Ponsonby and the surrounding suburbs comprise one of the most affluent areas of Auckland.
The Ponsonby and surrounds (Freemans Bay, St Marys Bay, Herne Bay, Westmere, Pt Chevalier and Grey Lynn) market trends have generally followed those of the wider region over recent months.
The local median reached a new record of $1,477,500 in the December quarter, an increase of $28,373 or 2% compared to the previous quarter. When compared to the same period a year earlier, the rate of appreciation was 11.7% or $155,000. The slowdown in sales activity in the local market also mirrored the wider region, with the number of transactions down 28.1% compared to the last quarter of 2015. Overall however, market conditions in the Ponsonby and surrounds market remain tight as illustrated by the fact that the average days on market figure in the Ponsonby market was down to 37 days from 43 days of the same quarter of 2015.
The breakdown of sales by price brackets reinforces the upscale status of the area. The over $2 million value band alone accounted for nearly 22% of all sales in the year 2016, while almost 70% of all sales were completed at above $1 million. Herne Bay was the suburb which recorded the highest quarterly median price not only for the Ponsonby and surrounds market but for the entire country, with a $2.4 million quarterly median over the last three months...read more.
Further tightening of lending restrictions for investors imposed in late 2016 by the Reserve Bank of New Zealand (The Bank) has resulted in a softening of sales activity across the Auckland region along with a moderation in value gains.
December sales statistics reported by the Real Estate Institute of New Zealand (REINZ) show the volume of sales in December 2016 to have been 1,873 across the region down from 2,225 a year earlier. Compared with the closing three months of 2015 sales activity fell by 25.1% in the final quarter of 2016...read more.
Read the full Marketbeat article here.