish market.
- Agent Steve Koerber notes the impact of the Iran war and upcoming election on property values.
- Despite challenges, well-presented properties still attract buyers, with increased off-market activity observed.
A good day in the auction room last week saw two multimillion-dollar Auckland homes sell under the hammer, one in Epsom for $5.8 million, and one in Remuera for $3.71 million.
Start your property search
The big sales were highlights in an otherwise sluggish market, said Bayleys listing agent Steve Koerber.
Part of the attraction of the Epsom property, a large two-storey home in Castle Drive, was that it was only steps away from Auckland Grammar. But also attractive to buyers was that the property was designed by Dave Strachan of SGA Group.
The platform house had four bedrooms and three living areas and was a sunny home at the northern foot of Mt Eden, looking out into a canopy of trees.
A four-bedroom home in double grammar zone on Castle Drive, in Auckland’s Epsom, fetched $5.8m at auction. Photo / Supplied
Expats paid $3.71m at auction for this five-bedroom home on Waiatarua Road, in Remuera. Photo / Supplied
While not so suitable for a family with very young children, because the master bedroom suite was well separated from the bedroom wing, the house was perfect for the buyers, who had older children, Koerber said.
The buyers were familiar with the area and paid over the $5.2m RV. Koerber said in this market, there were few sales over $5m, and the owners had been happy to let the property go.
“I think they realised that certainly the market one to two years ago probably would have been better, but they had committed elsewhere, so met the market.”
The house’s proximity to Auckland Grammar was important for the buyers: “I mean it’s literally 100 metres away.”
Discover more:
- $10m mansion finally sells after sitting vacant for years
- Bidding war for luxury golf course home - $400K price drop pays off
- You can't come in: Night of drama at Jacinda Ardern's auction
Koerber’s listing on Waiatarua Road, in Remuera, appealed to families with young children, partly because the street was so friendly, he said.
“It’s kids playing with kids and friends, and they all go to the same school, which is on the same side of the street as this house.”
This house had four bidders and went to an expat family.
Koerber said the Iran war was having an impact on property values and appraisals. “If I went to a house right now and the owners asked me, ‘What's my house worth?’, I’d go to the sales in the last six months. Right now, half of those would be before the war and the other half would be during it, so it really makes things different.”
The war had thrown a lot of caution into the market, he said. “There are some open homes I’m running with one or two people through. I could timestamp those, and if I go back one year, or two or three, the numbers are phenomenally more.”
A well-presented five-bedroom home on Ridings Road, in Remuera, was quickly scooped up by a local buyer. Photo / Supplied
Koerber had noticed people trying to buy in Remuera from other suburbs, such as Ellerslie and Mt Wellington, were pulling back.
These buyers, who were jumping up in price, went to open homes and liked what they saw, but afterwards would realise they didn’t have the funds to make the move happen.
The next market hurdle was the coming election and the likely post-election negotiations between parties. “I think that’s going to eat into time for people to list, so that’s going to be a bit of a wasteland – between the election and Christmas.”
Koerber, however, had noticed an increase in off-market activity. “There’s a hell of a lot of people in this cautious environment who ring and say, ‘Hey Steve, have you got a buyer for my house because I don’t want to come to market?’
“They want it to be easy because they are sensing that if they do come to the market, it’s certainly not as easy as it was one or two years ago.”
Bayleys colleague Gary Wallace agreed the market was challenging, but said properties that are presented well still get buyers.
He has just sold a five-bedroom home on Ridings Road, in Remuera, ahead of its set sale date, for an undisclosed price.
Wallace sold the home to the vendors in 2023 for $6.63m, so he knew its qualities well. This time, the property went to a local buyer who moved quickly to secure it.
“It was a lovely property. The current vendors had added a bit of value and presented it beautifully, so it really resonated well with buyers.”
While the Ridings Road deal came together quickly, stock was generally taking longer to shift. “A few years ago, we had FOMO – fear of missing out. Now I think it’s more a fear of paying too much. Motivated vendors who want to move on are meeting the market.”
While sellers might get less than they hoped, Wallace said that was relative if they were buying in the same market. “I’m hearing a lot of stories where buyers who have bought in the last four or five years are struggling to get their money back, but then again, what do you lose on the swings you gain on the roundabouts.”
He said the market was healthy with good inquiry levels. “There are certainly buyers out there with money to spend, so it’s just really a matter of tapping into them and trying to get the deal done. If the property resonates, that’s half the battle for us agents.”
- Click here to find more properties for sale in Remuera
