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Bayleys Research


JUNE 07 WHANGAREI RESIDENTIAL REPORT

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Whangarei Residential 207

The Whangarei City residential dwelling median sale price has increased an impressive 110% over the last 5 years rising from $143,500 to $302,250, from the March quarter 2002 to the March quarter 2007.The growth looks even more impressive when we look at the figures over the last three years. The median sale price since the March quarter 2004 has increased over 73%, in contrast to the national median which has grown just 42% over the same period. This growth has coincided with strong growth in the local economy. Statistics gathered in 2006 show that for the sixth year in a row, the region’s growth rate, measured in GDP terms, outstripped the national growth rate, according to Enterprise Northland.

 

As is consistent with the rest of the country, the volume of sales for Whangarei City has dropped over the last couple of years. When compared with the March quarter 2005, the volume of sales has fallen 16%.

The period around 2003-2004 was a period of strong growth in house prices and sale activity. While sale volumes have been falling, the average days on the market has held relatively firm around the fifty days per quarter mark. This suggests that purchaser activity is still strong and adds weight to the hypothesis that falling volumes are attributable to vendors holding onto their properties rather than because of a lack of interest from purchasers.

 

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