Mini Boom in High Priced North Shore Property

 

Celeste Anstiss of the New Zealand Herald reports that blue chip properties in Auckland’s priciest areas are still selling well, despite the rest of the market being in the doldrums.

The focus of Celeste’s article is on the Eastern Bays area of Auckland. What about the North Shore? Devonport, Takapuna and Milford shelter some of New Zealand’s best waterfront real estate. Does the interest in high end property cross the bridge?

Well, our lifestyle is amongst the very best in the world, our crime rate is low, low, low, and we have the best beaches and waterfront in the country. And real estate prices reflect the demand from off shore buyers for the very best homes in the very best locations.

Over the last 12 months over 100 homes were sold for between $1,000,000 and $7,000,000 in the southern part of the North Shore. Harcourts accounted for 19 of these home sales.

Just last weekend Harcourts Milford sold 13 Maritime Terrace, Birkenhead at auction for $1,785,000, and recently the penthouse at The Sentinel changed hands for $5,700,000, also as a result of Harcourts marketing.

The huge sale of 22 Winscombe St for $7,000,000 last January backs up Celeste’s argument that there seems to be a micro climate of activity at the high end of the market.

Builder Lance Kells has just sold 38 Milford Road for $2,150,000 and is building more high specced homes to meet demand.

Most of these buyers are off shore. Immigrants and business men from China, Australia and the UK are purchasing homes here despite the high dollar, seemingly wanting a safe and secure environment for their families and their investments.

Sellers of high end property must have a strategy in place to uncover these buyers. The internet is generating 50% of buyer activity right now according to Barfoot and Thompson’s Todd Yelavich and with these buyers being out of reach of your local property broadsheet, you are well advised to talk to an agent who has good presence on the internet.

Right now Harcourts is marketing 10 properties with prices  ranging from $2,000,000 to $8,800,000, in the Milford-Takapuna area.