Residential property values in Auckland’s North Shore have continued to grow in the latest quarter. The September quarterly median hit a peak of $950,000 according to the Real Estate Institute of New Zealand (REINZ).
This is a $291,000 or 30% increase from the same period twelve months prior when the median was $731,000.
Sales volumes have fallen slightly quarter to quarter in September 2015 with 1,392 sales concluded, although transactions are still up on the same period in 2014 when 1,162 properties were sold. Volumes have steadily increased since the post GFC trough where transactions were as low as 700 in 2008. On average, time on the market continues to stay at some of the lowest levels seen in recent years. Homes in the North Shore are taking just over one month to sell on average, at 33 days, staying consistent with the June 2015 quarter figures...read more.
Spotlight on Albany
Albany, situated 17km north of central Auckland, was until quite recently, a town in its own right, but continues to feel quite separate from the city, with much of the land on the northern side still semi rural. Albany has experienced significant population growth, increasing its population size between the 2006 and 2013 census 40.9%...read more.
Albany is located in one of the fastest growing areas in the Auckland region, with a medium projected population growth of 2.2% annually to 2043 which would take the population to approximately 109,000. This is compared with national projections of 0.8% and 1.3% for Auckland...read more.
Spotlight on Mairangi Bay
Situated 15km across the Waitemata Harbour from Auckland CBD on the North Shore, in contrast to Albany, Mairangi Bay, a long established suburb, has had a more subdued rate of population growth between the 2006 and 2013 censuses...read more.
In seven years between census the population increased 1.3% with medium projections for the greater board area to grow a further 1.5% annually up to 2043, slightly above the Auckland Regional forecast of 1.3%. Mairangi Bay boasts an extremely high level of home ownership with 78% of residents living in the area owning their own home...read more.
Still More Push Than Pull
Tighter credit controls aimed at Auckland residential property investors, the introduction of a brightline test and new regulations aimed at overseas buyers will slow the Auckland housing market in 2016.
However the positive drivers of the market, predominantly, low interest rates, population growth and a regional housing shortage will continue to hold sway resulting in continued value appreciation over the year...read more.
Read the full Marketbeat report online here.