NZ Herald QV Property Report - March 2017 by NZME.

Monday, March 6, 2017

House builders stand firm, p6 Renters struggle to find a home, p10 INSIDE: LATEST QV.CO.NZ VALUES COVERING 420 NORTH ISLAND SUBURBS Lifestyle apartments selling now right in the heart of Aotea Square.

John Love: 021 353 598 john@loveandco.co.nz

March 6, 2017 | PROPERTY REPORT

Inside Apartment appeal

Sharing with friends

Landlords put on notice

To bnb or not to be

Market Watch with Jonno Ingerson

Cover story — Developers hold the cards

Push against SuperCity

QV Data Report with Andrea Rush

Pressure on the rental market

What the industry says

What your home is worth

12-17

Spotlight on Waiheke Muriwai Pukekohe

18 20 22

Editor: Steve.Hart@nzherald.co.nz Contributors: Graham Hepburn, Diana Clement, Greg Fleming, Sandra Goodwin, Lawrence Watt, Jonno Ingerson, Andrea Rush. Photos: NZHerald and supplied. Production: Donna McIntyre. Cover design & graphics: Rob Cox Display advertising: (09) 373 6004.

Source: QV.co.nz / NZHerald graphic

The magic fix-it figure — 35,000

here was one big surprise last year in the real estate industry. The price of property kept going higher and higher. And just when you thought the ceiling had been reached, prices smashed through as most of us property watchers looked on open-mouthed. Foreign money, some of it dirty, played a major part in knocking residents out of the park when it came to bidding at auctions. Too many people had too much cash they wanted squirreled away in a safe haven. So much cash was sloshing around at one point last year that even some of the banks got humpy as they weren't needed for home loans. It's an old chestnut, but the housing shortage — that won't be fixed for a generation — also played its part. But how many homes is the city short of? It depends who you listen to, but I think the economists at Westpac may have it about right with its figure of 35,000. New homes are being built, of couse, but most prices are not in reach of young people who are often also saddled with student debt totalling tens of thousands of dollars.

Then there are our low interest rates. The OCR is 1.75 per cent and floating mortgage rates are well under 6 per cent (but they are starting to track upwards thanks to the banks). While low rates have allowed home buyers to borrow more, the rates will one day be back in the 7s and 8s, and unless there is wage growth some unfortunate souls will face some tough times as home loans become unaffordable. So where does that leave 2017? Well there are fewer foreign buyers around, investors are looking for cheaper property in the regions — giving Auckland's first home buyers a bit of air — and property

prices are showing signs of coming down. In fact, economic forecaster Infometrics reckons house prices will be down by 12 per cent by 2020 — that's less than three years away. Of course prices won't drop by 12 per cent on New Year's Eve 2019, they will trickle down over the coming months as interest rates trickle up. That could mean homes will become cheaper but, because interest rates will be higher, you will have no more money in your pocket as a result and home affordability will likely remain unchanged. Meanwhile, the window of opportunity for people to cash up their Auckland home and head for the mortgage-free hills, or the coast, is slipping away. But rest assured, this routine will happen about every eight years or so, come rain or shine. Chin up, and welcome to the Property Report.

PODCAST: My weekly property report is at http://goo.gl/EtJHJq

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Karen Spires AREINZ M 027 273 8220 E karen.spires@bayleys.co.nz Bayleys Real Estate Limited, Ponsonby, Licensed under the REA Act 2008.

March 6, 2017 | PROPERTY REPORT

High rise may be high risk Due diligence when buying an apartment comes with a different checklist to standalone houses, writes Diana Clement

uying an apartment involves more hurdles to jump than the purchase of a standalone home. Andrew Murray knows first-hand the extra questions apartment buyers need to ask over and above their peers who are buying freehold homes. Murray lives in an apartment, owns multiple investment apartments, and his business, Apartment Specialists, sells apartments. What’s more, he made a never-to-be repeated mistake that cost him almost $100,000 when he bought his first apartment that he later found out was in a leaky building. The first thing to know about an apartment building is that it is run by a body corporate that manages the building as a whole. In effect, a body corporate is a collective of all the apartment owners. It’s responsible for maintaining and repairing the building and common areas, organising insurance, enforcing the rules, collecting levies and other administrative tasks. Finding out about the building’s culture is a good place to start when deciding if the apartment you’re looking at is suitable for you. Is it full of owner occupiers at one end of the scale, or young language students and Housing New Zealand tenants at the other? Or, as Alison Parker of Premium Real Estate asks, does it have the sea view you’ve always dreamed of? Even apartment buildings are subject to the adage: “location, location, location”, says real estate agent Martin Dunn of City Sales. Think about the “precinct” that it’s in. What type of owner/tenants do neighbouring buildings — and those still to be built — attract? Think twice about apartment blocks out of the CBD, says Murray. “For example, if you are going to buy an apartment out in Otahuhu, ask yourself why. Houses out there are cheap enough anyway.” If you are going to buy out of the CBD, make sure there are at least some advantages to the location such as proximity to transport. “Otherwise you are playing into the developers’ hands.” Some exceptions to that rule are buying into upmarket suburbs, such as Grey Lynn, that you may not otherwise be able to afford, or buying into a good school zone. Traditional advice to buyers, says Murray, is to read the minutes from the body corporate’s annual general meeting (AGM) to check for potential costly problems such as leaky building issues. The apartment owners who run bodies corporate are aware, however, that their AGM minutes are marketing documents for the building and will sometimes downplay issues in them or discuss the real issues at other meetings. What’s more, an issue such as one leaky deck might be an unknown quantity at meeting time and not be discussed, even though it will lead to the discovery of widespread weathertight issues.

