Dynamic sales duo establishes dominance at the premium end of Parnell's property market

The value of residential property sales in Parnell shrank noticeably toward the end of last year, yet two real estate agents bucked the market trend - helping their agency gain the lion’s share of the market for the sale of top-end homes.

Figures from the Real Estate Institute of New Zealand reveal that in the three month quarter ending in September, 16 Parnell homes sold in the $2million+ price bracket. Of those 16 homes sold, nine were sold by just one agency - Bayleys Real Estate.

The total market value of Parnell homes sold between July and September last year totaled $167.9million – down 2.8 percent from $172.8million for the corresponding period in 2008. Over that same period though, Bayleys’ market share in Parnell improved by 68.3 percent.

The REINZ figures showed that of those nine Parnell homes sold by Bayleys during the 2009 period, six were sold by the dynamic husband and wife sales duo of Gary and Vicki Wallace.

The latest residential property transaction figures show that Bayleys has continued to stand out in several sizeable parts of Parnell’s real estate market. The figures show Bayleys has:

• 59 percent market share by value in Parnell of homes which sold for more than $2million and
• 25 percent market share by value in Remuera of homes which sold for more than $2million, as well as 21 percent of market share by value of homes which sold for between $1million - $1.5million.

Reflecting on what had been an exciting three-month quarter for sales in the top end of Parnell’s residential market, Gary and Vicki Wallace said the market for quality homes had remained relatively intact throughout what had been a difficult year for the wider New Zealand economy.

“I think these REINZ sales figures reflect that when it comes to choosing the best real estate agency and the best real estate agents to sell your home, more and more clients are turning to tried and true professionals who have a proven tack record in their area,” Gary Wallace said.

“Specialising in one specific suburb allows real estate sales people to become the experts in that location – knowing every street intimately, knowing the psyche of the area, and what makes people in that area tick.

“It’s all very well coming in with flashy brochures and slick sales pitches as some agencies do, but if an agent is unfamiliar with the territory and has no substantial buyer database to deal with, then it’s the client who suffers.”

Gary Wallace said that during his five years selling Parnell homes, he had gotten to know the suburb like the back of his hand – and this localised expertise knowledge had in turn benefited both clients and purchasers.

“I guess that’s why Bayleys’ market share – particularly in top end properties – has grown so significantly,” he said.