Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news