Green building Building sustainable future cities that are good for the planet and offer sound economic returns is the focus of next month’s Green Property Summit in Auckland. Leading experts in sustainability and the built environment will discuss how New Zealand can combine building green with lucrative investment opportunities, to create healthy cities of the future. The March 29 summit, run by the New Zealand Green Building Council and Property Council New Zealand, has the theme ‘Future Cities, Post 2020’ and will delve into climate change, technology advancements, energy efficiencies, and the development of urban communities within proven guidelines and rating tools. NZGBC chief executive Andrew Eagles says the summit comes at a crucial time for the property industry with the building sector responsible for 20 per cent of the country’s energy-related greenhouse gas emissions. Chief executive of the Property Council New Zealand, Connal Townsend says smart planning can create healthy, productive buildings that provide a powerful and sustainable platform for the future prosperity of the nation.

Therefore, says Murray, it’s essential, to ask for the minutes of any extraordinary general meeting (EGM) and other committee meetings where emerging issues may be discussed. He always advises clients to speak to the chairperson of the body corporate. (But few do). Make sure you read the body corporate rules, as well. These rules cover what you can and can’t do — such as

“Think twice about apartment blocks out of the CBD. Ask yourself why. Houses out there are cheap enough anyway.” keeping pets. There are a few buildings such as the Urba Residences, which do allow pets, says Dunn. But most don’t. The rules may also cover what you can and can’t do in terms of alterations within your apartment, or the hours when you’re allowed to get contractors in. The big issue when it comes to apartments is leaky building issues. Even sometimes older buildings that have been renovated with extra floors and decks added can be affected, says Murray. Look into this carefully, he says. Where leaky building repairs have been done properly, it is a bonus because you have 10-year warranties on the work and the building will now meet current Building Code. It’s not unusual, however, that one side of the building has been remediated because it leaked, but the entire job hasn’t

been done, says Murray. If the north side leaked, he says, the reality is that the south side will also leak eventually, or vice versa, because the entire building was built using the same method. What’s more, repairs to decks don’t guarantee the cladding and roof are watertight or vice versa. You can’t make assumptions, says Murray, that a concrete building or one with aluminium cladding won’t leak and that a monolithically clad building with a cavity and treated timber will. Just because a building looks new and fancy, don’t jump to conclusions. Make sure you look into the long-term maintenance plan (LTMP). Bodies corporate must have one by law but, oddly, they don’t have to execute the plan. “Find out if they are following it,” says Murray. And find out if the body corporate is putting aside savings for expensive works such as replacing the roof and lifts. Murray says to be wary of building inspection reports for apartments. While an inspection report on a house will tell you of structural problems, an apartment report is simply looking at the interior, not the exterior. If you want to buy off the plan, meaning before the building is erected, there is another long list of things to think about, says real estate agent Alison Parker of Premium — and a purchase should never be done without having your solicitor look over the contract. Off-the-plan apartments aren’t always the money spinner they’re advertised as, says Murray. They can be a decent investment in the upward phase of the cycle when prices are rising rapidly, but aren’t such a good investment towards the end of a cycle, he says.

Look before you leap Research shows that 20 per cent of Aucklanders plan to leave the city when they retire. This highlights a limited understanding of how to get the best equity released in downsizing, according to the Retirement Villages Association. The ANZ Retirement Savings Barometer reports that of the one in five Aucklanders planning to leave the city, around 25 per cent plan to downsize to a smaller dwelling. “Sensible as this sounds, only 6 per cent of those downsizing into a smaller dwelling are including a retirement village in that process,” says association executive director John Collyns. He said research shows people downsizing from a family home to a smaller dwelling generally release more equity when moving to a retirement village than to a smaller ownyour-own dwelling. People typically released $50,000 equity when they sold their family homes and moved to a village.” That meant retirement village residents have more cash in hand after the move than people who continue with home ownership.

Around 80 per cent of retirement village residents paid between $200,000 and $400,000 for their unit, compared with just 45 per cent of unit owners. “Because a resident seldom actually owns their retirement village home, the cost of buying in is usually significantly less than a freehold occupation.” He said equity released adds to the resident’s disposable retirement income. About 60 per cent of retirement village residents came out with $50,000 or more cash in hand, with around 20 per cent having more than $200,000. “This compares with just 38 percent of owners having $50,000 or more and around 5 per cent getting more than $200,000.” He added that finding a smaller home within your community is easier said than done. “New dwelling builds continue to get bigger. Retirement villages are moving against this trend — around 90 per cent of retirement village units are one or two-bedroom dwellings, compared with 25 per cent of conventional housing stock. They are also purpose built for older people.”

March 6, 2017 | PROPERTY REPORT

Sharing changes dream to reality It makes sense in theory to share home ownership. But Lawrence Watt wonders how it works in practice

ith Auckland property prices so high, many people are finding the Kiwi dream of property ownership a fantasy. One way around it is to team up with someone else, doubling your deposit and ability to pay off the loan. But what are the pros and cons and how does it work in practice? Onehunga gym manager-operator Akshay Khushal — shortly to put a jointly purchased house on the market — is about to find out. At the age of 24, he and a friend from high school bought a house as an investment nearly five years back. The pair had a joint deposit of $50,000, when houses could be found in South Auckland for close to $300,000. They opted to rent the house to tenants who were already living there. Using a property manager helped ensure the rent was paid, but the maintenance proved higher than expected. When Khushal’s friend married and wanted out of the joint ownership to buy a marital home, they had the house valued and Khushal bought his friend out. Then Khushal, too, was bitten by the love bug; and he and his partner plan to bid on a property in Westmere shortly. Dominic Lauese, founder of Homies, a company that advises people on jointly buying their first home, says even a small annual capital gain, of say 5 per cent, for three years can substantially increase your equity and provide a track record with a bank.

