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 North Shore market trends followed those of the wider region quite closely. The median value in the December quarter was marginally down from the September 2015 quarter and now sits at $910,000. Although reasonably flat over the last six months, values have still risen by 13% from the same quarter last year. Sales volumes were also down in the final quarter with 1,083 transactions completed compared with 1,615 a year earlier. While the introduction of new regulations aimed at cooling investor activity imposed by the Reserve Bank of New Zealand (RBNZ) has been a factor in slowing activity, a lack of listings has also played a part. Agency reports confirm that there is still strong interest from buyers in the area however as reported this month by realestate.co.nz the inventory of property for sale is at a record low across the country.
The introduction of new apartment developments to the area along with new projects selling from plans has seen median apartment values rise. The median value rose steadily between late 2010 and mid 2014 but has increased more significantly over the last year to sit at $675,000. The median one year ago was $575,000, equating to an increase of 17%. Apartments and townhouses in the area currently average 33 days on the market before selling...read more.
Spotlight on East Coast Bays
The cluster of small suburbs lining the 9km of north east coast on Auckland’s North Shore have long been desired as an aspirational location to live, given the proximity to beaches and sweeping views of Rangitoto Island in the Hauraki Gulf.
Median sale values for the East Coast Bays grew sharply since the September quarter of 2014 where the median was $770,000 although eased to $975,500 in the final quarter of 2015. This followed a historical peak of $1,065,000 for the three months to September 2015. Although flattening over the past three months; the median for the area still grew 16% compared with twelve months earlier...read more.
Spotlight on Glenfield Area
Located nine kilometres from the CBD the inland part of the North Shore, the greater Glenfield area encompassing Glenfield and surrounding suburbs including; Wairau Valley, Beach Haven and Birkdale; overall experienced some of the highest median value growth in the North Shore over the past year with annual median growth of 23.2% from 2014 to 2015.
In the final quarter of 2015 the median value of $745,000 followed other local trends and eased slightly from September where it stood at $758,000. However when compared with the three months to December 2014 the median increased 18.3% quarter to quarter, up from $630,000 a year ago...read more.
Read the full Marketbeat report online here.