Herne Bay property values top the list for New Zealand – and it’s no surprise to those in the know

Latest real estate sales figures show that four suburbs around Central Auckland’s inner western fringe are among the top 10 most expensive neighbourhoods in New Zealand when it comes to residential values.

The data comes as no surprise to one of the region’s leading real estate salespeople who knows the suburbs intricately.

June figures from real estate data analysis agency CoreLogic show that the tightly-held locale of Herne Bay is New Zealand’s most expensive suburb for residential housing, recording a median sales value of $3.158million.

Second spot on the CoreLogic list is snapped up by neighbouring St Marys Bay with a median sales value of $2.787million, while Westmere comes in at fifth place on the CoreLogic chart with a median sales value of $2.346million, and Ponsonby taking out seventh place with a median sales value of $2.263million.

For high-performing Bayleys Ponsonby salesperson Blair Haddow, who specialises in marketing residences in Herne Bay, St Marys Bay, Ponsonby, Freemans Bay, and Grey Lynn, CoreLogic’s latest statistics underpin sales trends he has tracked from his own sales records for many years.

“Viewed over the medium to long-long-term, property prices have always continued to rise in these areas. Suburbs such as Herne Bay, St Marys Bay, Ponsonby, Freemans Bay, Grey Lynn, and Westmere have long been among the most sought-after city fringe locations in Auckland, along with Parnell and Remuera to the east, and sales values simply reflect that,” said Blair Haddow.

“There is only a finite amount of land in these areas and people want to live there for a multitude of reasons: proximity to the city, a high level of social amenities, safe communities, good schools, and like-minded neighbours.

“And on simple cold mathematics alone, the price growth percentage on a high-value home is more by dollar value than say the same percentage growth on a mid-value home, so 10 percent annual growth on a $3million property is $300,000 for example, while 10 percent annual growth on $1.5million home is $150,000 and once a suburb reaches that top echelon of values, it usually tends to remain there.”

Just as CoreLogic’s figures were being released, Blair Haddow was concluding the sale of a beautiful Ponsonby villa-style residence at 30 Tawariki Street which was purchased post-auction by negotiation for $3.537million. The grand early settler single-level dwelling, which had been relocated from Epsom many years ago, was bought as a family home.

The address was one of two big sales Blair Haddow conducted last month - with number one John Street in Ponsonby going under the hammer for $2.65 million. The four-bedroom/two-bathroom dwelling was fought over by four bidders.

Meanwhile, as this edition of Ponsonby News was going to press, Blair Haddow’s listing for an executive style four-bedroom/two-living area residence in Masons Avenue, Herne Bay, was going under the auctioneer’s hammer.

Blair is now busy networking with multiple potential vendors preparing them to take their homes to market in spring, using comparable sales data as a pricing guideline rather than any reference to out-of-date Auckland Council rating valuations.

“June, July and August – apart from last year because of the impact of Covid-19 – have always traditionally been the quieter selling months on the residential real estate calendar across Herne Bay, St Marys Bay, Freemans Bay, Ponsonby and Grey Lynn, and indeed across New Zealand, and this year has seen a return to that historical pattern,” said Blair.

“Saying that, my colleagues at Bayleys Ponsonby and I are still seeing auctions being brought forward as vendors are accepting early offers, so those vendors taking their home to market now are definitely finding success on the auction floor.”

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