KICKSTART FOR OWNERSHIP Accessing Kiwisaver Homestart can help non-partner buyers considerably, and there are only a few restrictions. ■ Friends or strangers (with a maximum total annual income of $130,000) can access Homestart together, to buy a house in which to live. ■ The Home Start grant is up to $10,000 for an existing property and up to $20,000 for a new home. You can buy up to $600,000 for an existing property in Auckland ($650,000 for a new build). You can access the grant only once. ■ You must live in the property for at least six months. It must be owned by individuals, not by a company or trust (excepting Maori trusts). ■ You can have flatmates to help pay the rent, so long as you live in the house.

Source: Housing New Zealand

“It is a stepping stone to getting your own house,” he says. Buying a house together is nevertheless a big step up from flatting with someone. Lauese says you need to share goals and to realise a shared investment is not forever. Others have had less luck with shared ownership. Nearly three decades back, two of this writer’s female friends bought a house in Mt Eden.

After a couple of years’ ownership, the women sold the house, but their dreams of capital gain vapourised as the market had flattened out. They learned that a property plateau may coincide with when you want to sell. Looking back on his experience, Khushal reckons he and his partner should have stretched themselves and bought more properties, using the house’s increased equity — something that is harder to do today, given tighter lending measures. “I guess we were always a bit risk-averse.” he says. He suggests people today might consider getting together with as many as four people, to tie up less capital. “Do it with people you trust, that’s the big one,” Akshay says. You need mutually agreed goals, particularly in terms of how long you plan to co-own. He and his friend put the house into a company with its own bank account and IRD number. (As landlords, they were running a business. If you plan to live in the house, you don’t need to do this.) The intended term of ownership is also important — it should be say five years, rather than something you might “flick off at the end of the year”, he says. A contract is also a good idea, focusing on what you agree to do and to cover how to handle the inevitable dissolution. ON THE WEB: hnzc.co.nz/ways-we-can-help-you-to-own-a-home/ kiwisaver-homestart-grant-and-savings-withdrawal/

Landlords put on notice over insulation SANDRA GOODWIN The July 1, 2019 deadline for New Zealand rental homes to be insulated may seem a distant target but insulation changes are already starting to affect Kiwi landlords and tenants. Since July 1 last year, new tenancy agreements include compulsory statements about the extent of insulation in the property, and all rentals are required to have smoke alarms. Since then, houses where the tenant pays an Income Related Rent must have floor and ceiling insulation where it can be practically installed. The Ministry of Business, Innovation and Employment is putting in place a monitoring programme to understand compliance and how the changes are affecting landlords and tenants. Tenancy compliance and investigations manager Steve Watson says: “The landlord must disclose whether there is insulation in the rental home, where it is, and what type and condition so the tenant can make an informed decision. “A landlord who does not make a complete insulation statement or includes anything they know to be false or misleading is committing an unlawful act and may be liable for a penalty of up to $500.” The ministry will be ramping up its existing publicity campaign about the new insulation requirements, and encouraging landlords to get onto any work required rather than face last-minute bottlenecks. Officials estimate that at July 2015 about 270,000 private sector rental properties didn’t have the floor and ceiling insulation that will become compulsory. That’s a good portion of the rental stock, given the 2013 Census identifies about 450,000 New Zealand households live in rentals. Where it’s not physically practical to install insulation, properties will be exempt. Ministry estimates are that it

July 2019 is the deadline for rental homes to be insulated.

PHOTO / GETTY

won’t be practical to retrofit insulation in up to 70,000 private sector rentals’ ceilings and up to 120,000 underfloors. The ministry says 2015 figures suggest the cost of insulating ceilings and floors will average about $3400 (excluding GST) a dwelling, with those in the South Island and North Island’s Central Plateau costing more as they’ll be required to have a higher level of ceiling insulation. Cabinet papers outlining the impacts of the insulation and smoke alarm changes estimated a weekly rent increase of only $3.20 would maintain the landlord’s yield (where a property required installation of ceiling and underfloor insulation and one smoke alarm and did not receive any government subsidy). New Zealand Property Investors Federation president Andrew King, says it can easily cost $3400 plus GST to insulate a property and sometimes more.

“An insulated property rents for more than an un-insulated one. It is likely that landlords will increase their rental prices for installing insulation, however this may be offset by lower electricity costs for the tenants.” He says some areas of New Zealand have good subsidy schemes to help offset insulation costs. Andrew King “However they are only available if the tenants have a community services card, existing health issues and either children under 16 or adults over 65. Landlords often have no idea if their tenants meet these criteria.” The federation has lobbied Government to make insulation a tax-deductible expense to at least partially offset the cost and minimise rental price increases. Fire alarms Landlords can be fined up to $4000 and tenants up to $3000 if they fail to meet the regulations which made smoke alarms compulsory in rentals on July 1, 2016. The required number and location of smoke alarms can be found at tenancy.govt.nz/maintenance-and-inspections/ smoke-alarms/ ON THE WEB: Specifics of the new insulation requirements can be found at: ■ tenancy.govt.nz/maintenance-and-inspections/insulation/ compulsory-insulation/ ■ energywise.govt.nz/funding-and-support/funding-for-insulation/ ■ energywise.govt.nz/funding-and-support/payment-options-forinsulation-and-heating/

