NZ Herald QV Property Report - December 2018

Monday, December 3, 2018

PROPERTY REPORT

Property predictions: What to expect in 2019

Are you in the hot zone?

Our suburb price map

Page 17

Page 12-13

Generation real estate

70 years of NZ’s housing market 3

Latest valuations for every Auckland suburb 9-11

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AN A LY S I S

Owen Vaughan

Note from the editor

W

elcome to the last OneRoof Property Report of 2018 and, I am pleased to announce, the first with our new data partner Valocity.

Valocity has provided the latest suburb valuations for all of Auckland and its figures have powered the analysis that will help you make sense of where your own home sits in the housing market. You can browse the estimates value of your property or any property nationwide by visiting oneroof.co.nz/value.

What the figures tells us is that a lot of the dramatic changes that have taken place in New Zealand property scene - KiwiBuild! Foreign buyer ban! Mortgage rate cuts! - have yet to make their mark on the market.

That’s important to note, because what you read in the headlines isn’t always a true picture of what’s going on. That’s no more true than for the topic tackled in our main feature: Which generation of house-buyers has had it hardest?

Every Kiwi has an opinion on this one - but the figures and our research show that, whether you’re spending money on smashed avocado or not, buying a house is hard-going, and that some of the hurdles Kiwis in the past faced were just as daunting as the shrinking affordability millennials face now. Happy reading!

I N SI D E HOME TRUTHS

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D R A MA , B U T N O AC T I O N

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L AT E ST AU C K L A ND S UB U R B VAL U E S

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AU C K L A N D P R I C E MA P

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N O R T H A N D S O U T H I SL A N D M A R KE T A N A LY S I S

1 4 - 15

I N D US T R Y FO R E CA S T

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H E R NE BAY: R I C H P I C K I N G S

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W E L L S F OR D : F R I NG E BEN E F I T S

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WAI H E K E: FA N TA S Y ISL A N D

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Owen Vaughan Jennifer Adams Chris Knox Diana Clement, Catherine Smith and Louise Richardson Photography Ted Baghurst, New Zealand Herald archive, Getty Images Cover photo House at Pupuke Road, Birkenhead, in 1968. Photo / New Zealand Herald Data provided by Valocity

Editor Designer Data visualisation Writers

After the frenzy years, Kiwis adopt a wait-and-see approach

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018 has been investors. the year of the On the other side plateau, as the of the demand market stabilised and equation, activity shifted down a gear levels are still after the mania of being supported 2016/17. by historically low The crash that mortgage rates.

James Wilson many feared was At the upper imminent, given end of the that we are at the end of the market, changes to foreign traditional 10-year cycle, has not buyer legislation may have an eventuated. In fact, most market impact on demand, although levers are still positioned to the natural reduction in support growth, albeit at a net migration over the slower pace. past six months has had a The Coalition Government significantly larger knock-on is one year in and fears that the effect. property market would crumble Many Kiwis still seem to around it have more or less feel that much of the market is abated, although uncertainty unaffordable. “That’s just too around tax does appear to be much to pay for that property” is a common refrain right now. related to caution in the market.

Analysing property market The supply side of the drivers within a supply and equation is still characterised demand framework can help by a shortage of residential us understand what impact the housing stock within main current climate is having on the urban centres (most notable in property market.

Auckland) and a constrained Taxation of residential building sector struggling to property (signalled by the Tax create enough supply to meet Working Group), a Healthy demand levels.

KiwiBuild may begin Homes Guarantee Act and changes to the Tenancy Act to address some of this have led to a “wait and see” imbalance in years to come. vibe within the market. Many However, to date it has property market participants produced very few are opting to hold their current finished homes that positions until any impact weren’t already of legislation and regulatory under changes are market tested.

Loan to value (LVR) ratios have impeded certain types of buyers, notably investors. In the latest iteration of LVR, banks have been required to: • Hold no more than 15 percent of their residential Total sale value mortgage lending to highLVR (less than 20 percent deposit) borrowers who are owner occupiers; and • Hold no more than 5 percent of residential mortgage lending to high-LVR (less than *Figures for the 12 months to August 2018.

35 percent) borrowers who are

$10,271,363,131

For more market analysis go to: oneroof.co.nz

NORTH ISLAND

9%

Change in sale value

57,724

Total sale volume

12.4%

$40,460,534,851

Change in sale volume

Total sale value

construction.

With existing housing stock, sales volumes have dropped significantly from their peaks. However, there appears to have been a rapid return NATIONWIDE to traditional seasonal market conditions, with Total sale value the warmer weather now Change in sale value driving some growth into activity levels Total sale volume again.

Overall, the market is less hot Change in sale volume now than it was two years ago, but it’s still a SOUTH ISLAND long way from running cold, or even lukewarm. A low interest rate environment and Change in sale value constraints in housing supply continue to support value levels Total sale volume and growth.

$50,731,897,982 7.4%

78,959

11.2%

3%

21,235

7.8%

Change in sale volume

● James Wilson is director of valuation innovation at Valocity.

SOLD

SOLD

Westmere 33 Peel Street

Herne Bay 16 Sentinel Road

SOLD

SOLD

Herne Bay (Off Market Sale) 32 Herne Bay Road

Herne Bay (Off Market Sale) 34 Herne Bay Road

CHRIS

BATCHELOR With an extraordinary reputation built on his commitment to getting the job done, Chris has long been a trusted name in Real Estate.

Chris Batchelor 021 217 7026 | chris.batchelor@bayleys.co.nz BAYLEYS REAL ESTATE LTD, PONSONBY, LICENSED UNDER THE REA ACT 2008

A LT O G E T H E R B E T T E R

Re s i d e n t i a l / Co m m e rc i a l / R u ra l / P rop e r t y S e r v i ce s

PROPERTY REPORT OneRoof.co.nz | December 3, 2018

C OV ER S TO R Y

HOME TRUTHS

Boomers think millennials are wasting their money on smashed avocado on toast. Millennials argue that barriers to buying a house have never been higher. Who’s right? DIANA CLEMENT investigates.

1940s

T 1950s

he baby boomer generation had it easy. Or did they?

Ask parents if their children will be able to buy a home and the answer is often “no”. Is that badmouthing baby boomers narrative that Kiwis buy into a reality?

The argument that first homes are impossible to buy in New Zealand isn’t borne out by the facts. First-home buyers are finding their way into the market in decent sized numbers. James Wilson, director of valuation innovation at property analysts Valocity, points out that 26 percent of buyers taking out mortgages in Auckland are first-time buyers.

Nationwide it’s 28 percent.

At the same time 11 percent of Auckland homes are still classed as “affordable” - priced below $600,000. For the entire country that figure is 45 percent.

Yet the experts OneRoof.co.nz contacted are all in agreement that it’s harder to buy now than in previous decades. Economist

“There is definitely wide support for the narrative that it will be impossible [to buy a house]. That is somewhat scary if it becomes self-fulfilling and they give up on the goal.”

– James Wilson, Valocity director of valuation innovation Shamubeel Eaqub, who wrote Generation Rent, says that in the future it may be only the children of home owners who will be able to buy.

In 2016, the Reserve Bank of New Zealand noted that overall house prices had tripled since 1994. Another indication of how hard it is to buy is the housing affordability index, the multiple of household income required to buy a home. For decades that multiple sat between two and three times salary, but is now more than six times income nationwide.

Back in my day Today’s buyers don’t necessarily understand just how hard it was for former generations. When mortgage broker Stuart Wills bought his first home in 1990 the mortgage payments on his first and

1960s

second mortgages combined were greater than his entire take home pay. His food and living expenses came solely from his flatmates’ rent. Many would say that story tells it all.

Yet comparing the 1970s, 1980s and early 1990s with interest rates that topped 20 percent at times isn’t a fair comparison, says Eaqub.

A better measure of how much harder it is to buy now, he says, is falling home ownership rates across all age groups. “That’s the main measure that matters, everything else is noise,” he says.

Professor Robert Hargreaves, Emeritus Professor in Property Studies at Massey University, agrees about following the falling home-ownership rates, which he expects to see drop further in the latest Census data

when released. Yet whilst home ownership rates are falling, they are still higher now than they were in the 1940s, when another generation was renting.

The high interest rates that boomers often complain about were a double edged sword.

Although mortgage payments were eye-wateringly high thanks to the interest rates in the 1970s, 1980s and 1990s, inflation ate away at the debt, making repayments affordable relatively quickly.

“Rampant inflation effectively saw the mortgage debt wither away rapidly in real terms before normal interest rates returned, but more importantly, the house surged in value,” says property investor Sir Robert Jones.

Gareth Kiernan, economist at data analysts Infometrics, agrees.

“It was still darned hard for the baby boomers to get into the market. The house price to income multiples weren’t bad [but] there was interest rates

1970s

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OneRoof.co.nz PROPERTY REPORT

and credit rationing alongside that which made it very difficult for the first couple of years.

Because you had very strong wage growth your total amount of debt shrank,” he says.

Credit rationing meant that unlike today, where if you tick the boxes you get a mortgage, you had to go cap in hand to the bank. If you were a woman, for example, and didn’t know anyone you could forget it.

The real questions of then versus now, says Eaqub, are: “how easy it is to save the deposit?” and “how long does it take to pay the loan off?”. In both cases current first-home buyers are considerably worse off.

Help at hand Whilst interest rates are cheaper now than they’ve been for decades, they are higher than buyers paid from 1935 until well into the 1950s. First mortgages for either all or some of the value of the house could be sourced from the Mortgage Corporation of New Zealand and subsequently the State Advances Corporations.

The catch was that many buyers like Stuart Wills had to go looking for second mortgages at higher rates in order to buy their home.

What’s more, says Sir Robert, today’s low interest rates are not the benefit they appear. “That’s illusionary as in turn they’re partly responsible for driving house prices up,” he says.

Today’s buyers have KiwiSaver, which can provide a good chunk of the deposit.

Earlier generations had other schemes to help them onto the housing ladder. In July 1957 the Government announced the commencement of a home lay-by scheme through the Post Office Savings Bank and trustee and private savings banks.

The Family Benefits (Home Ownership) acts in 1958 and 1964, allowed a benefit paid to parents to be capitalised up to £1,000 (more than $45,000 in today’s money) and used

benefit capitalisation in an era when couples usually married, bought a house, then had children. What’s more economic historians have noted that people of limited financial experience with no savings behind them were entering into large commitments that some couldn’t handle.

By the end of the 1970s when the boomers started to buy, mortgage interest rates had gone sky high. Floating rates hit 10 percent in January 1976 and at the same time real house prices were falling, pushing repayments out of poten al buyers’ reach. each many potential Banks would only lend the first mortgage if your

1980s

C OV ER S TO R Y

Leaky homes devastate owners of new homes; thrown up big apartment blocks and terrace houses create bad press for density; GFC decimates volume of new builds – not keeping up with population growth sows the seeds of today’s housing shortage

“It was still darned hard for oomers to get the baby boomers arket. Interest rates into the market. ationing made and credit rationing ult for the first it very difficult couple of years.”

Auckland house prices soar to new heights, – Gareth Kiernan, iernan, prompting questions around affordability, while Informetrics developers and authorities champion mastereconomist

planned communities around transit hubs.

m for a as a lump sum deposit on a home. This wasn’t n the way the free money in KiwiSaver HomeStart grant is iv thei because they didn’t receive their benefit, having taken it up front.

In the mid-1980s the Mortgage Guarantee Scheme for housing provided a guarantee for home buyers by the Housing Corporation in a similar way to the Welcome Home Loans currently. In 1986 2774 home loans were guaranteed.

“HomeStart” assistance was available to low and middleincome buyers over the age of 26. They received a 3 percent loan with no repayments for five years.

It has always been hard James Wilson sits in the harder to buy a home camp as well.

The big BUT, however, is that it has always been hard to buy a home and required sacrifices to save for the deposit, he says.

That’s not something that young people want to hear.

Comparing earlier decades isn’t like for like. Barriers to entry to the property market have morphed over the generations. Previous generations had impediments that the current generation can’t imagine.

Buyers in the 1940s had to deal with a drop in house building thanks to materials shortages and the builders being away at war. Up until the 1990s it was very common to need second or even third mortgages to buy at high interest rates.

Whilst families got a leg-up by capitalising their family benefits from 1959, single and/or childless buyers did not benefit from the family

2010s

80s

Falling for the myth One of the big barriers today, Wilson says, is psychology.

“There is definitely wide support for the narrative that it will be impossible,” he says.

“That is somewhat scary if it becomes self-fulfilling and they give up on the goal,” he says.

Another psychological issue facing the current generation of buyers, says Wilson, is that the numbers sound insurmountable. Even though their salaries are larger than previous generations, a $100,000-plus deposit seems impossible to some first home buyers, says Wilson.

The growing size of the Kiwi home is part of the picture. The median building floor area sat at 110m2 in 1940,

2000s

90s Ballooning interest rates and rising inflation change home ownership into a capital gains game.

income was high enough to meet repayments. By January 1980 interest rates were at 12.98 percent and broke the 20 percent barrier in February 1986.

Single women, for example, often found it impossible to buy because the banks would only lend to men or couples.

Market rentals for state houses began the toughening of social housing availability; loosening of building regs sets the scene for leaky homes crisis.

70s Lending extended beyond building new houses in new suburbs to renovating older houses, prompting a revival of villas and bungalows in inner-city suburbs.

60s Suburban sprawl and shopping malls stretch the big city boundaries as motorways and private cars dominate transport.

40s

50s New suburbs start to burgeon; state house tenants can buy their homes and state loans mean housing for all.

Home ownership slumps below 60% due to massive post-war shortage of builders and building materials.

PROPERTY REPORT OneRoof.co.nz | December 3, 2018

and kept rising until 2011 when it hit 200 square metres, says Nick Goodall, head of research at CoreLogic NZ. Since then it has been fallen to 175sq m this year, driven by the move to apartments and mediumdensity housing.

Professor Hargreaves says comparing a 110 square metre house on a bare section from the 1970s with the current new house, which may be 250 square metre, with more elaborate features such as internal garaging, ensuite bathrooms and serious insulation is not comparing like for like.

