If You Snooze- You Lose

Be patient and be alert. . These sorts of price rises are coming to a suburb near you.

If you use a little logic you would look at your map and buy as near to the “hot” suburbs as you can- right up against them if possible. To get the ripple effect from Herne Bay, buy in Pt Chevalier, Waterview, Kingsland, and Sandringham.

To take advantage of Remuera, try St Johns Park, Meadowbank and Ellerslie. You get the picture.

Auckland property: 17 suburbs in $1m club
By Alanah Eriksen
Tuesday May 28, 2013

Auckland’s booming residential market has pushed 10 new suburbs into the $1 million-plus club – raising the number to 17.

And the city is just $15,000 off reaching its first $2 million suburb, which could happen in the next three months, economists say.

Herne Bay has an average property value of $1.985 million, a rise of 18 per cent over the past two years.

The 10 suburbs that in the past three months have joined the $1 million club – in which the average house value exceeds that figure – are Westmere, Ponsonby, Mission Bay, Devonport, Mt Eden, Freemans Bay, Campbells Bay, St Heliers, Kohimarama and Grey Lynn.

They join seven old hands in an elite bracket dominated by inner-city suburbs. Three on the North Shore also feature.

The QV figures will be officially released next week – in the Herald’s quarterly Property Guide.

The big mover is Westmere, where average prices are up 31.5 per cent in two years.

If Auckland prices continue to move in line with predictions from some economists over the next nine months, four more suburbs will have joined the $1 million-plus club by early next year: Narrow Neck (with an average value of $986,444), Orakei ($967,222), Glendowie ($939,222) and Castor Bay ($924,778).

Read the rest here:

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10886644

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