March 6, 2017 | PROPERTY REPORT

Hosts with the most return Landlords are finding holiday lets more profitable than traditional long-term rentals, writes Sandra Goodwin

pinion is divided on whether renting out properties as short-term Airbnb lets is the solution for landlords looking to maximise their returns. London-based online agent Nested’s international Real Estate Return on Investment Index suggested an Auckland investor would take 22.6 years to recover their purchase price leasing through Airbnb, compared to 31.6 years by traditional tenanting. Its broadbrush figures showed an investor who bought an Auckland three-bedroom property at last year’s $783,668 average NZ property price could pursue 2016’s average monthly rent of $2062 versus Airbnb’s average monthly Auckland rental of $7252. Some Kiwis who have had hands-on experience switching rentals into Airbnb properties agree there are improved returns to be had, even after vacancies and expenses. Wellingtonians Georgina and Peter Kiss stumbled onto improved returns through Airbnb-ing after a traditional tenant moved out. The couple bought a two-storey Roseneath home a couple of years ago. They live upstairs with their three-year-old son, above a one-bedroom studio and two-bedroom apartment. Georgina says: “We make about double leasing the extra spaces out by Airbnb compared to what we did as normal rentals. We really enjoy it and would recommend it to other

”We make about double letting the spaces out with Airbnb.” Georgina and Peter Kiss (pictured) landlords provided they have the right sort of property. “Because a lot of guests are couples or singles, we think smaller properties work well, probably in cities or near tourist facilities. It’s good to have some sort of ‘plus’ and our place has lovely views, is close to town and near the bus stop.” About half their visitors are overseas guests, the rest are Kiwis. Stay-at-home mum Georgina says although Airbnb hosts can specify how much guest contact they prefer in their listings, she’d recommend it only to friendly hosts. “I

don’t think a grumpy one could do it well.” She says Airbnb requires more admin time than traditional tenanting, including responding promptly to emails. The couple largely outsource cleaning between guests and coded entry means they don’t have to be on hand for every arrival. They’ve arranged the slightly more expensive commercial insurance cover necessary to cover them for holiday letting. They enjoy high occupancy rates that have been helped by Peter, an IT specialist at Weta Workshop, setting up the airbnbwellington.com website to supplement their listings. He says guests are predominantly friendly but adds it’s reassuring knowing rare difficult ones will be farewelled shortly, not like with a traditional long-term tenancy. The Hungarian-born couple’s Airbnb set-up allows them to easily extend their own living space for visiting friends simply by blocking out bookings for a couple of weeks. However, other Kiwi Airbnb hosts say the experience is not all “milk and honey”, citing perceived inequity that renting out rooms in their house through Airbnb is subject to tax whereas having flatmates isn’t. Some have felt the financial impact of occupancy gaps after cancellations where Airbnb overrode the owner’s preferred cancellation policy. Many point to the precariousness of success being so dependent on guest reviews, saying international guests can be particularly demanding. Some have expected airport pickups and different sized pillows to choose from or complained about crumbs in the toaster. Kiwis can pursue Airbnb returns without the day-to-day demands by engaging a short-term property management and services company such as myhotel.net.nz for a fee.

Home buyers turn away from city life The property market is about to get into full swing for 2017, so that gives us a chance to assess activity in the new year. The New Zealand economy is still in good shape, particularly those parts that have been putting upward pressure on the housing market. Net migration is at a new peak, employment prospects are good, consumer confidence high, interest rates low, and the housing shortage in Auckland persists. Interest rates went past their low point around July last year, and since then we have seen a gradual increase in fixed term interest rates, with a more rapid increase in January. The Reserve Bank has left the official cash rate on hold, but is now signalling the next move is likely to be up. Increases we have seen in fixed rates are therefore not due to changes in the OCR, but in the increasing cost of offshore funding that local banks need to fund mortgages. These offshore costs are likely to increase, pushing fixed term mortgage rates up gradually in the coming months and years. If you didn’t re-fix your mortgage last July, don’t panic as rates are still low in historic terms. This slight rise in interest rates will take some heat out of the market. More heat is likely to be taken out by the Reserve Bank’s latest lending restrictions. As of July 2016, banks limited lending to customers with less than a 20 per cent deposit, and investors needed a 40 per cent deposit. There has been a definite drop in buyer demand in Auckland, Hamilton, Tauranga and Christchurch compared

MARKET WATCH JONNO INGERSON, DIRECTOR OF RESEARCH, CORELOGIC

to pre-Christmas and the same time last year. In normal times, February would see high levels of buyer demand heading into peak buying season. This drop in demand has led to weak sales numbers in January, and will also lead to February being weak. In Wellington and Dunedin there has been no noticeable drop in demand with recent activity even stronger than late last year. Falling demand and sales volumes usually lead to falling values — precisely what we are now seeing. According to Corelogic’s stratified median sales price, values across Auckland reached a peak in July, flattened for a few months then began to drop. In old Auckland City values dropped $63k between July and December, in North Shore the drop was $42k, in Waitakere $38k and Manukau $20k. At the end of 2016 the share of sales to first home buyers in Auckland had recovered to the same level they were at before the first round of lending restrictions hit in October

2013. But there has been a dramatic turnaround in January with first home buyers at record low levels in Auckland. What a change in one month! We do need to be cautious about calling this an enduring trend, but the magnitude of the turnaround is stark. Meanwhile, across most other main centres, first home buyer activity has strengthened. Investor activity has dropped slightly in many parts of Auckland, and in most of the other main centres, but the drop is not as great as some would like. With an election date now set for September, and housing affordability likely to be high on the agenda, a drop in first home buyer activity but continuing investor purchases will fuel arguments in favour of more change. Watch the coming months to see if what we are seeing so far in 2017 is a sign of things to come.