Other factors making home ownership in the current ow market more difficult, says ma Hargreaves, include the lack Ha of time to do DIY, competition from property investors, fewer homes being built, people ho marrying and having children ma later, late and changing attitudes about housing with young ab Kiwis putting more emphasis on Ki travel. trav Wilson says the first-home buyer statistics show there are bu ways wa to buy. Buyers need to think thin differently and not expect to live in the style of property they were raised in.

“There is an expectation

1990s

Photo / Martin Sykes

where they will look to enter a market,” he says.

“We need to focus on where first-home buyers could look to buy, not on the medians.”

That is actual entry level options such as flats and townhouses and less desirable suburbs and areas, he says.

“It is a matter of managing expectations. That forms part of the bigger picture of how do we refocus the market

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2000s

Photo / Sarah Ivey

participants with the housing stock available.”

2010s

It’s harder now, but …

Not everyone wants to accept that it was hard for their parents to buy their first home or buy the smashed avo generation’s narrative that it’s impossible these days.

Generation warfare is rife with both sides playing the blame game. When BNZ

Our house

70 years of NZ property market 7 2018

$663,688

5.85%

$100,892

64.8%

2.66 people

175sqm

2008

$403,258

10.39%

$76,973

65.85%

2.71 people

197sqm

1998

$181,194

8.24%

$49,093

69.25%

2.72 people

157sqm

1988

$99,696

15.5%

$34,465

73.75%

2.84 people

127sqm

1978

$29,698

11.66%

$8204.14

70.4%

3.11 people

114sqm

1968

$10015

6.76%

$2989.05

68.55%

3.45 people

110sqm

1958

$6770

5.24%

$1905.92

67.65%

3.57 people

110sqm

£3540

3.90%

£971.17

59.15%

3.7 people

110sqm

HOUSEHOLD SIZE

AVERAGE HOUSE SIZE

1948

NATIONAL AVERAGE HOUSE PRICE

INTEREST RATE

ANNUAL HOUSEHOLD % OF POPULATION INCOME THAT OWNED A HOUSE

economist Tony Alexander dared say the boomers shouldn’t be blamed for high house prices, social media exploded.

He argued that young people of today weren’t willing to buy a run-down house in a bad area and do it up as their parents had, spending their money in cafes instead.

Many would argue that KiwiSaver makes it easier with couples qualifying for up to $20,000 free money per couple from the KiwiSaver HomeStart grant plus employer contributions and the government’s member tax credits all being available for first home purchases.

Young Kiwis have access to a lower rung of the housing market than their parents and grandparents: apartments, although banks usually charge a higher loan to value ratio, meaning the deposit is proportionally larger than for other types of property.

Although he doesn’t think it’s harder to buy a home now, Sir Robert believes we should reintroduce a scheme similar to the Family Benefit capitalisation.

As well as the vastly different expectations for first homes, he points out that many nonhousing expenditures that were once not part of Kiwis’

budgets we now consider essential. “Sixty years ago very few people had a car let alone a television, cell-phone, extensive wardrobe and so on. Life was more Spartan and over and above the basics such as food, incomes could focus on gaining a house deposit and at least in the initial years, paying down a mortgage.”

Whatever you think about the smashed avocado argument that young people aren’t willing to stop spending, the reality is there are so many more temptations to spend your money on in 2018, which does make it harder to save unless you have an iron will. Some first home buyers do manage to make those sacrifices and build up the savings needed for a first home.

Our changing lifestyles have positive implications for homeownership, says Wilson.

Back in the 1960s and 1970s workers were much more likely to live near their place of work. They couldn’t move to Rotorua or Invercargill and work remotely on the Internet.

Now some can do just that, says Wilson. First-home buyers whose jobs allow such as teachers, doctors, police officers, lawyers, public servants and many others can work where house prices are cheaper.

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OneRoof.co.nz PROPERTY REPORT

M A R K E T WAT CH

A YEAR OF DRAMA

For many suburbs in the city, property values barely moved at all. The big changes in the market have yet to play out in the figures.

A

uckland’s property market barely shifted in 2018, but behind the scenes there was a lot going on that could have an impact on future values: a foreign buyer ban, changes to the bright-line test, KiwiBuild and lots of talk about a capital gains tax and property market crashes.

But you wouldn’t see that in the figures for Auckland.

For many suburbs in the city, where they are now is where they were 12 months ago - give or take a percentage point or two - in median value.

Much of the growth in 2018 has been centred in and around fringe suburbs, such as Wellsford or Pukekohe, where there are more affordable properties, or in areas where there has been a significant amount of new build activity.

The dramatic surges that typified the city’s market during the boom years have given way to softer conditions, characterised by plateauing levels of house price inflation and subdued activity.

The median value for all properties in the region currently sits at $821,000, less than one percent up on the same period last year. Of the city’s territorial authorities, only Papakura and Auckland City experienced annual growth of above one percent.

For each property type - apartments, houses and lifestyle property - values have

either stalled or slipped in value. The median sales price for Auckland apartments has stalled in the last 12 months and now sits at $631,500 (up slightly from $630,000 last year) while houses dropped 2.79 percent to $890,000 and lifestyle properties 2.33 percent to $1,318,000 Overall sales volumes dropped four percent on the same period last year.

While the total dollar value

affordability still remains an issue. Supply is also an issue, and although KiwiBuild is up and running, it will be some time before it has an impact on the Auckland market.

Changes aimed at property investors - the extension to the bright-line test and new regulations governing rental properties - haven’t resulted in their exodus or brought a flood of new stock to the market, although it may it

“Much of the growth in 2018 has been in fringe suburbs, where there are more affordable properties.” of all properties sold in the 12 months to August 2018 looks impressive - $21,248,538,151 - it is down 13 percent on the same period the year before.

Who’s buying has also changed. Investors’ (three properties or more) share of new mortgage registrations in the city dropped from 17.8 percent in 2017 to 17.2 percent now. First-home buyers appear to be filling this void with their share of new mortgage registrations rising from 24.8 percent to 26.4 percent.

What does this mean for the city’s property market in 2019?

Interest rates are low and are unlikely to increase in the next 12 months - in fact, they may even fall back a point or two. That will be a boost to buyer confidence, even if

make harder for renters to find a property.

The overseas buyer ban, enacted in October, has yet to have a material effect on the market. Next year’s figures will show just how much of impact foreigners have had in Auckland, but until then, it’s wait and see.

The same applies to the nervousness on display in Australia. Talk of crash there has naturally led to talk of a crash in Auckland, but the market dynamics at play in Sydney and Melbourne are quite different to those in Auckland. New Zealand’s economy would have to suffer a cataclysmic event for house prices in Auckland to suddenly drop 30 percent - and the data suggest that’s not on the cards.

10 SUBURBS THAT HAVE SEEN THE BIGGEST LEAP IN MEDIAN VALUES IN THREE MONTHS TO NOVEMBER 1, 2018 1 Kumeu RODNEY $1,631,000 8.4% 31 2 Mangere MANUKAU $673,000 4.5% 103 Epsom

AUCKLAND CITY

$1,804,000

4.3%

HIG PR HEST I MOCE IN SALE AU NTHS 12 GU TO ST 2 01 8

CUTTING THROUGH THE PROPERTY NOISE TOT OF AL NU MOSALES MBE R AU NTHS IN 12 GU TO ST 2 018

QU % CARTER HA NG E

ME VALDIAN NO UE AS$ 201VEMB OF 8 ER 1 ,

RAT AU ING THO RIT

SUB

RAN K

UR

B

Y

Risers and Fallers

3

BUT NO ACTION

$3,200,000 $950,000

182

$9,800,000

4 Karaka PAPAKURA $1,203,000 4.0% 84 5 Clover Park MANUKAU $657,000 4.0% 47 6 Clendon Park MANUKAU $550,000 3.6% 98 7 Albany Heights NORTH SHORE $1,115,000 3.4% 36 8 Pinehill NORTH SHORE $1,405,500 3.2% 43 9 Bucklands Beach MANUKAU $1,226,000 3.1% 89 10 Oneroa AUCKLAND CITY $1,226,000 2.9% 56 10 SUBURBS THAT HAVE SEEN THE BIGGEST FALL IN MEDIAN VALUES IN THREE MONTHS TO NOVEMBER 1, 2018 1 Newmarket AUCKLAND CITY $619,000 -14.3% 49 2 Northcote Point NORTH SHORE $1,263,000 -6.7% 38 3 Bayswater NORTH SHORE $1,159,500 -4.9% 41 4 Morningside AUCKLAND CITY $1,110,500 -4.3% 46 5 Mount Albert AUCKLAND CITY $1,083,000 -4.1% 179 6 Onehunga AUCKLAND CITY $894,500 -4.0% 167 7 Hauraki NORTH SHORE $1,317,000 -3.9% 70 8 Takapuna NORTH SHORE $1,332,000 -3.8% 111 9 Westmere AUCKLAND CITY $1,799,500 -3.6% 59 10 Mairangi Bay NORTH SHORE $1,487,000 -3.5% 70

$7,888,000 $1,350,000 $940,000 $3,550,000 $2,500,000 $5,050,000 $6,500,000 $2,100,000 $3,500,000 $7,500,000 $2,255,000 $2,675,000 $3,100,000 $5,735,000 $8,000,000 $4,198,000 $4,250,000

There’s always a lot of noise Australian housing markets around property in Auckland may look the same, they are – so it’s imperative buyers in fact quite different. For and sellers don’t get caught instance, we’ve had LVR in the hype. Yes, there are restrictions in place for five low rates and it’s the season years now, which means for a lot of activity, but buyers the proportion of customers should take their time. At the who are borrowing more than moment market conditions Logan Munro, 80 percent of the value of their favour them more than sellers.

BNZ home is much lower than in Currently, what we’re seeing some Australian centres. are unique interest rate conditions, Banks are getting more comfortable driven by a combination of sustained with the apartment market as New low inflation, the effectiveness of the Zealanders get more comfortable with Reserve Bank’s loan to value ratio (LVR) that style of housing. New apartment rules and recent cooling in the New builds tend to be larger and good Zealand housing market. Fixed-term quality, and apartments are a big part home loans at historically low rates are of growing the housing options in big providing buyers with more certainty. centres. We’re seeing more being built Other markets outside of New and as people get used to the idea of Zealand, such as Australia, are facing apartment living, I expect there will be challenges, so it’s natural for buyers to more lending to people keen to buy ask if the same dramatic price drops can those properties. happen here. ● Logan Munro is BNZ’s General Although the New Zealand and Manager, Retail Network

PROPERTY REPORT OneRoof.co.nz | December 3, 2018

7

* Figures for 12 months to August 2018

AUCKLAND

*$21,248,538,151 Total sale value

13.9%

Change in sale value

21,199

Total sale volume

12.1%

Change in sale volume

10 SUBURBS WITH THE LOWEST MEDIAN VALUES 1 Orere Point MANUKAU 2 Auckland Central AUCKLAND – CITY

HIG PR HEST I MOCE IN SALE AU NTHS 12 GU TO ST 2 01 8

TOT OF AL NU MOSALES MBE R AU NTHS IN 12 GU TO ST 2 018

QU % CARTER HA NG E

ME VALDIAN NO UE AS$ 201VEMB OF 8 ER 1

RAT AU ING THO RIT

SUB

RAN K

UR

B

Y

,

Least / most expensive $416,000 $445,000

-10.0% 0.7%

10 1,055

$670,000 $4,900,000

AUCKLAND – CITY

$462,000

-1.3%

116

$2,400,000

4 Manukau MANUKAU 5 Pakiri RODNEY 6 Clendon Park MANUKAU 7 Wiri MANUKAU 8 Wellsford RODNEY 9 Port Albert RODNEY 10 Awhitu FRANKLIN 10 SUBURBS WITH THE HIGHEST MEDIAN VALUES 1 Whitford MANUKAU 2 Herne Bay AUCKLAND – CITY 3 Coatesville RODNEY 4 Saint Marys Bay AUCKLAND – CITY 5 Taupaki RODNEY 6 Shamrock Park MANUKAU 7 Dairy Flat RODNEY 8 Campbells Bay NORTH SHORE 9 Totara Park MANUKAU 10 Redvale RODNEY

$480,000 $536,000 $550,000 $550,000 $553,000 $555,000 $556,000

0.6% -4.5% 3.6% -0.5% -2.6% 0.1% 2.5%

30 1 98 7 49 4 8

$1,007,000 $730,000 $940,000 $866,000 $1,080,000 $665,000 $1,330,000

$2,972,000 $2,469,000 $2,463,000 $2,212,000 $2,129,000 $1,934,000 $1,924,000 $1,888,000 $1,873,000 $1,862,500

4.7% 1.8% 0.9% 6.6% -10.5% 1.6% 15.5% 3.5% -1.5% -5.3%

16 63 20 25 13 10 32 32 6 5

$5,705,000 $27,500,000 $5,650,000 $6,900,000 $2,450,000 $2,200,000 $4,100,000 $3,900,000 $2,900,000 $4,000,000

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Grafton

Photo / Doug Sherring

How does your suburb’s value compare to the rest of New Zealand? Scan the QR code to go straight to OneRoof’s interactive or visit OneRoof. co.nz/propertyreport.

