Remuera has reclaimed its billion-dollar title as a result of New Zealand's extraordinary post-Covid house-buying spree.
The prestigious Auckland suburb racked up $1.229 billion worth of residential real estate sales in the 11 months to the end of November 2020 - up 53 percent on the same period for 2019.
The last time Remuera crossed the billion-dollar mark was 2016 - and with a month of real estate sales still to be tallied it's likely the suburb will break its own record of $1.265 billion worth of house sales, set in 2015.
Remuera, whose median value in the last 12 months jumped 20 percent to $2.05 million, has enjoyed some high-profile sales post-Covid, including $8 million for 1960s build clifftop home at 147A Arney Road and more than $10 million for a luxury house built by former All Black captain Sean Fitzpatrick.
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Even do-up homes and bare land in the suburb fetched high prices: in September buyers paid $4.788 million under the hammer for a house at 28 Ridings Road that needed renovating and a 1034sqm empty section at 89 Basset Road sold for $4 million in November.
The next biggest property hot spots, according to figures from the Real Estate Institute of New Zealand, were Flat Bush, in south east Auckland, and Auckland Central. Flat Bush, which has benefited greatly from new developments, saw $712 million worth of sales - up 36 percent on 2019 - while Auckland Central followed with $690 million worth of sales over the same period.
Remuera's homes are minting money and leading the way in New Zealand's hot housing market. Photo / Supplied
The top sales suburb outside of Auckland was Papamoa Beach, in Tauranga.
Real Estate Institute of New Zealand figures show Kiwis' property purchases nationwide totalled a staggering $60.8 billion this year - $12 billion more than in 2019 - with Auckland sales accounting for $29.2 billion for the 11 months to the end of November 2020, an additional $8.4 billion on the same period last year.
The number of residential properties sold across New Zealand for the 11 months to the end of November totalled 75,800 - a 6.2 percent increase on the same period in 2019, even with Covid-19 and the seven-week lockdown that put the real estate sector on hold.
Bindi Norwell, REINZ chief executive, said: “The 2020 property market has performed in a way that we may not have expected just 11 months ago. The results have been influenced by a number of key themes, including low interest rates, no international travel and the removal of the LVRs."
Norwell said first time buyers had become more active in the market, with lending to first home buyers up 26.7 percent from $1,102 million October 2019 to $1,396 million October 2020.
“We are expecting 2021 to see ongoing regional growth as workplaces become more flexible, remote work continues and New Zealanders settle into the ‘new normal’. 2020 has certainly highlighted further that we need a consolidated industry and government response to help address housing unaffordability across New Zealand."
