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Bayleys Research


JUNE 07 RODNEY NORTH RESIDENTIAL REPORT

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Rodney North Residential

Activity levels for residential property sales across the Rodney North area have taken a step up after a period of slower activity.

The most market activity during the period under review was in late 2002 and 2003 which recorded quarterly residential dwelling transactions predominantly in the 200 plus range according to the Real Estate Institute of New Zealand (REINZ) statistics. From 2004 through to mid 2006 sales numbers took a step down with most quarters recording less than 200 transactions until nine months ago when sales numbers started to build again to the current 214 transactions. The easing back in activity from 2004 was to be expected given the unsustainable level of activity recorded around 2002 and 2003 but it is a surprise to see sales numbers once again rallying.

Despite the fluctuating sales volumes, prices have continued to grow. Since the March 2001 quarter, the median residential dwelling price across Rodney North has increased 87% from $235,000 to $440,000 which compares favourably with the 81.1% increase in dwelling prices nationally. The growth over this time was, however, not consistent. From mid-2004, annual house price growth gradually eased back so by the June 2005 quarter, while the median price was up to $371,500, the increase over the same quarter a year earlier was only 9.3%. While price growth increased in late 2005 and early 2006, the rate of growth has subsequently dropped away again and currently sits at 3% for the March 2007 quarter. This is in contrast to the strong annual growth of 36% for June 2004 quarter.

 

The average number of days a property in Rodney North is on the market before it sells is currently sitting at 67 days for the March 2007 quarter. This is up on the short sales period of 41 days recorded in the December 2003 quarter, but also well down on the 108 days recorded back at the end of 2001.

The top end of the residential market, measured by Bayleys Research as the Top 15% of sales by value, has also continued to show good value growth and at a higher level than the overall market. Since March 2001, the median price has lifted from $458,750 to $1,075,000, an increase of 134%. The last 12 months have recorded a very strong recovery at the top end of the market with the median price of $757,500 lifting sharply by over $300,000 to the current record high of $1,075,000, an increase of 41.9%. This result reflects the 17 $1 million plus residential dwelling sales recorded in the March 2007 quarter in the Rodney North area.

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