PROPERTY REPORT OneRoof.co.nz | December 3, 2018

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M A R K E T WAT CH

The latest Auckland suburb values

0.70% 0.40% 1.90% -0.40% -1.60% 4.30% -0.30% 0.70% -2.60% -1.30% -0.80% -3.10% 1.80% 0.70% -4.10% 1.30% -0.30% 1.90% -2.40% -4.30% -4.10% 1.80% -0.50% -2.30% 0.70% -14.30% -1.60% 0.30% -4.00% 2.90% -0.70% -0.20% -1.80% -0.80% 1.00% -2.00% -0.10% -4.40% -3.30% 0.30% -1.60% 1.40% -0.40% 1.20% 1.80% 6.60% -0.40% -0.10% -2.00% -2.70% -0.40% -3.60% 3.80% 2.90%

$861,500 $902,000 $725,500 $749,000 $883,000 $781,000 $893,500 $1,108,000 $928,000 $713,500 $816,000 $754,000 $821,000 $734,000 $752,000 $962,000 $850,500 $1,036,000 $685,000 $722,000 $852,000 $955,000 $817,000 $890,000 $846,000 $1,186,500 $998,000 $862,000 $1,030,000

$840,000 $888,000 $715,000 $749,000 $880,000 $778,000 $887,500 $1,078,000 $936,000 $732,500 $789,000 $736,000 $833,000 $744,000 $760,000 $997,000 $861,000 $943,000 $692,000 $730,000 $855,000 $947,000 $804,000 $893,000 $854,000 $1,296,000 $1,005,000 $852,000 $1,014,000

2.60% 1.60% 1.50% 0.30% 0.40% 0.70% 2.80% -0.90% -2.60% 3.40% 2.40% -1.40% -1.30% -1.10% -3.50% -1.20% 9.90% -1.00% -1.10% -0.40% 0.80% 1.60% -0.30% -0.90% -8.40% -0.70% 1.20% 1.60%

$430,000 $832,000 $966,000 $601,000 $1,005,000 $1,713,000 $1,038,000 $908,000 $1,627,000 $441,000 $1,312,500 $1,403,000 $2,330,000 $1,100,500 $1,215,000 $1,570,000 $975,000 $1,335,000 $1,532,000 $1,117,000 $1,036,000 $1,428,500 $941,000 $778,000 $1,000,000 $710,000 $842,000 $1,005,000 $904,000 $1,169,000 $950,000 $1,609,000 $870,000 $637,000 $1,245,000 $795,000 $1,267,000 $901,000 $1,422,000 $838,000 $1,736,000 $1,766,000 $1,135,000 $1,617,500 $1,178,500 $2,156,000 $1,090,000 $1,353,000 $861,000 $939,000 $876,000 $1,808,500 $1,460,000 $1,155,000

$897,000 $729,000 $756,000 $878,000 $779,000 $968,000 $1,160,000 $963,000 $712,000 $796,500 $753,000 $806,000 $738,000 $754,000 $1,001,500 $782,000 $908,000 $672,000 $719,000 $859,000 $927,000 $809,000 $901,000 $914,000 $1,045,000 $984,000 $814,000 $996,500

ME ONDIAN 1, 2NOVE$ VAL 016 MB UE ER

We’ve also provided the total number of sales for each suburb and the highest sale price (to August 2018).

Together, these figures will give you a comprehensive picture of the property market in your own suburb – and the rest of Auckland.

22.60% 7.40% 6.90% 24.20% 14.60% 13.20% 15.60% 16.90% 12.00% 30.40% 11.00% 9.90% 18.00% 12.50% 10.50% 18.40% 8.70% 11.90% 14.00% 15.70% 12.10% 11.30% 7.10% 7.90% 5.80% -4.90% 14.70% 13.30% 7.50% 30.90% 32.20% 16.00% 19.70% 9.20% 20.50% 6.20% 16.90% 9.20% 13.60% 20.10% 13.50% 12.60% 16.30% 13.00% 14.30% 15.40% 14.00% 10.60% 29.20% 14.90% 4.20% 14.50% 38.20% 25.10%

830 179 113 85 94 140 66 44 80 90 60 121 45 65 22 59 35 56 36 42 160 198 217 253 45 42 7 52 172 36 17 52 29 85 10 51 95 5 86 21 57 282 57 149 56 13 113 72 32 33 37 43 9 32

$4,900,000 $1,375,000 $1,570,000 $3,175,000 $2,175,000 $9,800,000 $11,150,000 $1,810,000 $6,820,000 $2,400,000 $6,200,000 $4,500,000 $27,500,000 $2,350,000 $1,770,000 $5,150,000 $1,441,000 $2,306,000 $6,600,000 $2,255,000 $2,675,000 $5,200,000 $1,750,000 $3,740,000 $1,500,000 $2,100,000 $1,200,000 $1,900,000 $3,100,000 $6,500,000 $3,500,000 $5,930,000 $1,925,000 $1,200,000 $7,500,000 $1,685,000 $9,200,000 $1,520,000 $5,400,000 $1,435,000 $4,510,000 $14,000,000 $2,160,000 $13,300,000 $2,550,000 $6,900,000 $4,000,000 $1,830,000 $2,075,000 $1,745,000 $1,650,000 $4,198,000 $5,559,474 $2,800,000

0.60% -0.50% -0.90% 0.60% 0.30% -7.70% -4.50% -3.60% 0.20% 2.40% 0.10% 1.90% -0.50% -0.30% -3.90% 8.80% 14.10% 1.90% 0.40% -0.80% 3.00% 1.00% -1.20% -7.40% 13.50% 1.40% 5.90% 3.40%

$705,000 $858,000 $726,000 $762,000 $908,000 $780,000 $950,000 $1,114,000 $985,500 $695,000 $560,000 $770,000 $792,000 $741,000 $759,000 $922,000 $765,000 $816,000 $692,000 $732,000 $860,000 $965,500 $865,000 $941,000 $864,000 $1,177,000 $1,014,000 $863,000 $1,029,500

22.20% 5.10% -0.10% -1.70% -2.80% 0.10% -5.90% -0.50% -5.80% 2.70% 45.70% -2.10% 3.70% -0.90% -0.90% 4.30% 11.20% 27.00% -1.00% -1.40% -0.90% -1.10% -5.50% -5.40% -2.10% 0.80% -1.60% -0.10% 0.00%

$758,000 $756,000 $666,000 $690,000 $816,000 $710,000 $827,500 $1,010,000 $900,000 $602,500 $654,000 $676,000 $677,500 $675,000 $691,000 $910,000 $697,000 $803,000 $605,000 $656,000 $757,000 $857,000 $741,000 $810,000 $824,000 $875,000 $940,000 $787,000 $935,000

14.70% 17.00% 8.20% 7.70% 7.40% 9.10% 6.90% 8.80% 2.80% 16.00% 28.90% 10.10% 18.10% 8.00% 8.00% 5.60% 20.10% 28.60% 11.60% 9.00% 11.00% 10.20% 8.80% 8.50% 2.50% 26.50% 5.70% 8.70% 9.20%

1 1 266 80 35 432 40 3 280 8 4 41 27 329 210 23 6 16 150 77 92 166 186 147 13 22 109 21 63

$950,000 $860,000 $2,000,000 $1,115,000 $1,490,000 $2,020,000 $1,728,000 $1,300,000 $1,950,000 $1,750,000 $990,000 $1,173,288 $1,260,000 $2,525,000 $1,450,000 $2,390,000 $1,488,000 $1,620,000 $2,000,000 $1,800,000 $1,850,000 $1,650,000 $1,380,000 $2,450,000 $1,830,000 $1,650,000 $2,365,000 $1,290,000 $3,500,000

-3.70% -12.80% -8.60% 5.00% -1.10% 4.90% 6.70% 0.80% -2.60% -0.20% -1.80% 1.00% 2.40% 1.80% 0.80% 14.10% 1.50%

HIG PRI HEST MOCE IN SALE AU NTHS 12 GU TO ST 2 018

$352,000 $755,000 $897,000 $478,000 $866,000 $1,563,000 $989,500 $850,000 $1,424,500 $343,000 $1,195,000 $1,298,000 $2,043,000 $945,000 $1,078,000 $1,305,000 $870,500 $1,206,000 $1,289,500 $940,000 $957,500 $1,305,000 $869,000 $717,000 $905,000 $658,000 $660,000 $920,000 $824,000 $907,000 $746,000 $1,370,500 $692,500 $577,000 $989,000 $753,000 $1,083,000 $830,500 $1,237,000 $779,000 $1,535,000 $1,545,000 $962,000 $1,405,000 $1,019,500 $1,886,500 $1,000,500 $1,229,000 $689,500 $849,000 $836,000 $1,555,000 $1,184,500 $1,003,000

TOT OF AL NU MOSALES MBE R AU NTHS IN 12 GU TO ST 2 018

8.00% -2.90% -1.00% 10.50% 2.20% -1.20% 11.70% 9.40% 3.80% 18.20% 1.00% 0.10% 4.10% -1.60% 1.30% 2.70% -2.80% 0.70% -1.00% 2.40% 4.70% -0.10% -2.60% 0.60% -3.70% -21.70% 2.70% 4.00% -5.30% 18.60% 21.70% 2.90% 8.20% -1.10% 7.30% -1.20% 2.50% -2.60% -0.60% 8.50% 4.80% 0.70% 4.70% 3.00% -2.80% 4.60% 3.80% 2.50% 18.70% 4.50% -2.00% 6.50% 27.50% 13.40%

3.50% -1.80% -0.20% 1.80% 0.50% 5.30% 10.80% 10.70% -1.00% 4.80% 2.20% 2.60% 6.00% -1.60% -1.00% 1.30% -1.90% 2.50% -1.90% -0.60% 4.50% 3.00% -0.40%

2-Y CH EAR % AN GE

0.40% -0.60% 1.40% 2.60% 6.10% 1.30% 6.30% 5.50% -0.30% -0.50% 15.90% 11.50%

$412,000 $841,000 $973,500 $554,000 $988,000 $1,825,000 $1,030,000 $918,500 $1,552,000 $391,000 $1,328,000 $1,438,500 $2,371,000 $1,101,000 $1,188,000 $1,548,000 $984,000 $1,358,000 $1,517,000 $1,085,000 $1,034,000 $1,474,000 $962,000 $773,000 $1,000,000 $791,000 $750,000 $1,015,000 $945,000 $1,034,000 $833,000 $1,576,000 $782,500 $643,000 $1,140,000 $813,000 $1,265,000 $942,000 $1,442,000 $881,000 $1,680,500 $1,754,000 $1,088,000 $1,561,000 $1,229,000 $2,115,000 $1,114,500 $1,336,000 $771,000 $947,500 $891,000 $1,690,000 $1,327,000 $1,135,500

12 CH MON AN TH GE %

THR CH EE-YE AN AR GE %

$442,000 $814,000 $946,000 $614,500 $1,026,000 $1,729,000 $1,153,000 $998,000 $1,654,000 $468,000 $1,352,000 $1,486,000 $2,425,000 $1,076,000 $1,255,000 $1,569,000 $959,000 $1,343,000 $1,539,000 $1,160,000 $1,129,000 $1,446,000 $942,000 $796,000 $956,000 $722,000 $782,500 $1,052,000 $932,000 $1,191,000 $1,021,000 $1,625,000 $862,500 $641,000 $1,211,000 $819,000 $1,298,000 $960,000 $1,482,000 $953,000 $1,791,000 $1,741,000 $1,143,500 $1,589,000 $1,174,000 $2,076,000 $1,162,000 $1,371,500 $934,000 $1,018,500 $877,000 $1,867,000 $1,630,000 $1,251,500

allow you to track how well a suburb is performing, by tracking the changes in value over the last quarter, as well as over the last three years. These figures are a good indication of demand for property in the suburb and whether it is a good place in which to invest.

ME ONDIAN 1, 2NOVE$ VAL 015 MB UE ER

$445,000 $817,000 $964,000 $612,000 $1,010,000 $1,804,000 $1,150,000 $1,005,000 $1,611,500 $462,000 $1,341,500 $1,440,000 $2,469,000 $1,083,000 $1,203,000 $1,590,000 $956,000 $1,368,000 $1,502,500 $1,110,500 $1,083,000 $1,472,000 $937,000 $778,000 $963,000 $619,000 $770,000 $1,055,500 $894,500 $1,226,000 $1,014,000 $1,622,000 $847,000 $636,000 $1,223,000 $803,000 $1,297,000 $917,500 $1,433,000 $956,000 $1,762,000 $1,766,000 $1,139,000 $1,608,000 $1,195,000 $2,212,000 $1,157,000 $1,370,000 $915,000 $990,500 $873,500 $1,799,500 $1,692,000 $1,288,000

What the tables tell you The tables show the latest median value for every suburb in the Greater Auckland area. The median value gives an indication of what buyers could typically expect to pay for a property in a suburb. The tables also

ME ONDIAN 1, 2NOVE$ VAL 017 MB UE ER

QU CH ARTER AN % GE

ME VALDIAN NO UE AS$ 201VEMB OF 8 ER 1 ,

GR AUEATER SUBCKLAN UR D B AUCKLAND CITY AUCKLAND CENTRAL AVONDALE BLOCKHOUSE BAY EDEN TERRACE ELLERSLIE EPSOM FREEMANS BAY GLEN INNES GLENDOWIE GRAFTON GREENLANE GREY LYNN HERNE BAY HILLSBOROUGH KINGSLAND KOHIMARAMA LYNFIELD MEADOWBANK MISSION BAY MORNINGSIDE MOUNT ALBERT MOUNT EDEN MOUNT ROSKILL MOUNT WELLINGTON NEW WINDSOR NEWMARKET OMIHA ONE TREE HILL ONEHUNGA ONEROA ONETANGI ORAKEI OSTEND OTAHUHU PALM BEACH PANMURE PARNELL PENROSE POINT CHEVALIER POINT ENGLAND PONSONBY REMUERA ROYAL OAK SAINT HELIERS SAINT JOHNS SAINT MARYS BAY SANDRINGHAM STONEFIELDS SURFDALE THREE KINGS WATERVIEW WESTMERE WAIHEKE ISLAND WAIOTAIKI BAY WAITAKERE BETHELLS BEACH CORNWALLIS GLEN EDEN GLENDENE GREEN BAY HENDERSON HENDERSON VALLEY HERALD ISLAND HOBSONVILLE HUIA KAREKARE KELSTON LAINGHOLM MASSEY NEW LYNN ORATIA PARAU PIHA RANUI SUNNYVALE SWANSON TE ATATU PENINSULA TE ATATU SOUTH TITIRANGI WAIATARUA WAITAKERE WEST HARBOUR WESTGATE WHENUAPAI

Zealand suburb). The AVM takes into account recorded property attributes and historical market property sales data to estimate the value of every residential property in a suburb. The model is intended to provide an estimate of value at the date it was run.