CoreLogic is a leading property information, analytics and services provider created by the merging of PropertyIQ and Terralink International. CoreLogic helps clients identify and manage growth opportunities, improve performance and mitigate risk through innovative, technology-based services such as QV.co.nz.

March 6, 2017 | PROPERTY REPORT

While property prices keep rising steadily, many owners of vacant sections are content to lie back and wait for more capital gain before selling their properties.

PHOTO / GETTY

Land bankers sitting pretty Developers’ interests are not aligned with the wants and needs of politicians and the public, discovers Diana Clement

uckland needs more homes. So why aren’t developers developing? When demand is high, Economics 101 suggests that developers would be building every house New Zealand needs. The trouble is the risks and roadblocks involved mean that developers’ interests are nowhere near aligned with the wants and needs of politicians and the public. The numbers The hard cold figures are that Auckland needs another 35,000 houses currently, according to Treasury. The Unitary Plan notes that 420,000 more houses are required to meet demand by 2045, which is 15,000 completed year on year. These are stark numbers, says property strategist Leonie Freeman, a director of Goodman Property Trust who has worked for Auckland Council, Housing New Zealand, the government on a social housing review and also the Hobsonville Land Company. While politicians may say they have the answer (especially in an election year), the real issue, says Freeman, is a huge disconnect between the public, private and NGO stakeholders. They’re all working hard, she says, but within their own housing silos. Developers, banks, the Government and many other organisations involved in the property cycle have different agendas and time frames. Aligning those stars is a tougher call than any one player can solve, says Freeman, especially when sometimes the players appear to speak foreign languages to each other. One of the big misconceptions, says Freeman, is that being a developer is a golden path to easy riches. Developers can go bust easily. Look back to the global financial crisis, points out the Property Council New Zealand’s chief executive Connal Townsend. All too many big names just disappeared. Yet it’s these developers that build the medium- to high-density housing that are in extremely short supply in 2017. Risk is a big part of the property development game. In a general sense, the risks are both site-based and general, says Graham Squires, associate professor in property at Massey University. The first set of risks are specific to the developer and the

site. Then developers face a range of general risks, which include: ■ planning costs and the risk of whether planning will be granted ■ wider professional fees ■ construction costs ■ sales and marketing costs ■ the cost of borrowing ■ the political climate ■ economics and the property cycle ■ technology and material costs ■ environmental sustainability and natural disasters ■ legal issues such as land title issues. Profit is even a risk, says Squires. Developers plan for 15 to 20 per cent profit. But if the process turns to custard, they

“I think at the moment there is an opportunity for the Government and council to plan to act in a more counter-cyclical way. Developers see the risk of a turn in the market.”

Leonie Freeman

may as well have put their money on the roulette wheel, or at least in less risky asset classes such as shares. The timing of the development is hugely important and can affect many of these risks. It can take years between conception and moving-in day for the buyers. In the meantime there can be natural disasters, changes in policy, turns in the property market, restrictions on borrowing and a whole host of other third-party factors. Property developers aren’t one homogenous beast. Freeman divides them into four general groups: big government projects such as Hobsonville and Tamaki, largescale medium to high-density housing projects, private large land/housing blocks such as Stonefields and Long Bay, and then smaller scale developers of up to 10 properties at a time. Each faces its own set of risks. A small new developer, for

DO IT YOURSELF With home buyers being let down by the Government and developers, Shaun Taylor, marketing manager at Signature Homes, says people aren’t waiting any longer. They are building homes themselves. “Franchises, particularly in Auckland, are starting to talk to customers about their development options under the unitary plan, and are seeing the emergence of mum and dad developers. “This is good for Auckland as it will help with the housing shortage, and it can be good for Aucklanders who are in a financial position to do so, but there are a number of considerations and risks that need to be thought through for first time developers,” he says. “It is more complicated than your standard property investment — and, while there are significant gains to be had in the current market, there are significant risks also, so who people choose to partner with is incredibly important.”

example, may have much higher bars to reach to get funding. A large scale developer has a greater public policy risk. The skills, build quality and product risk make up an “evil troika” of risks that are causing particular concern for developers currently, says Townsend. The risk is that one or more of these “evil sisters” leads to the project failing compliance. There is a critical lack of skills on the ground with such a lack of numeracy and literacy skills that individual workers may not be able to calculate, for example, the right amount of concrete to lay or the ability to read warning signs in English, says Townsend. This can affect the build quality. On the product front, Townsend cites steel. Stories of substandard steel being used in large projects have hit the headlines in recent years and faulty steel can prove disastrous for a development. While local steel is good, says Townsend, and some overseas steel is even better, there is substandard steel also Continued on page 8

March 6, 2017 | PROPERTY REPORT

Hobsonville Point is one of the areas in Auckland where the Government has been hugely successful by preparing a master plan for an area and carrying it through in a sustainable way.

