Q2 2021 Report

REMUERA
STEVE KOERBER’S
Quarterly REPORT Remuera Grammar Zone - Q2 April | May | June 2021
RAY WHITE REMUERA | MEGAN JAFFE REAL ESTATE LTD (LICENSED REAA 2008)
REMUERA CVs SHOULD INCREASE BY 26% - BUT WILL THEY?
Some Remuera homeowners are already asking me how I think their new Capital Value (CV) will relate to the actual value of their home. When Auckland Council last revalued Remuera properties in June 2017, our quarterly rolling median price was 26.3 % lower than it is today. In real terms, this means a home like my recently sold 2 Pere St (2017 CV $4.75m) might have a 2021 CV around $6m.
Applying the same increase to the four homes that I recently sold in Upland Road, their CVs might increase as follows:
Remuera Number of Sales*
Number of homes sold 12 months to June 2020
Number of homes sold 12 months to June 2021
Number of Sales Increase
590 739
25.5 %
ADDRESS
2017 CV
ACTUAL SALE PRICE
2017 CV + 26.3%
15 Upland Rd
82 Upland Rd
162 Upland Rd
2/174 Upland Rd
$2,425,000
$3,075,000
$2,650,000
$1,725,000
$2,700,000
$4,600,000
$3,802,000
$1,835,000
$3,100,000
$3,880,000
$3,350,000
$2,200,000
Remuera Median Sale Price*
Median Sale Price
1,930,000
12 months to June 2020
Median Sale Price
2,595,000
12 months to June 2021
34.4 % Median Sale Price Increase
*Includes all Remuera Grammar and non Grammar zone sales
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.
In my next newsletter, I’ll publish the new 2021 CVs of these homes so you can see how they fared. In the past Council has used an actual recent sale price as the new CV, so it will be interesting to see if that occurs.
Whilst the real value of any property can only be determined if and when it transacts, the Council will use your new CV (their assessment of your most likely selling price on 1st June 2021) as one of several components to calculate your annual rates.
So far in 2021, with the help of my wife Nila (associate), Trudy (marketing), Dom (admin) & Matt (social media), I’ve been the agent of choice for one in every eight Remuera sellers. Each of these sellers now appreciates how and why my unrivaled local knowledge, combined with genuine care, adds more value than they expected.
Although Winter is often a good time to sell, many Remuera homeowners use this period to prepare their home for a Spring or Summer sale. If you need advice about this, or anything else related to ‘Real Estate’, Nila and I are always a text or phone call away.
Until next quarter, stay well.
Steve Koerber