ME ONDIAN 201AUGU$ VAL 8 ST 1 UE ,

T

he OneRoof Property Report suburb valuation tables, powered by Valocity, use an automated valuation model (AVM) to provide the latest values for every suburb in the Greater Auckland area, (visit OneRoof.co.nz to see the latest values for every New

153 33 39 110 154 42 117 104 143 24 36 29 86 24 97 202 101 64 129 38 9 62 106 42 26 77 32 34 6 91 8 38 4 41 34 24 41 102 184 84 62 22 1 9

$3,828,000 $3,550,000 $7,500,000 $1,780,000 $1,975,000 $3,080,000 $1,105,000 $4,100,000 $3,150,000 $3,900,000 $3,200,000 $2,400,000 $4,300,000 $2,170,000 $1,861,000 $1,552,000 $3,980,000 $5,735,000 $1,630,000 $2,900,000 $3,100,000 $4,250,000 $4,275,000 $3,408,880 $5,000,000 $2,688,000 $3,500,000 $2,165,000 $3,650,000 $4,220,000 $2,565,000 $2,500,000 $1,790,000 $3,770,000 $1,750,000 $4,150,000 $1,398,500 $8,000,000 $2,450,000 $1,225,000 $1,595,000 $4,070,000 $718,000 $1,625,000

$1,634,000 $1,218,000

5.00% -3.90%

$1,615,000 $1,085,000

6.30% 7.90%

21.10% 22.20%

$1,217,000 $552,000 $1,436,000 $623,000 $1,218,000 $1,371,000 $993,000 $1,264,000 $1,568,000 $1,311,000 $675,000 $1,075,500 $1,137,000 $870,000 $1,134,000 $976,000 $951,000 $1,099,000 $847,000 $648,000 $918,000 $657,000 $493,000 $619,000 $1,475,000 $1,219,500 $468,000 $575,000 $895,000 $928,000 $674,000 $1,842,000 $1,220,000 $1,231,000 $1,043,000 $861,000 $1,715,000 $860,000 $2,416,000 $518,000

0.70% -0.40% 3.80% 5.50% -0.40% 9.20% -2.90% -2.50% -2.80% 3.70% 0.30% -0.10% -1.20% -3.60% 1.70% -0.60% 1.70% -1.10% -10.20% 3.90%

$1,225,500 $538,000 $1,499,000 $639,000 $1,234,000 $1,433,000 $1,006,000 $1,292,000 $1,519,500 $1,372,000 $678,000 $1,135,000 $1,161,000 $882,000 $1,158,000 $996,500 $989,000 $1,090,000 $813,000 $652,000 $942,500 $642,000 $512,000 $622,000 $1,505,000 $1,204,000 $447,000 $570,500 $898,000 $958,000 $685,000 $1,721,000 $1,239,000 $1,317,000 $1,086,000 $867,000 $1,660,500 $855,000 $2,275,000 $538,000

0.00% 2.20% -0.50% 2.80% -1.70% 4.50% -4.20% -4.60% 0.30% -0.90% -0.10% -5.40% -3.30% -4.90% -0.40% -2.70% -2.20% -0.30% -6.40% 3.20% -2.60% 0.50% -6.30% 1.80% 2.80% 0.60% -6.90% -1.10% 1.90% -0.30% 2.50% 12.40% -1.30% -6.20% -5.50% -5.30% 12.80% -3.40% 30.60% 2.20%

$1,375,000 $930,000 $1,495,000 $1,046,000 $495,000 $993,500 $580,000 $1,052,000 $1,258,000 $898,000 $1,055,000 $1,270,000 $1,165,000 $575,000 $969,000 $980,000 $761,500 $1,012,000 $860,000 $832,000 $920,000 $670,000 $585,000 $816,000 $568,000 $385,000 $555,000 $1,292,500 $1,081,500 $373,000 $525,000 $790,000 $845,000 $614,500 $1,704,500 $1,073,000 $1,070,000 $848,000 $751,000 $1,329,000 $739,000 $2,149,000 $490,000

5 132 2 83 96 17 48 80 29 85 49 16 29 56 353 35 44 67 96 148 4 8 106 85 146 29 590 28 48 7 72 90 101 415 7 45 37 27 60 5 103 10 6

$2,460,000 $5,030,000 $1,750,000 $5,050,000 $940,000 $3,100,000 $1,350,000 $5,250,000 $2,650,000 $1,291,000 $2,423,000 $2,320,000 $3,500,000 $964,000 $2,560,000 $1,550,000 $3,950,000 $2,275,000 $1,656,000 $2,625,000 $1,091,000 $975,000 $950,000 $1,392,500 $1,080,000 $1,007,000 $4,550,000 $3,030,000 $2,040,000 $670,000 $761,000 $3,300,000 $1,430,000 $1,300,000 $2,200,000 $2,135,000 $4,420,000 $1,185,000 $1,045,000 $2,900,000 $1,280,000 $5,705,000 $866,000

$1,716,000 $1,171,000 $1,680,000 $1,226,000 $550,000 $1,491,000 $657,000 $1,213,000 $1,497,000 $964,000 $1,232,000 $1,523,500 $1,359,000 $677,000 $1,074,000 $1,123,000 $839,000 $1,153,000 $970,000 $967,000 $1,087,000 $761,000 $673,000 $918,000 $645,000 $480,000 $633,000 $1,547,000 $1,211,000 $416,000 $564,000 $915,000 $955,000 $702,000 $1,934,000 $1,223,000 $1,236,000 $1,026,000 $821,000 $1,873,000 $826,000 $2,972,000 $550,000

$1,813,000 $1,171,000 $1,640,000 $1,189,000 $531,000 $1,481,500 $632,000 $1,209,000 $1,437,000 $978,000 $1,252,000 $1,511,000 $1,317,000 $669,000 $1,080,000 $1,117,000 $846,000 $1,144,000 $977,000 $961,000 $1,080,000 $851,500 $644,000 $931,000 $651,000 $477,000 $632,000 $1,535,000 $1,220,000 $462,000 $557,000 $935,000 $963,000 $707,000 $1,966,000 $1,224,000 $1,207,000 $1,042,000 $814,000 $1,901,000 $831,000 $3,120,000 $553,000

-5.40%

-9.20% 5.40% -5.40% -1.30% -2.30% -1.60% -1.00% -5.50% 0.40% 8.60% -1.90% -2.40% 4.40% 0.40% -4.40% -0.50% 1.50% -2.80% -4.70% -9.30% 4.60% 0.50% -1.10% -5.40% 2.80% -4.10% 0.60% -4.30% 2.10% -12.70% 6.40% -7.10% -5.80% 4.60% -0.90% -0.80% -0.30% 1.20% -1.60% -5.30% -5.70%

-1.80% -2.60% 2.30% 4.90% -0.70% -11.10% -1.90% 2.20% 2.90% 4.20% 5.00% 0.20% 0.40% -1.60% -4.60% 9.20% -4.00% 23.00% 6.20%

14.70% 10.20% 33.20% 12.10% 13.00% 16.70% 6.60% 13.70% 16.70% 14.10% 15.00% 9.30% 12.30% 8.80% 12.20% 11.00% 13.70% 15.30% 11.20% 13.50% 10.80% 12.00% 18.60% 12.50% 16.90% 10.80% 9.60% 6.80% 13.90% 11.50% 12.80% 13.30% 12.10% 12.60% 16.40% 8.10% 32.80% 10.20% 36.20% 11.20%

HIG PRI HEST MOCE IN SALE AU NTHS 12 GU TO ST 2 018

1.90% 5.70% 6.00% 8.50% 7.30% 5.70% 7.00% 6.50% 9.30% 19.50% 5.40% 13.50% 5.80% 10.80% 8.60% 7.20% 12.90% 11.00% 7.70% 9.90% 16.30% 10.10% 8.90% 4.40% 1.20% 9.20% 2.50% 10.20% 4.60% 11.60% 13.90% 14.00% -11.80% 5.10% 9.50% 2.30% 2.40% 11.70% 9.60% 8.10% 7.20% 5.40% 9.20% 14.20%

$1,113,500 $1,058,000 $1,226,000 $818,000 $840,500 $1,104,000 $808,000 $1,009,000 $1,048,000 $1,738,000 $1,545,000 $1,288,000 $1,644,000 $1,341,000 $1,190,000 $892,000 $1,326,000 $1,298,000 $1,074,000 $1,619,000 $1,800,500 $1,421,000 $1,191,500 $1,389,000 $1,499,500 $1,030,500 $1,317,000 $1,005,500 $1,251,000 $919,000 $1,556,500 $1,321,000 $954,500 $1,350,500 $1,379,000 $1,747,000 $1,017,000 $1,336,000 $995,000 $879,000 $1,018,000 $1,249,000 $787,500 $1,122,000

TOT OF AL NU MOSALES MBE R AU NTHS IN 12 GU TO ST 2 018

THR CH EE-YE AN AR GE %

$990,000 $1,043,000 $1,086,000 $736,000 $760,000 $1,021,000 $744,000 $890,000 $954,000 $1,545,000 $1,429,000 $1,122,000 $1,510,000 $1,248,500 $1,092,000 $790,000 $1,149,000 $1,172,000 $962,000 $1,382,000 $1,335,000 $1,343,000 $1,091,000 $1,312,000 $1,400,000 $964,500 $1,230,000 $908,500 $1,118,000 $827,500 $1,146,500 $1,215,000 $1,028,500 $1,202,500 $1,308,000 $1,690,000 $985,000 $1,179,000 $910,000 $795,000 $891,000 $1,109,500 $715,000 $981,000

-3.50% 3.40% -4.90% 1.10% -2.00% -1.60% 0.10% -3.30% -0.50% 3.50% -3.30% 1.40% -0.70% -2.20% -0.30% -2.70% -0.60% -3.90% 0.60% -2.60% 10.60% -3.50% -1.10% -0.70% -1.00% 0.30% -6.70% 0.50% 3.10% -1.30% 12.00% 3.20% -1.60% -3.30% 1.60% -5.90% -1.30% -3.80% -2.00% -1.30% -1.60% -5.20% 1.20% -2.30%

2-Y CH EAR % AN GE -9.40% -12.30% -6.10% -3.50% -1.70% -4.40% -0.50% -3.20% 0.00% 7.10% -4.80% 4.90% -1.70% -0.30% -0.30% -2.40% 0.20% -0.20% -2.00% -4.90% -10.70% 4.10% -0.50% -1.90% -2.70% 2.80% -4.40% -0.20% -30.60% -1.40% -11.40% 3.10% -26.00% -5.80% 1.50% 0.10% -0.90% 2.00% -0.10% -0.50% -5.10% -6.50% -0.40% 5.50%

$1,048,000 $1,078,500 $1,219,000 $798,000 $838,000 $1,104,000 $799,000 $987,000 $1,057,000 $1,824,000 $1,566,500 $1,270,000 $1,616,000 $1,432,000 $1,198,000 $877,000 $1,326,500 $1,371,000 $1,037,500 $1,584,000 $1,476,000 $1,541,500 $1,211,000 $1,384,000 $1,433,000 $1,056,000 $1,353,000 $1,007,000 $1,160,500 $950,000 $1,213,000 $1,362,000 $901,000 $1,316,000 $1,420,000 $1,838,500 $1,022,000 $1,385,000 $1,028,000 $876,000 $979,500 $1,242,000 $778,500 $1,160,000

12 CH MON AN TH GE % 1.00%

$1,116,000 $1,272,000 $1,235,000 $836,000 $835,000 $1,135,500 $804,000 $986,000 $1,052,500 $1,762,500 $1,591,500 $1,227,500 $1,632,000 $1,405,000 $1,199,000 $874,000 $1,317,000 $1,319,500 $1,065,000 $1,622,000 $1,829,000 $1,428,500 $1,204,000 $1,400,000 $1,457,000 $1,030,000 $1,320,500 $1,014,000 $1,724,000 $951,500 $1,533,000 $1,363,500 $1,199,000 $1,350,000 $1,421,000 $1,728,000 $1,018,500 $1,306,000 $1,008,000 $869,000 $1,016,000 $1,259,500 $790,500 $1,074,000

$1,011,000 $1,115,000 $1,159,500 $807,000 $821,000 $1,086,000 $800,000 $954,000 $1,052,000 $1,888,000 $1,515,500 $1,288,000 $1,604,500 $1,400,500 $1,195,000 $853,000 $1,319,000 $1,317,000 $1,044,000 $1,543,000 $1,633,000 $1,487,000 $1,198,000 $1,374,000 $1,418,000 $1,059,000 $1,263,000 $1,012,000 $1,197,000 $938,000 $1,359,000 $1,405,500 $887,000 $1,272,000 $1,443,000 $1,730,500 $1,009,000 $1,332,000 $1,007,000 $865,000 $964,000 $1,178,000 $787,500 $1,133,000

2.40% 3.10% 3.60% 0.60% 4.00% 0.30% 4.20% -1.40% -1.60% 0.80% 3.20% 1.20% -0.60% 0.50% -0.80% 0.80% -0.70% 0.60% 0.60% -10.60% 4.50% -1.40% -0.90% 0.60% 0.20% 0.80% -0.70% -10.00% 1.30% -2.10% -0.80% -0.70% -1.60% -0.10% 2.40% -1.50% 0.90% -1.50% -0.60% -4.70% -0.50%

ME ONDIAN 1, 2NOVE$ VAL 016 MB UE ER

ME ONDIAN 1, 2NOVE$ VAL 017 MB UE ER

QU CH ARTER AN % GE

ME ONDIAN 201AUGU$ VAL 8 ST 1 UE ,

ME ONDIAN 1, 2NOVE$ VAL 015 MB UE ER

NORTH SHORE ALBANY ALBANY HEIGHTS BAYSWATER BAYVIEW BEACH HAVEN BELMONT BIRKDALE BIRKENHEAD BROWNS BAY CAMPBELLS BAY CASTOR BAY CHATSWOOD DEVONPORT FAIRVIEW HEIGHTS FORREST HILL GLENFIELD GREENHITHE HAURAKI HILLCREST LONG BAY LUCAS HEIGHTS MAIRANGI BAY MILFORD MURRAYS BAY NARROW NECK NORTHCOTE NORTHCOTE POINT NORTHCROSS OKURA OTEHA PAREMOREMO PINEHILL ROSEDALE ROTHESAY BAY SCHNAPPER ROCK STANLEY POINT SUNNYNOOK TAKAPUNA TORBAY TOTARA VALE UNSWORTH HEIGHTS WAIAKE WAIRAU VALLEY WINDSOR PARK MANUKAU ALFRISTON BEACHLANDS BROOKBY BUCKLANDS BEACH CLENDON PARK CLEVEDON CLOVER PARK COCKLE BAY DANNEMORA EAST TAMAKI EAST TAMAKI HEIGHTS EASTERN BEACH FARM COVE FAVONA FLAT BUSH GOLFLANDS GOODWOOD HEIGHTS HALF MOON BAY HIGHLAND PARK HOWICK HUNTINGTON PARK KAWAKAWA BAY MANGERE MANGERE BRIDGE MANGERE EAST MANUKAU MANUREWA MELLONS BAY NORTHPARK ORERE POINT OTARA PAKURANGA PAKURANGA HEIGHTS PAPATOETOE SHAMROCK PARK SOMERVILLE SUNNYHILLS THE GARDENS TOTARA HEIGHTS TOTARA PARK WATTLE DOWNS WHITFORD WIRI

