Grey Lynn slips out of top 10 sales
Top five remain but Henderson leaps to sixth
Popular inner-city Grey Lynn has dropped out of the top 10 Auckland suburbs with the highest total value in annual house sales.
In 2017, strong demand for Grey Lynn’s heritage wooden villas pushed the suburb to sixth in the leading 10 suburbs with $383 million worth of property sales.
But last year the area fell out of favour with buyers and sellers.
A list produced by the Real Estate Institute of NZ put West Auckland’s Henderson at number six, with 508 home and apartment sales last year worth $392m and a median sale price of $745,000.
This was up on the 2017 total of $365m when the suburb’s median sale price was $730,000.
“With 209 sales throughout the 2018 year and a median price that fell 7.7 per cent from $1.3 million to $1.2 million, Grey Lynn fell out of the top 10,” REINZ chief executive Bindi Norwell said.
The suburb slipped to 15th on the NZREI list, with sales worth $279m.
This left “space for Henderson to make its way further up the rankings” with 32 more sales in 2018 than 2017 and a $15,000 increase in median price.
“With plenty of parks, great views of the Waitakere Ranges, access to some of the amazing West Coast beaches and an offpeak drive of 21 minutes into the city, it’s easy to see why Henderson has made its way up the list,” Norwell said.
There was no change among the top five suburbs, however, as Remuera continued to be the country’s most valuable area with 412 properties selling for a combined $908m in 2018.
This was down on the suburb’s $1 billion in total sales in 2017.
Auckland Central, where more than 1200 properties sold in each of the last two years, was the second most valuable area, followed by Flat Bush, Mt Eden and Epsom.
“With median prices hovering around the $1.8 million mark and a reasonably solid number of sales, it’s not surprising that Remuera has remained Auckland’s highest sale volume suburb for the last three years running,” Norwell said. “The same is true for Auckland Central. The more than 1200 sales is what has allowed the CBD to keep its second place in the list for three years running despite a median price in the mid-to low $400,000s.”
Norwell said that while people might expect to see flashy Takapuna, Herne Bay or Saint Marys Bay in the top 10, the suburbs didn’t make it because they typically had a low number of sales each year.
The Herald’s OneRoof property site earlier used separate data by analysts Valocity to report how Remuera was no longer New Zealand’s only billion-dollar suburb.
But it remains streets ahead of any other region in the country.