Full Details On Latest Auckland House Prices

This is a long report but worth studying.
(Thanks to Bob Dey Report)

Published 12 June 2012

Auckland region prices have accelerated over the past 3 months

Quotable Value Ltd’s research shows house prices in the Auckland region beyond the isthmus have accelerated over the past 3 months, taking over from the old Auckland City, which had been out on its own as price leader for the previous few months.

QV.co.nz research director Jonno Ingerson said today: “A few months ago, values in the old Auckland City were rising faster than anywhere else in Auckland. In the past 3 months, values in other parts of Auckland – notably Rodney, North Shore & Waitakere- have been rising even faster. Values in the old Auckland City are now 7.4% higher than the same time last year and 6.5% above the previous market peak in 2007.”

Values in the whole Auckland region rose 1.2% in May, 1.4% over 3 months and 5.7% for the year. QV’s national index rose 1% over 3 months and 3.9% for the year to sit 2% below the previous market peak of late 2007.

 “Most of the main cities & towns have increased in value over the past month, with Auckland leading the way. This more widespread increase in values is in contrast to 2 or 3 months ago, when values in many areas appeared to be flattening off.

“Sales activity has remained relatively strong for the past couple of months, with no evidence yet of the usual decline in sales seen over winter. The relatively low number of new listings & sales over the past few years are leading to an increase in pent-up demand. There are now buyers who have been looking for a house for some time and either cannot find something that meets their needs, or are being out-bid by other keen buyers.

“First-home buyers & investors remain active in many parts of the country, attracted into the market by low interest rates & perceived affordability. Despite this increase in activity, many buyers remain very cautious, wary that economic conditions in New Zealand could worsen if the situation in Europe doesn’t improve.”

QV valuer Glenda Whitehead said: “Low listing levels & pent-up demand continue to see increasing sale prices in the central Auckland area. Confidence is spreading out from the centre, with increasing values seen in pockets of the wider market. Much of the gains seen in the wider areas again appear to be driven by demand outstripping listing levels.

“In the central area, the buoyant market is predominantly in the $700,000-plus bracket, while out in the west or into south-west Auckland demand is strong from buyers with around $400,000 to spend.

“While vendors may be seasonally orientated, wanting only to list in the summer to autumn months when their properties look their best, buyers who missed out in that period are still on the hunt. Subject to availability of listings, we should continue to see good activity over the winter months.

“Most sale prices are at or slightly above other recent sales in the same area, despite the often reported ‘spikey’ sale prices being achieved at auctions. Activity remains very patchy, with popular areas continuing to attract attention while value levels in many outer suburbs remain very stable.”

Around the Auckland region (still using old council boundaries), growth in the 3 months to May compared to the same period last year, the annual change to April in brackets, and average sale price in the 3 months to May (and to April in brackets):

Rodney, 2.5% (2.5%), $500,775 ($496,966)

Rodney North, 1.3% (3.2%), $500,699 ($523,639)

Hibiscus Coast, 3.3% (2%), $500,822 ($480,772)

North Shore, 4.9% (3.4%), $612,426 ($580,866)

Coastal, 4.3% (2.4%), $689,484 ($652,734)

Onewa, 6.4% (5.3%), $495,928 ($478,225)

North Harbour, 4.9% (3.1%), $628,964 ($615,020)

Waitakere, 4.6% (4.5%), $413,294 ($403,245)

Auckland, 7.4% (6.8%), $627,533 ($590,214)

Central, 8.5% (7.9%), $544,870 ($517,675)

East, 5.5% (4.9%), $794,938 ($739,754)

South, 8.9% (8.7%), $568,281 ($538,870)

Islands, 2.3% -1.5%), $621,953 ($606,114)

Manukau, 4.2% (3.4%), $471,379 ($460,292)

East, 5.6% (5.6%), $584,203 ($567,187)

Central, 4.4% (2.7%), $352,629 ($351,123)

North-west, 2.6% (1.6%), $421,791 ($414,679)

Papakura, 3.9% (4.5%), $379,236 ($378,526)

Franklin, 5% (3.5%), $378,727 ($383,317).

(Bob Dey Report)

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