ME VALDIAN NO UE AS$ 201VEMB OF 8 ER 1 ,

OneRoof.co.nz PROPERTY REPORT

GR AUEATER SUBCKLAN UR D B

10

RODNEY ALGIES BAY ARKLES BAY ARMY BAY COATESVILLE DAIRY FLAT GULF HARBOUR HATFIELDS BEACH HELENSVILLE HUAPAI KAIPARA FLATS KAUKAPAKAPA KUMEU LEIGH MAHURANGI WEST MAKARAU MANLY MATAKANA MATAKATIA MURIWAI OMAHA OREWA PAKIRI PARAKAI POINT WELLS PORT ALBERT PUHOI RED BEACH REDVALE RIVERHEAD SHELLY BEACH SILVERDALE SNELLS BEACH SOUTH HEAD STANMORE BAY STILLWATER TAUPAKI TAWHARANUI PENINSULA TE ARAI TI POINT TINDALLS BEACH TOMARATA WAIMAUKU WAINUI WAITOKI WAIWERA WARKWORTH WELLSFORD WHANGARIPO WHANGATEAU PAPAKURA CONIFER GROVE DRURY KARAKA OPAHEKE PAHUREHURE PAPAKURA RED HILL ROSEHILL TAKANINI FRANKLIN ARARIMU AWHITU BOMBAY CLARKS BEACH GLENBROOK HUNUA KINGSEAT MANUKAU HEADS MAUKU PAERATA PATUMAHOE POLLOK PUKEKOHE PUKEKOHE EAST PUNI RAMARAMA WAIAU PA WAIUKU RUNCIMAN

$913,000 $889,000 $878,000 $2,463,000 $1,924,000 $814,000 $763,000 $807,000 $961,000 $1,079,000 $1,105,000 $1,631,000 $875,000 $1,480,000 $909,000 $819,500 $1,167,000 $1,143,500 $1,009,500 $1,385,000 $880,000 $536,000 $608,000 $1,245,000 $555,000 $1,075,000 $894,500 $1,862,500 $1,154,000 $632,000 $1,115,000 $748,000 $961,000 $762,000 $967,000 $2,129,000 $1,175,000 $871,500 $931,500 $1,110,000 $968,000 $1,212,000 $1,553,000 $1,805,000 $798,000 $811,000 $550,000 $788,000 $991,000

$917,000 $874,000 $865,500 $2,486,000 $2,277,500 $791,000 $791,000 $819,000 $964,000 $1,102,000 $1,142,000 $1,504,000 $884,500

-0.40% 1.70% 1.40% -0.90% -15.50% 2.90% -3.50% -1.50% -0.30% -2.10% -3.20% 8.40% -1.10%

$966,000 $832,000 $1,209,000 $1,113,500 $983,500 $1,428,000 $880,000 $561,000 $591,000 $1,292,000 $554,500 $1,145,000 $900,000 $1,967,000 $1,139,000

-5.90% -1.50% -3.50% 2.70% 2.60% -3.00% -4.50% 2.90% -3.60% 0.10% -6.10% -0.60% -5.30% 1.30%

$1,116,000 $729,000 $1,230,000 $771,000 $982,000 $2,380,000 $1,249,500 $930,500 $917,000 $1,151,000 $1,028,000 $1,146,000 $1,759,000 $1,747,000 $858,000 $821,000 $567,000 $815,000 $1,049,500

-0.10% 2.60% -21.90% -1.20% -1.50% -10.50% -6.00% -6.30% 1.60% -3.60% -5.80% 5.80% -11.70% 3.30% -7.00% -1.20% -3.00% -3.30% -5.60%

$809,000 $699,000 $1,203,000 $734,000 $771,000 $605,000 $595,000 $617,000 $722,000

$811,000 $675,000 $1,157,000 $739,000 $754,000 $611,000 $583,000 $610,000 $722,000

$1,233,000 $556,000 $1,085,500 $785,500 $1,003,000 $1,169,000 $1,211,000 $693,500 $1,069,000 $731,000 $890,000 $739,000 $663,000 $1,467,500 $1,034,000 $1,420,000 $1,314,000 $625,000 $1,592,000

$1,270,000 $542,500 $1,270,000 $766,500 $1,140,000 $1,047,500 $1,392,000 $658,500 $1,210,000 $603,000 $885,000 $771,000 $665,500 $1,274,000 $1,210,000 $1,347,000 $1,451,000 $619,000

$936,000 $896,500 $790,000 $2,517,000 $2,040,000 $806,000 $773,000 $805,000 $915,000 $1,053,000 $1,064,500 $1,785,000 $879,000 $1,561,500 $887,500 $838,500 $1,250,000 $1,056,000 $1,152,000 $1,372,000 $902,000

-2.50% -0.80% 11.10% -2.10% -5.70% 1.00% -1.30% 0.20% 5.00% 2.50% 3.80% -8.60% -0.50% -5.20% 2.40% -2.30% -6.60% 8.30% -12.40% 0.90% -2.40%

$819,000 $847,000 $742,000 $2,208,000 $1,861,500 $750,000 $746,000 $743,000 $868,000 $1,010,500 $1,340,000 $1,566,000 $690,000 $1,323,000 $793,000 $837,000 $1,002,000 $973,000 $921,500 $1,202,000 $840,000

11.50% 5.00% 18.30% 11.50% 3.40% 8.50% 2.30% 8.60% 10.70% 6.80% -17.50% 4.20% 26.80% 11.90% 14.60% -2.10% 16.50% 17.50% 9.50% 15.20% 4.80%

$576,000 $1,195,000 $506,500 $1,140,000 $911,000 $1,788,000 $1,179,000 $582,000 $1,128,000 $721,000 $925,000 $764,500 $941,000 $1,706,000 $1,305,500 $973,000 $1,031,500 $1,038,000 $1,116,000 $1,276,000 $1,490,500 $1,614,000 $889,000 $798,000 $546,000 $730,000 $1,039,000

5.60% 4.20% 9.60% -5.70% -1.80% 4.20% -2.10% 8.60% -1.20% 3.70% 3.90% -0.30% 2.80% 24.80% -10.00% -10.40% -9.70% 6.90% -13.30% -5.00% 4.20% 11.80% -10.20% 1.60% 0.70% 7.90% -4.60%

$495,000 $893,000 $440,000 $929,500 $947,000 $1,972,000 $1,086,000 $530,000 $1,129,000 $718,000

22.80% 39.40% 26.10% 15.70% -5.50% -5.60% 6.30% 19.20% -1.20% 4.20%

$726,000 $900,000 $1,954,500 $968,000 $734,000 $831,000 $982,000 $742,000 $1,084,000 $1,300,000 $1,748,500 $1,428,000 $764,000 $509,500 $815,000 $869,000

-0.20% 3.60% 4.00% -0.70% 2.30% -1.00% 2.10% 1.10%

$802,000 $739,000 $1,181,000 $742,000 $779,000 $572,000 $553,500 $613,000 $710,000

0.90% -5.40% 1.90% -1.10% -1.00% 5.80% 7.50% 0.70% 1.70%

-2.90% 2.50% -14.50% 2.50% -12.00% 11.60% -13.00% 5.30% -11.70% 21.20% 0.60% -4.20% -0.40% 15.20% -14.50% 5.40% -9.40% 1.00%

$943,000 $610,000 $960,000 $788,500 $866,000 $1,011,000 $1,096,000 $698,500 $989,000 $705,500 $849,000 $781,000 $662,000 $1,295,000 $1,019,000 $1,095,500 $1,235,000 $624,000 $1,384,500

30.80% -8.90% 13.10% -0.40% 15.80% 15.60% 10.50% -0.70% 8.10% 3.60% 4.80% -5.40% 0.20% 13.30% 1.50% 29.60% 6.40% 0.20% 15.00%

Scan the QR code to download the full suburb value tables for all of New Zealand or visit OneRoof. co.nz/property-report.

5.00% 7.40% 8.90% 21.40% 18.70% 12.10% 13.00% 30.50% 11.80% 19.50% 3.20% -44.10% 6.20% 7.90% -3.30% 14.00%

$745,000 $759,000 $718,000 $2,050,000 $1,670,500 $671,000 $673,000 $665,000 $790,000 $836,000 $885,500 $1,415,000 $642,000 $1,307,500 $725,000 $734,000 $884,500 $905,000 $844,000 $1,178,000 $781,000 $383,000 $484,000 $885,000 $456,000 $976,000 $829,000 $1,445,000 $970,000 $533,500 $1,002,000 $616,500 $778,000 $669,000 $847,500 $1,420,000 $1,075,000 $706,000 $782,500 $872,000 $745,000 $1,045,000 $1,377,500 $1,363,000 $772,000 $691,500 $436,000 $555,000 $722,000

20.50% 15.30% 21.60% 18.70% 13.60% 19.10% 12.10% 19.10% 19.70% 24.00% 16.40% 13.80% 33.80% 13.00% 23.20% 10.20% 28.20% 24.50% 18.00% 17.20% 11.80%

12.80% 13.30% 36.30% 10.30% 22.50% 17.90% 24.20% 30.10% 15.40% 13.50% 25.30% 1.80% 15.60% 22.40% 28.60% 31.00%

$791,000 $751,500 $1,248,000 $750,000 $777,000 $587,000 $550,000 $615,000 $726,000

2.30% -7.00% -3.60% -2.10% -0.80% 3.10% 8.20% 0.30% -0.60%

$720,000 $665,000 $1,050,000 $677,500 $717,000 $521,000 $485,000 $540,000 $631,000

$1,071,000 $517,000 $1,138,500 $758,000 $725,000 $953,000 $1,280,000 $637,500 $1,121,000 $685,000 $873,000 $702,000 $655,000 $1,250,000 $1,025,000 $1,265,000 $1,348,000 $605,000 $1,926,000

15.10% 7.50% -4.70% 3.60% 38.30% 22.70% -5.40% 8.80% -4.60% 6.70% 1.90% 5.30% 1.20% 17.40% 0.90% 12.30% -2.50% 3.30% -17.30%

$1,045,000 $485,000 $938,000 $635,000 $696,000 $855,000 $996,000 $610,000 $831,000 $662,000 $723,000 $640,000 $586,000 $1,121,000 $873,000 $1,155,000 $1,100,000 $535,000 $1,140,000

6 11 19 13 23 108 9 66 31 4 24 47 9 1 12 66 18 6 12 20 184 1 14 8 4 12 90 4 46 6 116 60 8 163 21 10 6 1

$1,750,000 $1,200,000 $1,650,000 $5,650,000 $4,100,000 $1,575,000 $2,300,000 $1,650,000 $3,750,000 $1,410,000 $1,540,000 $3,200,000 $1,630,000 $2,600,000 $1,500,000 $5,000,000 $2,600,000 $2,060,000 $5,800,000 $4,075,000 $3,850,000 $730,000 $900,000 $2,065,000 $665,000 $1,725,000 $1,790,000 $4,000,000 $5,255,000 $2,025,000 $1,828,000 $1,755,000 $2,500,000 $1,920,000 $3,095,000 $2,425,000 $4,100,000 $1,350,000

11 1 22 5 15 3 96 49 2 1

$3,500,000 $670,000 $2,430,000 $2,175,000 $2,420,000 $760,000 $6,200,000 $1,080,000 $825,000 $1,480,000

11.30% 4.50% 12.30% 7.50% 6.90% 14.30% 20.00% 12.50% 12.50%

65 9 83 67 53 373 22 31 175

$1,150,000 $1,460,000 $7,888,000 $4,057,860 $1,200,000 $1,500,000 $835,000 $990,000 $2,450,000

17.60% 13.70% 13.00% 19.90% 42.30% 32.90% 16.80% 13.10% 21.20% 10.10% 19.10% 14.10% 11.80% 27.70% 15.70% 20.90% 15.90% 14.90% 23.50%

5 7 19 37 18 19 9 8 4 6 29 11 401 9 5 10 13 213 1

$1,440,000 $1,330,000 $1,870,000 $1,650,000 $1,450,000 $1,860,000 $2,600,000 $1,500,000 $1,320,000 $845,000 $1,265,000 $1,030,000 $2,825,000 $2,250,000 $2,250,000 $2,510,000 $3,000,000 $1,665,000 $1,742,000

25.10% 40.30% 22.50% 10.70% 6.90% 21.20% 16.90% 18.60% 10.00% 18.30%

11

HIG PRI HEST MOCE IN SALE AU NTHS 12 GU TO ST 2 018

TOT OF AL NU MOSALES MBE R AU NTHS IN 12 GU TO ST 2 018

THR CH EE-YE AN AR GE %

ME ONDIAN 1, 2NOVE$ VAL 015 MB UE ER

2-Y CH EAR % AN GE

ME ONDIAN 1, 2NOVE$ VAL 016 MB UE ER

12 CH MON AN TH GE %

ME ONDIAN 1, 2NOVE$ VAL 017 MB UE ER

QU CH ARTER AN % GE

ME ONDIAN 201AUGU$ VAL 8 ST 1 UE ,

ME VALDIAN NO UE AS$ 201VEMB OF 8 ER 1 ,

GR AUEATER SUBCKLAN UR D B

PROPERTY REPORT OneRoof.co.nz | December 3, 2018

Lowest house sales

Anzac Ave

$2,972,000

$1,390,167

$1,164,500

$998,000

$876,000

$748,667

$416,000

Beach Rd Hill St Cleary Rd Harbour Village Drive Carlos Dr Mountain Road Volta Place Flat Bush Road

3 4 5 6 7 8 9 10

23/1/2018 3/9/2018 Jan – April 2018 23/5/2018 2/3/2018 24/10/2017 27/8/2018

3/4/2018

Jan – Jun 2018 2/2/2018

PRI

CE $180,000 $182,500 $185,000 – 235,000 (4 studios) $190,000 $220,000 $265,000 $280,000

$71,000

$40,000 – 88,288 (8 units) $60,000

*12 months to August 2018, excluding Great Barrier and Rakino Islands. Data provided by Valocity

ONEHUNGA PANMURE GULF HARBOUR FLAT BUSH MT WELLINGTON CLENDON PARK CLOVER PARK

CITY

10 AUCKLAND ADDRESSES WITH THE LOWEST SALE PRICES 1 Westward Ho GLEN EDEN 2 Anzac Ave CITY

Highest house sales

Cremorne Street, Herne Bay.

