Dominance confirmed at premium end of the market

Media Release
Date 13.7.2009

Dominance confirmed at premium end of the market

Leading real estate agency Bayleys has cemented its reputation of marketing
high-value homes across Auckland’s inner city suburbs, according to the latest annual residential property transaction statistics. And at a time when the market has fallen, Bayleys has also bucked the trend to increase the size of its market share.

The annual residential property transaction figures show that Bayleys has sizeable chunks of the markets in a range of higher price brackets across a range of areas. The figures, which cover all residential property transactions in the year to March 2009, show Bayleys has:
• 40 per cent market share by value in Herne Bay – including selling 60 per cent of homes which sold for more than $2million
• 26 per cent market share by value in Mission Bay – including selling 59 per cent of homes which sold for between $1.5 – $2million
• 22 per cent market share by value in Remuera – including selling 35 per cent of homes which sold for more than $2million
• 19.7 per cent market share by value in Mt Eden – including selling 100 per cent of homes which sold for more than $2million
• and
• 18 per cent of market share by value in both Parnell and St Heliers.

Bayleys residential manager Jan Hewitt said the real estate statistics were a clear endorsement of the hard work Bayleys had undertaken over numerous years to build the company’s brand reputation.

“When you consider the number of real estate agencies operating in Auckland, these figures clearly show that Bayleys is the preferred agency choice in the more affluent suburbs, and for higher value homes in those suburbs,” Ms Hewitt said.

“Vendors of high-value properties, such as those commonly located in Auckland’s city-fringe suburbs, are very astute when it comes to selling one of their biggest assets. That’s why they choose Bayleys - the only real estate agency to simultaneously deliver: * Unrivalled market research and analysis. * Blanket marketing coverage across a range of media encompassing neighbourhood, regional and international target audiences, and * Promoting a comprehensive auction process.

The sales research also shows Bayleys clearly outperformed other real estate competitors in the market during a period when the total value of the market fell markedly…
• In Kohimarama, while the total market value of homes sold fell almost 53 per cent, Bayleys share only dropped 28 per cent
• In Meadowbank, while the total market value of homes sold fell by 34 per cent, Bayleys increase its share by almost 5 per cent
• In Mission Bay, while the total market value of homes sold fell by almost 57 per cent, Bayleys share only dropped by 23 per cent
• In Newmarket, while the total market value of homes sold fell by 38 per cent, Bayleys share only dropped by 14 per cent.
• In Westmere, while the total market value of homes sold fell by almost 27 per cent, Bayleys share only dropped by 2 per cent.

Only one Auckland suburb, Herne Bay, saw the value of its total market lift in the year to March 2009. Again, Bayleys outperformed competitors – while the value of the total market rose 8.1 per cent, Bayleys’ market share increased substantially by almost 70 per cent.

ENDS