PHOTO / HERALD FILES

Developers hold the cards From page 6

finding its way into this country. “Auckland Council compliance people are reporting a one third failure rate of new buildings,” says Townsend. “That is gut wrenching. Imagine if one in three Toyotas (coming off the production line) was a dog.” It is a popular trope, he adds, that property developers are slightly suspect. The reality is, however, they are the victims. “This type of thing terrifies developers.” Sometimes a single risk factor can be enough to make or break a development. Townsend cites the example of an Auckland City Council decision around 2006 that required central city apartment developers to pay a development levy towards public spaces. “It had a catastrophic effect,” says Townsend. Developers disappeared overnight. Too often clever ideas such as this by local and central government kill off the goose that lays the golden egg, he adds. Finance One of the huge barriers to property development can be getting the finance. Property development is risky, which is a problem for banks’ prudential requirements. They can’t hand out money to every would-be property developer even if they wanted to. It’s not surprising, therefore, that some developers are struggling to find finance. In recent months buyers of several apartment developments have been asked for more money a result of an escalation in construction costs and sometimes finance requirements. Auburn Developments wrote to clients, the New Zealand Herald reported, saying that development finance was “virtually unavailable” in New Zealand. Townsend says that good developers whose balance sheets are strong are still able to get funding. “It’s easier for established players,” says Townsend. “If you are a relatively new entrant, you are going to find it harder.” BNZ economist Tony Alexander also noted late last year that bank lending to property developers had slowed. “This reflects a prudent risk management approach, brought about by awareness of what usually goes wrong every property cycle — too much bad building by inexperienced operators selling too many apartments off the plan to people who fail to settle,” he wrote. Development is being slowed, added Alexander, because banks would only lend largely from money that was freed up when existing developers completed their projects. “What this means is that growth in the supply of dwellings in Auckland will be slowed down through lack of finance to property developers.”

Financial adviser Stephen Robertson, of My Money, who works with developer clients to fund projects, notes that the banks’ preference currently is for funding projects where there is a minimum of 30 per cent equity contribution, to existing clients, profit margin of at least 25 per cent and presales that covers the amount to be borrowed. He says that on a macro level, the banks are tight on lending criteria and in some cases, have openly declared “we have hit prudential limits on certain areas of development”. Alternate sources of funding such as finance companies and private funds are under pressure, says Robertson. Some creative solutions were being found to the problem. “We even have hedge funds from Australia looking to get involved as cash from Singapore is looking for better returns on investment.”

Auckland Council compliance people are reporting a one third failure rate of new buildings. Connal Townsend.

The solution Every man and his dog has a solution for the Auckland housing crisis and the lack of development. That ranges from banning non-residents from buying anything except new homes to large-scale government building and a lot in between. The idea of the Government building housing en masse as it did in the 1930s would leave some people thinking “Yeah right, that’s not going to happen”. But John Tookey, professor of construction management at Auckland University believes strongly that a modern take on mass state home building could work. At the moment no land developer or builder is going to build faster than they can sell, says Tookey. If they did, they’d be cutting their own financial throats. So they dripfeed properties onto the market to keep prices high. What’s more, there’s a drag effect. Tookey was in Riverhead when interviewed, surrounded by consented land that wasn’t being built on, despite the huge housing shortage and rapidly inflating prices in Auckland. Private enterprise isn’t going to solve the problem. Tookey argues that steps need to be taken to compel the industry to build en masse outside of the normal market delivery rate. That, he says, would involve the Government working with a big housing developer and incentivising it to produce houses on a large scale to a timetable. The second leg to the solution would be to get the

speculators out of the property market by targeting an incremental capital gains tax according to how many properties each investor owns. Tookey’s idea involves government, council, or coowned housing built for low-income households. “An artificial ‘glut’ of housing would force down rents in the buy to let (investment) property market throughout the city,” he says. The AUT lecturer said in a briefing paper that if New Zealand leaves matters to the free market it will “continue to be stunned by the inconvenient fact that the market will act in its own best interests: land banking; rationing land release to keep prices high; and building large and expensive homes whilst ignoring demand at the bottom end of the market”. Freeman’s answer is getting everyone around the same table for a “collective impact” approach that uses a framework to tackle entrenched and complex problems. “There is no hidden agenda,” says Freeman. “I know all the players because I have worked with them. I’m just concerned.” The framework, designed to provide a vision and a mechanism for delivery, was unveiled in October but to date the Government and Auckland Council haven’t responded. Wellington Council, however, has shown interest. The collective vision approach does work, says Freeman. It has worked overseas and worked in Hamilton with The People’s Project, which was designed to end homelessness in that city and has so far homed 843 people. She believes that the Government can take steps to mitigate the impact of a turn in the property cycle. “I think at the moment there is an opportunity for the Government and council to plan to act in a more countercyclical way,” she says. “Developers see the risk of a turn in the market. “This can impact future volumes of houses being undertaken. But we have this huge demand for additional housing. We can only solve that by doing it together.” Steps the Government and council could take include: ■ underwriting some projects for social or affordable housing ■ greater clarity on the future pipeline of government and council projects coming through ■ flexibility with payment options such as making payment for government and council land at a later stage of the project — not the beginning. Townsend doesn’t believe that the Government should underwrite housing development. “You corrode the free market.” But there are other ways for it to help. The Government can take other positive steps to encourage development. He cites the example of Hobsonville where the Government has been successful by preparing a master plan for an area and carrying it through in a sustainable way.