Arney Crescent Long Drive Argyle Street Burwood Crescent Arthur Street Arney Road Remuera Road

4 5 6 7 8 9 10

REMUERA SAINT HELIERS HERNE BAY REMUERA FREEMANS BAY REMUERA REMUERA

REMUERA

● Visualisation: Chris Knox ● Data supplied by Valocity

Lucerne Road

3

10 AUCKLAND ADDRESSES WITH THE HIGHEST SALE PRICES 1 Cremorne Street HERNE BAY 2 Remuera Road REMUERA

K

area where properties typically carry a multi-million-dollar price tag while purple shows an area where most of properties sit within a more affordable price band.

RAN

The map shows the latest median value for each suburb in the Greater Auckland area, and expresses that figure as a colour. Dark green indicates an

ESS

What the map tells you

DR AD

OneRoof’s guide to the most expensive and most affordable suburbs in the city.

12/6/2018 20/6/2018 29/6/2018 23/9/2017 29/3/2018 21/2/2018 10/4/2018

3/11/2017

6/3/2018 21/12/2018

$14,000,000 $13,300,000 $12,200,000 $11,500,000 $11,150,000 $10,870,000 $10,700,000

$14,600,000

$27,500,000 $25,500,000

How does your suburb’s valu compare to the rest of New Zealand? Scan the QR code to go straight to OneRoof’s interactive or visit OneRoof. co.nz/property-report.

* Sales figures for the 12 months to August 2018. Data provided by Valocity

B

THE AUCKLAND HOUSE PRICE MAP

ED ATE

MARKET WATCH

ESS DR AD

UR SUB

CE

OneRoof.co.nz PROPERTY REPORT

K RAN

B

PRI

12

UR

$2,972,000

SUB

$1,390,167

ED ATE

$1,164,500

SAL

$748,667

SAL E

$998,000

SAL E

$876,000 SAL

$416,000

14

OneRoof.co.nz PROPERTY REPORT

M A R K E T WAT CH

A GAME OF CATCH-UP

Values in most of the major metros have stabilised, but growth is still strong in smaller regional markets. The question is: how long will that growth last?

-2.8% WHANGAREI

2.0%

8.4%

*

The different colours on the two maps express the change in median values for each territorial authority in the 12-months to November 1, 2018.

Data supplied by Valocity.

More than a third of all housing stock in the Greater Wellington region is valued at under $600,000 – making it an attractive option for those trying to enter the market.

First home-buyers represented 31.7 percent of all new mortgage registrations in the region, while the share of new mortgage registrations to investors (those with three or more properties) continues to decline, now representing only 15.3 percent.

Christchurch Christchurch’s housing market in 2018 was the same as Christchurch’s housing market in 2017, and in 2016 and 2015. The city’s median value rose just 0.5 percent to $445,000 in the last 12 months (it was up zero percent on 2016 and 1.1 percent on 2015) Stability in a region that is overshadowed by the threat of instability is no bad thing, and Christchurch’s performance gives a hint of what the rest of New Zealand can expect during a plateauing market.

Sales volumes do reflect softer market conditions in the city – they are down 12 percent compared to the same period last year – and construction activity has slowed down since the

QU % CARTER HA NG E

ME VALDIAN NO UE AS$ 201VEMB OF 8 ER 1 ,

RAT AU ING THO RIT

RAN K

SUB UR

B

Y

Risers and Fallers Paihia

FAR NORTH

$519,000

15.8%

16.2% 38.5%

AUCKLAND CITY

1.5% $1,001,000

TAURANGA

4.2%

Hamilton After a period of strong house price growth, the Hamilton HAMILTON property market has started to plateau.

The median value of the city’s housing stock currently $551,000 sits at $551,000, up just 1.5 percent in the last quarter and 6 percent on November 2017.

Despite the significant growth in values experienced during 2015-2016, more than half of the city’s homes are valued below $600,000, which makes it an attractive place for Aucklanders looking for more affordable NEW PLYMOUTH housing options.

First home-buyers $427,000 represented a healthy 30.1 percent of new mortgage registrations WHANGANUI in 2018, while investor

6.0%

$650,000

ROTORUA

16.7% $433,000

NAPIER

6.5%

47

$2,000,000

4 Tokoroa SOUTH WAIKATO $204,000 12.1% 319 $810,000 5 Kawakawa FAR NORTH $280,000 12.0% 31 $600,000 6 Castlecliff WHANGANUI $179,000 11.2% 117 $530,000 7 Morrinsville MATAMATA $469,500 11.0% 168 $1,100,000 8 Opunake SOUTH TARANAKI $219,000 10.9% 41 $561,000 9 Edgecumbe WHAKATANE $348,000 10.5% 44 $934,000 10 Milton CLUTHA $215,000 9.7% 56 $710,000 10 NEW ZEALAND SUBURBS THAT HAVE SEEN THE BIGGEST FALL IN MEDIAN VALUES IN THREE MONTHS TO NOVEMBER 1, 2018 $146,000 -10.7% 1 Taihape and Surrounds RANGITIKEI 52 $560,000 2 Ohoka WAIMAKARIRI $857,000 -9.7% 30 $2,120,000 3 Ohakune RUAPEHU $266,000 -8.3% 92 $810,000 4 Reefton BULLER $136,000 -7.5% 48 $885,000 5 Kaimai BAY OF PLENTY $847,000 -6.7% 41 $2,550,000 6 Shannon HOROWHENUA $249,000 -5.7% 47 $935,000 7 Te Anau SOUTHLAND $365,000 -5.6% 65 $1,227,600 8 Cannons Creek POIRUA $346,000 -5.5% 55 $485,000 9 Kaikoura KAIKOURA $449,000 -5.4% 53 $740,000 10 Gore Surrounds GORE $206,000 -4.6% 57 $1,125,000

13.6% $483,000 PALMERSTON NORTH

Auckland, the city’s population is booming and there is a demand for quality, affordable $384,000 $246,000 housing. activity First home-buyers continue remained to represent the largest share stable, up from of new mortgage registrations 20.7 percent this (27 percent), but the slide in time last year to 21 investor activity (down to 15.4 percent now, which percent) suggests that group of indicates the city is still seen buyers is looking further afield. as a good place in which to Nearly 65.7 percent of Tauranga’s invest. housing stock is valued above $600,000, with the majority of Tauranga homes transacting for $600,000WELLINGTON Tauranga’s growth $750,000. years, when values rose 33 percent, are Queenstown behind it. The city’s Still the South island’s star $740,000 median value barely performer, Queenstown saw its moved in the last quarter median value grow 10.7 percent - up 1.4 percent to $650,000 in to $1,006,000 in the 12 months to the three months to November November 1, 2018.

1, 2018.

Driving this growth is the Sales volumes continue to slide high proportion of high-value – down 12 percent on the same properties in the region and the period last year – a reflection limited supply of properties in of tighter market conditions. lower price brackets. A shortage * 12-month % change Buyers and sellers appear to be of rental properties, needed *Median $ value as of November 1, 2018 in a holding pattern, but as with to serve locals and seasonal

11.6%

15.5%

10 NEW ZEALAND SUBURBS THAT HAVE SEEN THE BIGGEST LEAP IN MEDIAN VALUES IN THREE MONTHS TO NOVEMBER 1, 2018 $245,000 16.7% 1 Te Kuiti WAITOMO 102 $1,300,000 2 Marton RANGATIKEI $239,000 16.0% 144 $710,000 3

11.8%

HIG PR HEST I MOCE IN SALE AU NTHS 12 GU TO ST 2 01 8

Wellington Compared to other major urban centres, Wellington had a strong 2018, with property values surging 7.4 percent to $740,000 in the 12 months to November 1.

Much of the lift can be attributed to houses in the capital coming off a low value base and a tightening of listings, with sales volumes dropping 10 percent on the same period last year.

What the maps tell you

8.5%

$514,000*

rebuild reached its peak in 2016, with new building consents down more than 18 percent year-on-year.

However, much of Christchurch is within reach of first home-buyers: nearly three quarters of its housing stock carries a value of $600,000 or less, and first home-buyers represented almost a third of new mortgage registrations in the city in 2018.

TOT OF AL NU MOSALES MBE R AU NTHS IN 12 GU TO ST 2 018

T

he national median value remained stable throughout 2018 - it now sits at $444,500 - but sales volumes decreased significantly, down nearly 15 percent on November 2017.

This data, together with anecdotal evidence, suggest many Kiwis who would otherwise be active in the market, are waiting on the sidelines for signs that they should go ahead and buy or sell.

New mortgage registrations are a good indication of who is actually active in the property market. This year, the biggest growth was in the refinancing of existing loans, while the biggest drop was in the number of mortgages for those moving from one property to another.

This shows that Kiwis are choosing to stay in their current home and are making the most of the low mortgage rate environment rather than selling and moving on.

However, New Zealand isn’t simply one big uniform property market. There are significant differences between each of the regions and cities.

6.5%

7.4%

PROPERTY REPORT OneRoof.co.nz | December 3, 2018

inconsiderable amount.

Whangarei and the rest of Northland still remain relatively affordable, with 59 percent of residential stock coming in at $600,000 or less. Unsurprisingly, first home-buyers made up the bulk of new mortgage registrations in 2018 – at 28.7 percent.

Overall, the region remains popular with those seeking to relocate from larger urban centres for more affordable housing options and superior lifestyle properties.

workers, has also added to pentup demand in the market.

However, it should be noted that growth appears to have stalled somewhat in the last quarter and that sales volumes in the six months to October 1 are well down on the same period last year. Building consent numbers, however, have stabilised after stalling during 2017.

Overall the Queenstown property market is still characterised by a significant supply-demand imbalance, a trend which is expected to continue in 2019.

Bay of Plenty / Gisborne Affordability and close proximity to Tauranga have been the key drivers of growth in Rotorua, with the city’s median value rising 16.8 percent annually to $433,000. Growth slowed in the last quarter to 5.9 percent – a figure owners in most Auckland suburbs would overjoyed with – but the figures suggest the market still has plenty of energy, although the drop in sales volumes indicate that growth Rotorua will eventually flatten.

Taupo and Gisborne have also seen 10 percent-plus increases in median values, but as with many of the other high-growth regions in New Zealand, both are coming off low median bases.

The majority of housing stock in both Gisborne and the Bay of Plenty (excluding Tauranga) is valued at $600,000 or less, making both regions favourites among first home-buyers who have been priced out of more expensive markets.

Dunedin Dunedin’s housing market is still very much up in catch-up mode. The median value sits at $389,000, up 9.3 percent in the 12 months to November 1, 2018 and 23.4 percent in the last 24 months.

However, it is important to note that Dunedin’s house values are quite low compared to the rest of New Zealand’s major cities - 81.1 percent of housing stock there is valued at $600,000 or less.

This explains why Dunedin remains popular among first home-buyers, who represented 31.1 percent of new mortgage registrations in 2018.

The picture that emerges from the figures from the last quarter is also similar to that seen at a national level. The growth spurt in property values in the city has slowed - up just 1.6 percent - and sales volumes are down 6.5 percent on the same period last year.

Whangarei / Northland The housing market in Whangarei is performing strongly, with the median value rising 8.2 percent to $514,000 in the year to November 1.

Although the surge in Whangarei’s property market is from a low base, it is still considerable. The median value has risen $165,000 in the last three years, not an

of affordable housing. The median value of all residential properties in Whanganui rose 15.5 percent to $246,000 in the 12 months to November 1, 2018; while Palmerston North saw an annual increase of 11.6 percent to $365,000.

Sales volumes remain significantly down compared to the same period last year, although anecdotal evidence suggests that these numbers have begun to strengthen in the lead up to summer.

Building consent numbers remain below their peak of 2017 but have trended upwards since Feb/March of this year.

Napier / Hawke’s Bay Napier’s housing market is in full catch-up mode – the median value of all properties in the city rose 13.6 percent to $483,000 in the 12 months to November 1, 2018.

The wider region continues to remain relatively affordable compared to the rest of New Zealand, with

74.5 percent of housing stock valued at $600,000 or lower. This has made NELSON the region a magnet for first home-buyers, who represented 27.5 percent of new mortgage $531,000 registrations in 2018.

Building consent numbers are below their peak in August / September 2017, numbers over the last three months appear to have stabilised.

Overall, the region is still benefiting from increased demand for residential housing, which appears to be fuelled primarily by market participants seeking more affordable housing stock in a location which

7.7%

* 12-month % change *Median $ value as of November 1, 2018

CHRISTCHURCH

0.5% $445,000

DUNEDIN

QUEENSTOWN LAKES

10.7%

9.3%

$1,006,000

$389,000 also offers strong lifestyle and employment opportunities.

Palmerston North/ Whanganui Palmerston North and Whanganui have benefited strongly from their reputations as having a large amount

15

INVERCARGILL

15.9% $262,000

Nelson / Marlborough Nelson and Marlborough enjoyed stable value growth over the last 12 months, with Nelson’s median value topping $500,000 for the first time, and Marlborough’s sitting at $493,000.

