The Eastern suburbs have, over recent years, become an aspirational location for home buyers with the area’ s popularity resulting in strong value increases.
Over the last twelve months however, the combination of a strongly performing economy, which has lead to job creation, low interest rates, a booming population and a housing shortage have combined to drive property values in the area to record levels.
The Eastern Suburbs region remains one of the most desirable areas of Auckland for people to invest or live in. As a result, strong competition among purchasers for property brought to market is the norm. The high levels of purchaser interest has driven continued value increases, with the median sale price in the Eastern Suburbs for the twelve months to January 2015 reaching $1,150,000, an increase of $175,000 or 17.9% compared with the twelve months prior according to the Real Estate Institute of New Zealand (REINZ).
Having reached a post Global Financial Crisis (GFC) low of 1,119 annual sales in 2008, activity levels have recovered strongly. Albeit the 2014 total of 1,780 fell short of the 1,936 transactions recorded in 2013. Agency reports confirm continued strong interest in properties in the early to mid $1,000,000 price range. Increased volumes of potential purchasers are showing interest in these dwellings due to the noticeable decrease in homes for sale in these price brackets. Read more...
Eastern Suburbs Median Price Hot Spots
Spotlight on Remuera
Historically one of New Zealand’s most affluent suburbs, Remuera continues to be home to the some of the population’s most affluent people. The median income per person in Remuera of $45,200 is 65% greater than the wider Auckland median income of $29,600 according to Statistics New Zealand. Read More...
Spotlight on St Heliers
The seaside suburb of St Heliers has experienced a marked increase in values in recent years. Its seaside charm, proximity to the heart of Auckland city, along with a number of cafés, restaurants, boutique shopping and stunning views of Rangitoto all combining to entice people to live in the area. The rising population and demand for housing has put pressure on housing stock and, in turn, both rental and capital values, with 18.3% median price growth over the twelve months to January 2015. Read more...
Read the full MARKETBEAT report here.