Affordable In Auckland a Myth?

Stepping-stone areas turn up deals
By Alanah Eriksen
Nov 17, 2012

First-home buyers say they are being shut out of the Auckland property market as prices skyrocket. Herald property reporter Alanah Eriksen investigates where house-hunters can still buy for under $500,000

George and Melinda Rossolatos can’t see why first-home buyers wouldn’t consider moving to Onehunga.
The couple have lived in their Alfred St home for 15 years and are finally ready to upgrade.
The three bedroom 1860s weatherboard cottage has a council valuation of $450,000 – almost $100,000 below the current average house price for Auckland and much less than the skyrocketing inner suburbs.
First-time buyers have complained of feeling shut out of the Auckland property market as prices skyrocket but real estate agents are adamant they can still get value for money.
Using the realestate.co.nz website, which has listings from all the major real estate companies, the Herald searched for standalone three bedroom homes on freehold
sections with an asking price under $500,000.
There were hundreds listed that fitted that criteria yesterday, with the majority in South Auckland but a few scattered on the central city fringe.
Some were touted as “do-ups” while others had already had extensive renovations carried out.

Read the rest here:

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10847980

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