However, growth has stalled in the last quarter, and sales volumes remain down compared to the same period last year.

This has been more noticeable in Marlborough, which is down 7 percent.

Both areas are relatively affordable when compared to

other main centres - and their appeal to first home-buyers is increasing. First home-buyers represented more than 20 percent of new mortgage registrations in Nelson in 2018 and more than 30 percent in Marlborough.

Invercargill The “catch-up” effect can be seen most clearly in Invercargill, which saw some of biggest growth spurts in 2018. The median value of all residential properties in the city rose 6.5 percent in the last three months and 15.9 percent in the last 12. It is important to note, though, that this growth is coming off a low base, with the median currently sitting at $259,000.

The city is proving increasingly popular with first home-buyers, who represent 31 percent of new mortgage registrations.

Investors are also active, with anecdotal evidence suggesting the high prices and low returns in Queenstown have forced them to look further south.

NORTH ISLAND AUCKLAND WHANGAREI

$1,001,000 $514,000

1.5% 8.4%

Kumeu Langs Beach Fitzroy

8.4% Mangere 4.5% 14.90% Woodhill 13.60%

Newmarket 14.3% Northcote Point 6.7% Mangapai and Surrounds 10.40% Matarau 7.10%

22,896 1,479

$21,248,538,151 $873,921,151

HIG PR HEST I MOCE IN SALE AU NTHS 12 GU TO ST 2 01 8

TOT OF AL NU 12 SALES MBE AU MON IN R GU TH ST 2 S TO 01 8 TOT A OF L VA SO PROPLUE MOLD IN ERTIE AU NTHS12 S GU TO ST 2 018

WO PERRST 2 SUBFORM UR IN % V BS G A CH LUE TO ANGE 20 NOVE IN YE 18 MB AR ER

TOP PER 2 SUBFORM UR IN % V BS G CH ALUE TO ANGE 20 NOVE IN YE 18 MB AR ER

%V CH ALUE TO ANGE 20 NOVE IN YE 18 MB AR ER

ME VALDIAN NO UE AS$ 201VEMB OF 8 ER 1

RAT AU ING THO RIT

Y

,

Best and worst suburbs $27,500,000 $2,200,000

HAMILTON

$551,000

6.0%

3,187

$2,015,254,410

$2,162,500

TAURANGA ROTORUA GISBORNE NAPIER WHANGANUI NEW PLYMOUTH PALMERSTON NORTH WELLINGTON SOUTH ISLAND NELSON CHRISTCHURCH TIMARU QUEENSTOWN DUNEDIN INVERCARGILL

$650,000 $433,000 $306,000 $483,000 $246,000 $427,000 $384,000 $740,000

4.2% 16.7% 15.0% 13.6% 15.5% 6.5% 11.6% 7.4%

Mount Maunganui 8.60% Gate Pa 8.00% Ngapuna 28.80% Western Heights 22.10% Patutahi 60.80% Awapuni 22.00% Maraenui 23.40% Tamatea 18.70% Castlecliff 23.40% Tawhero 19.70% Marfell 11.10% Hurdon 9.50% Westbrook 17.70% Ashhurst 14.50% Ohariu 17.60% Wellington Central 11.30%

Tauriko 2.90% Bellevue 2.40% Mourea 19.00% Tikitere 0.50% Gisborne 3.60% Tolaga Bay 4.90% Pandora 12.50% Westshore 3.90% Kaitoke 0.10% Bastia Hill 4.20% Urenui -8.30% Waitara Linton 4.60% Turitea 5.90% Southgate 1.90% Churton Park 2.90%

2,590 1,277 822 1,302 1,172 1,650 2,736

$1,834,775,355 $608,600,060 $286,324,344 $751,124,717 $337,049,172 $847,638,958 $813,200,307 $2,239,680,456

$3,100,000 $2,200,000 $1,800,000 $2,800,000 $1,475,000 $3,000,000 $1,530,000 $4,375,000

$531,000 $445,000 $351,000 $1,006,000 $389,000 $262,000

7.7% 0.5% 1.2% 10.7% 9.3% 15.9%

Moana 12.10% The Brook 9.10% Westmorland 13.60% Mount Pleasant 6.40% Rosewill 14.00% Hadlow 10.00% Wanaka 17.00% Albert Town 12.40% Waitati 41.10% Mount Cargill 25.80% Bluff 28.00% Newfield 18.70%

Wakapuaka 4.10% Hira 4.10% Little River 17.00% Cass Bay 6.40% Marchwiel 3.60% Seaview 3.20% Makarora 1.10% Glenorchy 4.50% Henley 13.70% Outram 13.10% Lorneville 4.10% Tisbury 5.90%

1,016 6,482 888 803 2,232 1,454

$681,165,903 $3,569,738,213 $410,122,338 $1,013,050,162 $1,107,619,518 $422,173,874

$2,500,000 $6,150,000 $1,800,000 $12,500,000 $1,642,000 $1,850,000

7.70% Fairfield

7.70%

Whitiora

1.20% Western Heights

1.00%

AT THE TOP OF THE GAME

Don’t settle for anything less than a multi-award winning agent to sell your most valuable asset.

Victoria Bidwell

Residential and Waterfront Specialist 021 947 080 victoria.bidwell@bayleys.co.nz BAYLEYS REAL ESTATE LTD, TAKAPUNA, LICENSED UNDER THE REA ACT 2008

Talk to Bayleys’ top agent on the Shore with over half a billion dollars of settled sales.

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PROPERTY REPORT OneRoof.co.nz | December 3, 2018

17

M A R K E T F O R E CA S T T H E I ND U S T R Y V I E W

The new market reality Real estate leaders on what buyers and sellers should expect in the coming months.

Peter Thompson Managing Director of Barfoot & Thompson Between now and the year end, I anticipate the residential housing market will be active in comparison to the first three quarters of the year, with prices being stable or even edging up a little.

The arrival of spring brought new life to the market, and the trading results in October were strong.

Sales numbers for the month were the highest they have been in an October for three years, and average and median prices were the highest they have been this year. At the same time the number of properties for sale is the highest it has been for six years, according to Barfoot and Thompson data.

News on the economic front in relation to housing is also positive. Mortgage interest rates are likely to remain at current levels for the next two years (based on Reserve Bank comments that the OCR rate is likely to remain as it is through to 2020) and the unemployment rate has dipped below 3 per cent.

Combined, these factors have created an ideal trading environment.

One of the more encouraging developments over the past nine months in Auckland has been the growing number of apartments and town houses reaching the market that are selling for under $500,000. The pipeline of these properties coming to market is solid.

It is opening up the property market to a far greater number of first-time buyers and people on limited incomes.

Mike Bayley Managing Director of Bayleys Corporation Auckland’s residential property market is firmly progressing through a period of stable trading, in a trend evident for the best part of 2018 and likely to remain for the foreseeable future.

Region-wide, price increases

– or decreases – in all value bands have been minimal either way as the buyermarket takes a more relaxed and reasoned approach to purchasing property.

We have tracked that listing volumes are up – and subsequently sales volumes have increased. That statistic has largely been off the back of generic growth in the number of dwellings built in the city over the past six years and now coming onto the market for sale.

Include apartments and retirement village units (residents moving into those villages have usually sold their suburban home to engage the process) in that pool alongside new build homes, and it’s easy to see that the more dwellings there are in Auckland, the more sales there will be as a consequence.

Additionally, last year’s comparative sales activity was down in the third and fourth quarters because of the General Election malaise.

There will be the usual prefestive season surge in sales as purchasers and vendors look to cement a degree of certainty for themselves going into 2019. After that, Auckland residential property sales will ease off until February, when most people return from their holidays.

Expect to see this year’s pattern of level-headedness in Auckland’s residential real estate scene replicated in 2019 as borrowing rates remain at historic low levels. Concurrently, the fundamentals of the New Zealand economy – including employment levels and business confidence – are still sound, enabling owner/ occupiers and investors to buy with confidence.

That activity-driving confidence will be underpinned by ongoing low mortgage interest rates – such as the 3.95 per cent one-year rates announced by the ANZ and Westpac.

Carey Smith CEO of Ray White The residential property market, when measured in months, has shown quite strong seasonal trends, with listing numbers rising considerably during the past month. This has culminated in a higher number of sales

than in August and September.

Prices have also increased slightly, returning a further degree of normality to the market.

Last month, sales rose considerably, particularly in the Auckland and Wellington markets. Buyer confidence has also buoyed regional New Zealand, resulting in strong sales activity.

Legislative change in the Overseas Investment Act has created additional barriers for overseas buyers. While this is not expected to have an influence on prices, it may delay the opportunity for overseas investors to be involved in the market.

The Reserve Bank has indicated that it doesn’t plan to raise the OCR low anytime soon. LVR requirements are still part of the purchasing process and the banks are requiring disclosure around lending. However, this is part of the way buyers need to assess individual properties, particularly when borrowing close to the LVR levels.

In the area of property management; while legislative changes have been applied for better living conditions, yield is expected to continue to increase as vacancy sits at a historic low rate and the availability of property is also at low levels.

Chris Kennedy CEO of Harcourts Summer is almost upon us and the countdown is well and truly on to Christmas.

This is an exciting time of the year for so many reasons.

It’s a time to enjoy more time outdoors, which gives us a sense of well-being; it’s a time when we might be preparing to welcome family who are overseas back to our shores for the festive season. And it’s also a time when many of us are thinking about making home improvements … or even selling up and making a move.

The market seems to have settled, with the average national house price rising 3.23 percent in the 12 months to October to $605,389. The lift in prices was evident across all regions except Auckland, which fell back by 2.17 percent.

Total listings across the country held steady, with only a 1.95 percent decrease when measured against the same

period in 2017. As we enter the summer selling season, I expect auctions to produce strong results.

Josephine Kinsella General Manager of LJ Hooker & Harveys Group The residential property market has returned to a normal state, with Auckland’s median sale price stabilising, and buyers enjoying a greater selection of properties to choose from on the back of recent increases in listing numbers.

In the run-up to spring, there had been a shortage of listings, and industry residential sale volumes hit an eight-month low. However, October sales volumes increased by 2 per cent and have continued strongly into November.

The Overseas Investment Amendment Act that came into effect in October - plus scheduled changes to anti-

money laundering legislation concerning real estate – has led to, in some parts of the country, a slight rush on properties.

The banks have also helped stimulate activity, offering competitive rates as an incentive for purchasers who have been waiting for the right time to buy.

For vendors bringing their properties to market over the coming months, success will depend on a structured campaign and the ability of an agent to pre-qualify buyers and communicate effectively.

In metro areas, the “no price” method of sale remains a favoured process, bringing a result within a specific period.

While there is a strict process around “no price” marketing, it still shows potential for strong results from a smaller, but qualified selection of buyers.

For property investors, change has come in the form of recently introduced regulations. I expect many private landlords will review the workload involved in managing tenants (especially following changes to health and safety regulations) and that there will be an increase in demand for property management services.

Barry Thom and Grant Lynch Directors of Unlimited Potential In this pre-Christmas season, the market in the areas we serve is awash with property for sale. It would seem the lack of enthusiasm vendors showed post-election to go to the market is being made up for this year. But as the number of homes available for sale continues to rise, the number of buyers has not.

Consequently, the time it takes to sell has increased.

The run-up to Christmas will be interesting, in light of the foreign buyer ban that came into effect on October 22. The lower end of the market continues to be buoyant, but at the upper end there has been a distinct waitand-see attitude, although things appear to be thawing slightly as buyers make preChristmas decisions.

One of the issues we face as an industry is the proliferation of opinion of a home’s value as indicated on

various property websites.

These are generally called the “estimated selling range” and are formulated based on various algorithms that use historical sales data.

In many cases these ranges are incorrect, as are the latest council valuations. These two pieces of information together are indicating a likely selling range in excess of today’s value.

This can be frustrating for vendors wanting to sell.

Consequently, buyers looking to purchase should inspect homes without prejudice.

In terms of what is the market doing, there has been a tinge of hesitation/ lack of confidence, which is hard to understand given the overall state of the nation, immigration, low interest rates and low unemployment. However, nothing stays the same for long in this business.

18

OneRoof.co.nz PROPERTY REPORT

I N YO U R N EI G H BO U R HO O D H ER N E BAY

RICH PICKINGS

It was the first suburb to break the $2m mark, but does Herne Bay have more to offer than multi-million dollar mansions?

T

his gracious corner of Auckland, first established in the 1850s, set a new benchmark for average property value in June 2015, when, with great fanfare, it reached $2,003,300.

Herne Bay, named after an elegant, seaside town in Kent, England, has remained

popular with buyers seeking the faithfully restored villas or the thrill of edgy architectdesigned new-builds. The tony suburb is in easy proximity of central amenities. As bonus, many Herne Bay properties on the northern slopes (this is definitely a suburb of two halves) enjoy spectacular

“Property pundits have predicted that going by past history, Herne Bay will be New Zealand’s first $3 million suburb.”

harbour views.

Herne Bay was one of Auckland’s very first commuter suburbs, originally because the central city was easily reached from by sea, with private boats navigating around the edge of the Waitamata Harbour.

Wealthy colonial arrivals constructed large homes for themselves, their families, and staff, some with jetties and boathouse. Eventually, direct roads and trams connected to the city.

That easy access to the city

is still one of Herne Bay’s most attractive features, along with excellent schools: Ponsonby Primary School, established in 1873, and Bayfield School, which opened around 10 years later.

Many of Herne Bay’s elaborate colonial villas fell into disrepair during the 1960s and 1970s when city-fringe housing was abandoned in favour of shiny new suburbs. But, since then, sympathetic renovations have transformed these homes into ultra-modern, spacious

dwellings, with their original character facades lining rows of pretty streets.

Who lives here and what do they do?

Not surprisingly, Herne Bay inhabitants come from professional and managerial class (some 58 percent of adults), and, to afford those prices, nearly half the households have income in excess of $100,000.

Herne Bay is popular with families, but there are also

PROPERTY REPORT OneRoof.co.nz | December 3, 2018

N E E D TO K N OW Herne Bay is a tightly held suburb as residents tend to stay put, moving from property to property, and there’s very little new development expanding suppluy.

