Page 1 - Steve Koerbers Quarterly Report

REMUERA
STEVE KOERBER’S
Quarterly REPORT Remuera Grammar Zone - Q3 July | August | September 2021
RAY WHITE REMUERA | MEGAN JAFFE REAL ESTATE LTD (LICENSED REAA 2008)
Looking back to mid 2019 on the accompanying graph, it’s remarkable to see that Remuera’s quarterly median price actually hovered around $1,400,000 for an entire three months. Today we’re sitting closer to a quarterly $2,800,000 median, meaning that prices have virtually doubled in just two years. Why?
There were several contributing factors led by supply/ demand imbalances, historically low interest rates, and this pandemic’s asset-inflation impacts. Property price increases have been a robust topic of discussion from board rooms to dining rooms throughout the world.
From my viewpoint (and advantage) of selling three times
more homes in Remuera than anyone, I have witnessed a
noticeable shift in the suburb towards “property holding”. In
a nutshell, an increasing number of people who previously
would have sold then bought (or bought then sold), have
opted to buy only. These “property holders” have reduced
the supply of homes available for people to buy in Remuera,
and subsequently influenced prices to increase more than in most other suburbs.
Our Remuera market has remained strong and buoyant throughout 2021. All year I’ve witnessed a tendency for most homeowners to want to buy before they sell. It has proven to be a good strategy thus far. As border restrictions inevitably loosen and if the effects of the pandemic wane, the time will come when the majority will instead choose to sell before they buy. It’s difficult to predict when that market shift will occur.
Lockdowns are currently having a devastating impact on our local Remuera retailers and businesses. Please “support local” whenever possible.
WHERE TO NEXT REMUERA?
Until next quarter, stay well.
Steve Koerber
Remuera Median Sale Price
2,800,000 2,600,000
2,400,000 2,200,000 2,000,000 1,800,000 1,600,000 1,400,000 1,200,000 1,000,000
800,000 600,000
400,000 200,000
Quarterly rolling median for the period October 2016 to September 2021
REMUERA MEDIAN SALE PRICE
Quarterly rolling median for the period October 2016 to September 2021
00
300 250 200 150 100 50
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1617 18 19 20 21
DISCLAIMER: This issue of Remuera Market Report features a wide selection of the published residential property sales which have recently occurred. The Market Report includes information based on published reports of sales made by all real estate agencies and may include some private sales. While every reasonable effort has been made to ensure the accuracy of this information, however, as inaccuracies may occur, you should not confine yourself solely to the contents and should make your own inquiries to satisfy yourself in all respects. Megan Jaffe Real Estate Ltd Licensed (REAA 2008) Ray White Remuera accepts no responsibility should the contents of this Market Report prove to be incomplete or incorrect.
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Median Sale Price (Line)
Number of Sales (Bar)