March 6, 2017 | PROPERTY REPORT

Push against Supercity

Rodney residents say the Supercity is the wrong model for them and want to break away, writes Lawrence Watt

n North Rodney, a group of ratepayers, called Northern Action Group (NAG), has been fighting city hall — the Local Bodies Commission — since soon after the Auckland Supercity was set up in November 2010 (its first mayor was Len Brown). The area’s future may even depend on a High Court decision, says the chair of the breakaway group Bill Townson. The Wellington-based commission, faced with NAG’s campaign for a new “unitary council” for North Rodney has decided the affected area is not only Rodney, but the whole of Auckland. Townson believes the group and the commission may end up in court over this decision. The commission has consulted in the Rodney ward and online. But NAG has successfully sued the commission before, after it declined its application to assess its demand to break away from the Supercity blanket. The commission says it won’t report back until the second half of the year. Meanwhile, independent consultants will put “the financials through a wringer,” a source says. “If the preferred option is not the status quo, the commission will develop a draft proposal based on the preferred option and conduct public consultation on it,” it said in a statement. So-called North Rodney’s catchment includes the picturesque towns of Warkworth and Matakana, the coffee and pie stop of Wellsford, villages, a swathe of beach resorts such as Omaha and thousands of farms, with a population NAG estimates at 25,000 — half of the Rodney ward. The ward stretches all the way to the west coast, including Helensville. Pre-amalgamation, Rodney also included the Hibiscus Coast and Whangaparaoa — now part of the Albany ward. Hostility to the Supercity harks back to the The Royal Commission on Auckland Governance report by David Shand, Hon Peter Salmon, and Dame Margaret Bazley that was released in March 2009. The report became the blueprint for the Auckland Supercity, but was substantially modified by former local government minister Rodney Hide. According to Townson, it was Hide who decided that all of Rodney should be part of the Auckland Supercity, against the report’s advice. One practical notion shines through when talking to Townson — people believe the needs of a rural area are vastly different to residential Auckland, and the Supercity is obsessively centralised, making questionable decisions such as awarding contracts to South Auckland firms when local contractors are available for work in Rodney. Townson, a boat builder and retired accountant, says practical objections include the lack of investment in roads.

Bill Townson believes the needs of a rural country area are vastly different to residential Auckland.

Although the “holiday highway” is being paid for by the Government, many local roads are inadequate, some still unsealed, he says. Many farmers have huge rates bills, yet still have metal roads outside. Townson says Rodney ratepayers pay no transport levy, but the Supercity’s fixed charge grates with locals. It was introduced partly as a public transport measure, of which there is virtually none in North Rodney. Warkworth has one of Auckland’s worst intersections — but the local board document includes plans for new sealing and various new roads. The heart of the matter lies somewhat deeper, says Brent Morrissey, a Rodney resident and former Auckland Regional Councillor. The concern is about a lack of local participation. People feel similarly elsewhere, such as Waitakere and South Auckland. “In my view the Supercity model is not working for anybody and is centralism at its worst,” he says. What about medium-term change? Auckland Council’s unitary plan will, before long, bring tens of thousands more people to North Rodney as, under the plan, large areas near SH1 have been rezoned for residential use, planned to bring an estimated 7900 people to Warkworth and half the population of Hamilton to the greater northwest. When the “holiday highway” and more roads are completed, Warkworth should be a quick commute to jobs in Orewa, Albany or Takapuna. Already there’s a strip mall just south of Warkworth. If NAG is successful in getting a new mini-council, it will need new chambers, a computer system encompassing everything from rates, dog licences and a land information system, and to employ people in roles varying from planning to a call centre. The current library system enables borrowing from the whole region.

FILE PHOTO

Townson says the model is the Thames Coromandel District Council, that is also over a large area, serving several towns and many farmers. He believes many services can be contracted out, rather than a council owning buildings outright. He reckons the people of North Rodney own part of Auckland City’s computer system. There is a legacy from the old Rodney council, for example, such as the new library building. The Warkworth town hall is under restoration, says the council website. Views vary though, from being free of the Supercity through to the practicality of staying with it, due to the expertise of its planners and engineers. The former Rodney Council had its problems, including rates that appeared higher than Auckland’s, and ugly ribbon developments on Whangaparaoa. Morrissey recalls there was dissatisfaction with that old chestnut — roads — with the old council. Morrissey recalls the Government installing a commissioner, Local Government Minister Sandra Lee, saying (in 2000): “The Rodney District Council was ‘clearly dysfunctional’ with respect to governance.” Morrissey suggests a workable model would be a halfway house between the old Rodney Council and the Supercity, where Auckland Council (including Watercare and Auckland Transport) fulfills the same functions as the old ARC (Auckland Regional Council) and the new Rodney Council does everything else. “It (the Supercity) centralised local power. That local power is sorely missed,” he says. But he reckons NAG should forget its impractical idea of a rural-only council. But perhaps the freedom fever is catching. Waiheke Island is also trying to break away from Auckland.