WHAT THE AGENT SAYS

“This is an area that’s always going to hold its own, no matter what the rest of the market is doing.”

YO U M AY L I KE HERNE BAY 73 Argyle Street 5

plenty of singles and couples making the most of smart town houses and apartments from the 1960s right through to brand new.

What’s to love?

Along the main strip of Jervois Road, cafes, restaurants, bars and boutiques cater to the needs of the up-scale residents.

Saturday and Sunday mornings the footpath is teaming with bikes and buggies as families step out together for breakfast or brunch.

In summertime the tiny beaches at the bottom of the streets and pocket parks are popular with locals, their pets and visitors. Picturesque beaches with boat sheds and jetties are the local secret. For those who don’t like dipping in the sea, historic Point Erin Pool is an excellent pool and park complex, and cyclists and walkers can join the Westhaven boardwalk for a complete offroad jaunt to Wynyard Quarter.

Locals tend to be communityminded, and many social networks operate around neighbourhood schools and general family activities.

3

4

Set on a 2795sqm section on the secluded tip of Herne Bay, this grand estate home offers sea views and immediate beach access. The wide and appealing street frontage ensures easy access to secure, four-car garaging for the car collection and those trips away.

Sale date: December 6 Agents: Edward Pack, Bayleys, 021 428 241

Residents’ association Herne Bay 1011 raises awareness around council matters - planning, the environment and retention of the suburb’s unique character are top of their agenda. Plans by rich-lister Rod Duke to build a helicopter landing pad at his Sarsfield Street property have recently provoked vigorous debate amongst residents.

Buying and selling Bayleys Ponsonby manager Bernadette Morrison says that while people automatically associate Herne Bay with large villas, there’s actually a diverse mix of properties in Herne Bay. “Everybody knows the multi-storey Shangri La and Westwater complexes in Shelly Beach Road, and those

apartments are always very much desired and tightly held.

We also have quite a number of nice 1960s units as well, and some Art Deco flats, so the entry point into Herne Bay could quite reasonably be in the $800,000 - $900,000 region.”

She adds: “This is an area that’s always going to hold its own, no matter what the rest of the market is doing.”

Morrison says that many Herne Bay residents simply move within the suburb from street to street, depending on their current needs at each stage of their lives. “There are families who have lived here for years and when the parents become empty nesters, they simply downsize to something smaller, not far away, and people with younger children move into those big homes,” she says.

Property pundits have predicted that going by past history, Herne Bay will be New Zealand’s first $3 million suburb. Morrison thinks that’s a real possibility, but it’s quite a way off yet.

“It will all come down to supply and demand in the end.”

Bernadette Morrison Bayleys Ponsonby manager

RECENT SALES

$3,250,000

87 SARSFIELD STREET

Four-bedroom character villa marketed by Barfoot and Thompson agents Cristina Casares and Matt O’Brien.

$1,061,000

32C WALLACE STREET

Three-bedroom plaster home with sea views marketed by Barfoot and Thompson agent Ashley Tait.

$2,910,000

35 WALLACE STREET

Three-bedroom villa marketed

by Unlimited Potential agent Daniel Burrill.

BETTER The high-performing team at Bayleys Ponsonby are confident in promising the best service and skills to all clients in the area. Whatever your property needs are, contact your local team today.

A LT O G E T H E R B E T T E R

Bernadette Morrison - Sales Manager

09 375 8494 | bayleys.co.nz

BAYLEYS REAL ESTATE LTD, LICENSED UNDER THE REA ACT 2008

Res i de nt i a l / Co m mercia l / R u ral / Prop er ty Se rv i ce s

19

20

OneRoof.co.nz PROPERTY REPORT

I N YO U R N EI G H BO U R HO O D W E LL S FO R D

FRINGE BENEFITS New infrastructure and a flight to affordability by Auckland first-home buyers will bring Wellsford to the fore.

W

ellsford is the northernmost major settlement in the Greater Auckland region, nearly half way between Auckland and Whangarei. It may have a small population of only 2000, but it is a spot on the rise – and for very good reasons.

Major construction of the new four-lane motorway, Ara Tuhono between Puhoi and Warkworth, completing in late 2021, will then extend to Wellsford. Such improved access will really increase the town’s

popularity. With housing costing significantly less than spots closer to Auckland, a number of sub-divisions are already being marketed with that future growth in mind.

Wellsford could conceivably become a satellite town, perhaps not of Auckland city itself, but of its ever-expanding northern settlements, such as Albany, Coatesville or Silverdale.

Who lives here and what do they do?

Wellsford inhabitants are an

“You can still find entry-level prices in the $400,000 plus range.

There are a wide variety of properties from character bungalows, through to solid 1950s and 1960s stock.”

interesting bunch. While many are from second and thirdgeneration local families, others are more recent arrivals – early engagers, escaping the big smoke with an entrepreneurial eye to the future. They all point to the fact that there are hidden depths to this town which don’t immediately meet the eye.

Locals new and old emphasise that their burg is a place which is genuinely worthy of more than a simple pit-stop to fill up the petrol tank or buy snacks en route to Northland. Like those in many other small New Zealand towns, Wellsford’s residents have made the most of new

technology in order to promote their community and its diverse advantages. The town’s Instagram page showcases a picturesque spot that’s full of interesting history and natural attractions.

Wellsford serves as a hub for smaller, surrounding rural settlements and has some lovely decorating and vintage stores. The very popular Retro on Rodney which, as its name suggests, sells vintage homewares and specialises in animal hide rugs. Many of the locals are involved in farming, retail and general services, and there are great artisan food producers in surrounding countryside.

What’s to love?

The town itself has an eclectic mix of shops and businesses.

For such a small spot there are an impressive number of eateries with globally inspired offerings, including Japanese at Sushi Gallery, Italian at La Padella, Indian at Butter Chicken Box, and kebabs at Nik’s.

Nature lovers will enjoy walking and hiking in Pakiri Regional Park or, nearer to town, at Currys Bush, full of mature kahikatea forest.

Auckland’s newest regional park, Atiu Creek is right on the doorstep, and the town considers itself the crossroads between north and south,

PROPERTY REPORT OneRoof.co.nz | December 3, 2018

N E E D TO K N OW With affordable housing, the huge Kaipara Harbour to the west to of the town, great surf beaches to the east and the motorway expanding up from Warkworth, Wellsford is a town on the cusp of great things.

WHAT THE AGENT SAYS

“Anybody who can work remotely will have it made here.”

YO U M AY L I KE TOMARATA 10 Taylor Road 3

east and west. Horse-trekking and surfing are close by, with surfers lucky to choose between Mangawhai Heads, Pakiri, Langs Beach or Waipu Cove.

And it goes without saying that the local fishing is excellent in the Kaipara Harbour.

Buying and selling Wellsford real estate is an interesting pot-pourri of possibilities. The growth in median property value over the past few years has been one of the most impressive in the Auckland region. But that’s from a pretty low base, so it remains one of greater Auckland’s most affordable towns.

This November’s median value $553,000 is up 1.3 percent from last November’s, but the real growth is over the past three years: median values are up by 23 percent.

The highest sale price to August this year was, a

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Majestically-positioned on high, this beautifully restored three-bedroom Californian Bungalow is set on 5.9ha. Built in 1910 (in Cornwall Park), reportedly for her majesty Queen Salote Tupou III, the first Queen regnant and third Monarch of the Kingdom of Tonga.

Auction December 19 Agents: John Barnett, Bayleys, 021 790 393

bargain for Auckland, $1,080,000.

Mark Macky, director of Bayleys in the North, is very pleased with the state of the town’s property market and sees potential for more homebuyers to escape

the big smoke in the future.

He says that many locals already commute south each day, regarding the extra time and distance as the price to pay for having a nice property in a

great setting.

“I would suggest that anybody who can work remotely will have it made here.

“You can still find entry-level prices in the $400,000 plus range. There are a wide variety of properties from character bungalows, through to solid 1950s and 1960s stock.

“Lifestyle blocks are popular too. Bare sections can be found at around the $270,000 mark for people wanting to build their own houses in some of the subdivisions around the town.”

Macky says that while Wellsford isn’t the flashest place, it has a good heart and is a great environment for families, with well-regarded schools.

“It’s has loads of appeal in terms of lifestyle and I think it will only get more popular in future. I’ve seen buyers snap up some really nice properties so if you want to be in the game here the idea is to come quickly!”

Mark Macky Bayleys in the North

RECENT SALES

$690,100

5 MATHESON ROAD

Three-bedroom house on 3705 square metres of land, marketed by Mike Pero agent Denise Pearson.

$660,000

10 BOSHER ROAD

Three-bedroom family home marketed by Mike Pero agent Denise Pearson.

$550,000

56 SCHOOL ROAD

Five-bedroom house marketed by Barfoot and Thompson agents Cynthia McLeod and Tom Donaldson.

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OneRoof.co.nz PROPERTY REPORT

I N YO U R N EI G H BO U R HO O D WA I H E KE

FANTASY ISLAND

Once a casual weekend getaway for Auckland city’s inhabitants, Waiheke Island has become an international destination in its own right.

W

aiheke Island is not just Aucklanders’s favourite island destination, it’s popular with visitors from all over the world.

Celebrities and the super-rich are known to fly in to enjoy the highly rated cuisine and wines offered by the island’s many restaurants and vineyards – and to soak up the unique culture and unspoiled beauty

that are huge sources of pride for locals.

Who lives here and what do they do?

More than 9000 people are based permanently on Waiheke, but thousands more have holiday homes there. Apart from the food and wine, culture is one of the island’s biggest drawcards: music, art, sculpture

In the three years from November 2015 to November 2018, the median value of properties on the island rose by an impressive 38.2 percent.

and garden festivals throughout the year attract big numbers of visitors. The ferry lands more than one million passengers per year on the island.

The first vineyards were planted on the island about 60 years ago, with production on a reasonably large scale really kicking off in the 1970s and 1980s. Since then, more and more wineries have opened, with their various world-class varieties meeting international acclaim. A good number of local people are involved in the day-to-day running of tourism - hopso and retail operations

- while over a thousand commute daily by ferry to the city for work.

Buying and selling While Waiheke Island’s property scene has boomed over the past few years, conditions are starting to settle.

As stock levels increase, the current climate has the feel of a more balanced buyers’ market. New Council taxes around short-term holiday rental properties have led to more properties being available for sale, while agents are still watching to see if the

Government’s ban on foreign buyers will impact the upper end of the market.

In the three years from November 2015 to November 2018, the median value of properties on the island rose by an impressive 38.2 percent (from $1,184,500 to $1,692,000), but that belies an extreme range of sale prices ranging from $700,000 to $6,500,000 over the past 12 months. Even in the most recent quarter, since August 2018, the median value was still on the up, increasing 3.8 percent.

Bayleys Waiheke principal

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PROPERTY REPORT OneRoof.co.nz | December 3, 2018

N E E D TO K N OW Since 2015 Lonely Planet described Waiheke Island as the fifth best destination in the world, the island has topped Auckland visitors’ mustsee list. Locals swear that the island’s own microclimate means the quieter shoulder and winter seasons are just as lovely as peak summer.

WHAT THE AGENT SAYS

“This is not just a suburb, it’s got a value of its own.”

YO U M AY L I KE SURFDALE 43 Lannan Road Mary Curnow has lived on the island on and off since 1989, selling real estate for much of that time. She’s seen the market rise and plateau many times, but she’s never seen it really fall and doesn’t expect to either in this cycle.

She estimates only 14 percent of sales have been to international buyers, so has not noticed a subdued mood after the overseas buyer ban, adding that sensitive land sales on the island have always been carefully scrutinised.

The Overseas Investment Office has just approved the sale of 34 hectares at Kauaroa Bay, next to Whakanewha Regional Park, to luxury lodge operator Julian Robertson.

As with the company’s other estates, including Kauri Cliffs and Cape Kidnappers, the $30 million development will include public walking access and extensive ecological restoration.

“The top of the market, there’s still stuff happening,” she says. “I guess I’d call this a steady period right now.

It’s not so frenzied as it was, but good sales are continuing

5

4

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Meticulously renovated two-level home sits on a 1685sqm section and faces the beach. The kitchen features Cohiba stone and stainless steel benchtops, and is loaded with the latest appliances. Decks wrap around the entire property, making for an amazing outdoor living experience.

Price by negotiation Agents: Mana Tahapehi, Bayleys, 027 566 0079; Ashley Fogel, 021 400 490

‘steady as she goes’.”

“We follow mainland Auckland trends with about a six month lag, but we’re not just a suburb, we’re also second homes and they’ve got a value of their own.”

She says that an entry level property of just under $750,000 gets a comfortable newish home, suitable for a family with kids.

“It is perfectly liveable, though it

Waiheke Island You’ll love it as much as we do

Photography g

by Peter Rees Curnow Realty Ltd, Bayleys, Licensed under the REA Act 2008

Call 09 372 0005

won’t be on the beaches. You’d have to be pretty sharp to pick up total do-up for $650,000 but would only get you in the door, it would be a lot of work.”

Curnow sees this as a great market for families, with the cost of a monthly ferry pass (and the legendary community of commuters) now comparing favourably to hours-long drives and the costs of car and parking for comparable mainland outer suburbs.

She says that while there is a seven-unit development happening on Waiheke, it can never add supply in the same way as the Auckland market where huge tracts are still being opened up on the edges of the city.

“There are still adjustments between holiday rentals and long-term rentals, but this is a good first-home buyer market,” says Curnow. “It’s a wonderful place for families, there’s a support community, it’s really supportive and upbeat and forward thinking.

“I’m amazed by how much energy the people on the island have – so much has happened there in the last three years.”

Mary Curnow Bayleys Waiheke principal

RECENT SALES

$2,410,000

429 SEA VIEW ROAD

Four bedroom cedar-clad home marketed by Bayleys agent Mana Tahapehi.

$1,170,000 5 THIRD AVENUE

Three-bedroom home close to the beach marketed by Ray White agents Helen Smith and Harry Howe.

$2,750,000 81 THE STRAND

Three-bedroom home on 1103sqm section marketed

by Bayleys agents Sherryn El Bakary and Carley Allinson.

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