Remuera Crowd Sees Hammer Fall at $3.3 Million

26 October 2005

Keen Remuera Auction Crowd Sees Hammer Fall at $3.3 Million

An estimated crowd of 70 including six keen bidders saw the hammer fall at an outstanding $3.3 million auction for a property on Auckland’s prestigious ‘Remuera Ridge’ held Thursday last week, 20 October.

The 100 year old five bedroom, three bathroom house on 450 Remuera Road had more than just character going for it, with the 1,346sqm section recognised as one of the last remaining positions yet to be developed on ‘the Ridge’ with its sought-after harbour views, north facing aspect and prime position opposite Remuera library and retail.

Marketed by Alex Baker of Harcourts Remuera, he noted that the strongest buying interest had come from developers in the “top end” of apartment marketing “with the nature and zoning of the site recognised for lending itself to a small complex of upmarket apartments in line with the quality properties surrounding it.”

Having been with Harcourts for nine years, Mr Baker noted that in his experience, the current buying market was still very strong, particularly for those recognising the decreasing number of prestigious sites available for development. “They are very tightly held and getting hard to find.” He went on to add that, “quality properties in quality locations will always do well” with auctions consistently demonstrating they should be the preferred method of sale.

Business Owner of Harcourts Remuera, Stuart Jenner said the interest in 450 Remuera Road reflected there was “still pressure on good property with most selling through the auction method.” He noted that his Harcourts offices in Remuera and Epsom managed in excess of an outstanding $20 million worth of written property sales in the last week alone, “with ongoing buying pressure on all price ranges in greater Remuera and surrounds from predominantly locals committed to living here.”

Mr Jenner added that whatever the market, buyers would always compete for the central Auckland property fundamentals of proximity to central city, excellent schooling, and quality location.

ENDS

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