The Auckland residential market slowed in the final quarter of 2015, reflecting the impact of changes in regulations and the traditional Christmas season slow down.
Total sales volumes Auckland wide were down near 20% in December, compared with the same month in 2014. The median value rise was just 0.7% from November. As a result year on year value growth slowed to 13% compared with up to 24% registered earlier in the year.
The Eastern Suburbs market trends followed those of the wider region quite closely. The median value in the December quarter was practically unchanged from the September 2015 quarter and now sits at $1,345,000. Although flat over the last six months, values have still risen by 15.5% from the same quarter last year. Sales volumes were also down in the final quarter with 382 transactions completed compared with 543 a year earlier. Agency reports however confirm that there is still strong interest from buyers in the area...read more.
Spotlight on Mt Eden
Located four kilometres south of the CBD, Mt Eden is centred around Maungawhau/Mt Eden; the highest natural point in Auckland city. Locality to the city and transport infrastructure along with being in reputable school’s zones has seen this leafy suburb stay highly regarded as a place to live for a number of years.
As a result the median sale price for property in Mt Eden has continued to grow sharply. In the December quarter of 2015 the median was $1,408,000 up almost 11% from the September quarter. When compared with the same quarter twelve months prior when the median was $1,121,000 it has recorded growth of 25.6%...read more.
Closely mimicking the regional trend, volumes in the suburb are down with 84 sales completed in the three months to December, down from 100 in September. Properties are on average taking 40 days to sell in Mt Eden.
Spotlight on Meadowbank
A popular family suburb and home to the biggest urban wetland, Waiatarua Reserve, Meadowbank is located approximately 8km from Auckland CBD. Neighbouring suburb Remuera widely regarded as one of the most affluent in the country has seen flow on effects to the median values in Meadowbank. In the final quarter of 2015 the median was at an unprecedented $1,265,000, up 30% from the September quarter which saw a lull in values. From the same quarter 12 months earlier it is up 29% from when the median value was $975,250.
Following closely with regional trends, sales volumes are down, with 27 completed in Dec compared with 42 in the three months to December 14. Days on the market however are still low, showing there are still interested parties looking to buy in these locations, taking 35 days on average to sell a property in Meadowbank...read more.
Read the full Marketbeat report online here.