Total value of Ponsonby's property sector on the rise, say Real Estate Institute figures

The value of residential property sales in Ponsonby grew noticeably toward the end of last year – with one real estate agency in particular gaining 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, 34 Ponsonby homes sold in the $2750,000 - $1million price bracket. Of those 34 homes sold, 12 were sold by just one agency - Bayleys Real Estate.

The total market value of Ponsonby homes sold between July and September last year totaled $90.6million – up 7.4 percent from $84.4million for the corresponding period in 2008. Over that same period though, Bayleys’ market share in Ponsonby improved by more than 100 percent.

The latest REINZ residential property transaction figures show that Bayleys has continued to stand out in several sizeable parts of Ponsonby and Herne Bay’s real estate markets. The figures show Bayleys has:

36 percent market share by value in Ponsonby of homes which sold for between $750,000 and $1million
and

52 percent market share by value in Herne Bay of homes which sold for more than $2million, as well as 40 percent market share by value of Herne Bay homes which sold for between $750,000 and $1million.

Reflecting on what had been an exciting three-month quarter for sales in the top end of Ponsonby and Herne Bay’s residential market, Bayleys residential manager Rachel Dovey 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,” Ms Dovey said.

“Having specialist agents concentrating in one or two specific suburbs, allows real estate sales people to become the experts in those locations – knowing every street intimately, understanding the lifestyles and homes within areas, and what makes people in those areas tick,” Ms Dovey said.

“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.
Ms Dovey said the figures highlighted Bayleys’ commitment to the Ponsonby and Herne Bay residential property sectors.

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