First homes buyers squeezed out The slow-down in value growth in parts of Auckland seen in the QV House Price Index since the latest round of LVR restrictions does not appear to have impacted Auckland’s highest value suburbs. This is most likely because a number of people buying in these areas will be selling an existing home and buying a new one by trading up on recent capital gains, and home buyers are exempt from the 40 per cent deposit rules for investors. Also, any investors who can afford to buy high-end Auckland property are more likely established investors who may own multiple properties. CoreLogic data shows a significant number of investors who own five or more properties do not require a mortgage and so are not affected by the LVR rules. The latest CoreLogic Buyer Classification Data shows the share of sales to investors in Auckland has also not been affected by the LVR restrictions and still sits at 43 per cent of all sales. It also shows that the share of sales to cash buyers is increasing. This trend of stronger growth at the upper end of the Auckland market has been emerging since mid-last year and

DATA REPORT ANDREA RUSH QV NATIONAL SPOKESPERSON

the upper $1.25 million-plus end of the market has seen higher value growth than other parts of the market. A total of 22 Auckland suburbs now also have a qv.co.nz estimated median value of more than $1.5 million and the city has four $2 million suburbs with Remuera and Stanley Point having ticked over the milestone to join Herne Bay and St Marys Bay. In fact, the Auckland suburbs showing the highest percentage and dollar value growth over the past year are also some of the highest value suburbs of the city. These include Herne Bay, St Marys Bay, Mission Bay, Kohimarama, Takapuna and Stanley Point, all of which saw median values

rise more than $250,000 since January last year. Popular Auckland holiday bach destination Omaha saw its median value top $1.5 million dollars; while Waiheke Island’s top suburbs have also seen values jump with Oneroa up $192,550 to $1,230,050 since January last year, while Onetangi is up $172,850 to $1,217,150. Piha has also joined the $1 million club. Values have eased in a number of lower value suburbs, some of which have been favoured by entry-level property investors such as Manurewa East, Otara, Takanini, Kelston, Ranui and Glen Eden — most likely due to the LVR restrictions locking a proportion of less established investors out of the market. There has been a jump in sales to first home buyers in other parts of the country (particularly in Wellington where the share of sales to first home buyers is at a record high at more than 30 per cent of all sales). However, this has not been the case in Auckland where the share of sales to first home buyers has dropped back to 19 per cent, suggesting that Auckland’s most affordable properties are now out of reach for many first home buyers.

March 6, 2017 | PROPERTY REPORT

Renters struggle with slim pickings If you’ve been looking for a rental property in Auckland this year you probably already know it’s hard going — but expect things to get even tougher, writes Greg Fleming

ccording to Trade Me the median weekly rent in Auckland is $510 — up 3 per cent from last year — and it is expected to rise. And if you’re looking for a large home (five plus bedrooms) expect to pay 12.7 per cent more than last year. Last month The Property Institute’s Ashley Church surprised many when he told the Herald that renters had been operating in a “relatively benign” environment for the past two or three years (especially considering average property prices went up 20 per cent last year). His belief is that many landlords “have chosen to forgo big rent increases [in the last two years] while the capital growth on those properties has been so strong. This is likely to change in 2017 as landlords look to offset lower capital growth with higher rental returns.” Already renters face a competitive market — 40 or 50 people at an open home in a desirable area is not uncommon in inner-city Auckland. Returning students are competing with other tenants — including new migrants and internal migrants who have moved to Auckland in search of work or to take up new positions at the beginning of the year. Rental trap Neil (not his real name) and his partner Rachel are a professional couple in their late thirties. Neil has been renting in Auckland for 12 years and is once again on the hunt after being given notice at their inner-city apartment, which is being renovated. “Being a renter in Auckland in this market is truly awful,” he says. “We’ve moved six times in the last seven years, as apartments we’ve been in have sold. And every time you move, the price goes up. We pride ourselves on being good tenants but good references mean nothing. You rarely deal with the property owner, you deal with a letting agent, and they have all the power. And although you’re paying them a fee, they do very little for you.” What’s worse is that even when a tenant is being evicted, the tenant themselves must give 21 days’ notice (the landlord

TIPS FOR RENTERS ■ Set up an email search alert on listing sites and the letting agencies you are registered with. Check your inbox first thing in the morning for any new listings. ■ Act quickly — get to the viewing at the time that is set. Property managers are swamped with inquiries. In the current market, be aware that the landlord, not you, is in the strongest negotiating position. ■ Provide a family bio, CVs and references. ■ If there are multiple parties seeking the same property, consider offering above the asking rate, signing on for a longer tenancy term, or proposing to undertake home decor improvements as part of the tenancy agreement. Essentially, offer more than your competition. Source: Bayleys

must give 60 days’ notice of eviction). “So, if I see a place I like,” says Neil. “I’ll be paying for two houses for three weeks and I’ll be over $1500 out of pocket.” Despite both earning average salaries, he says the chances of them buying a house in Auckland are non-existent. “I hate renting, there’s no security, you’re treated like cattle and you have no power. But we have no choice. We’re trapped.” Shortage suburbs “In Auckland’s suburbs there’s a shortage of good quality homes in preferred locations. This has led to fierce competition when they do come up for occupation,” says Lisa Sargison, general manager of residential property management at Bayleys. Usual destinations include city-fringe suburbs such as Ponsonby, Herne Bay, Newmarket and Parnell, as well as further out where demand is driven by school zonings — such as Epsom/Mt Eden, Forrest Hill, Mt Albert, and Howick/Mellons Bay.

She says rent increases are driven primarily by the supply and demand equation — encompassing the current housing construction shortfall, and an influx of immigrants. Combine this with the fact that landlords face a shrinking capital gain in the Auckland housing market (leaving many to invest Lisa Sargison elsewhere) and you’ve got a “perfect storm” for rental increases. Even outer suburbs are getting pricey, says Sargison. “The shortage of inner city stock may mean that students are forced out into the suburbs where they will find greater competition from families.” The good news? Not much except that only a small percentage of rental increases have been endured by existing tenants — with most landlords instigating rises when one tenancy concludes and another commences. “This reflects an acknowledgement from realistic and experienced landlords who value the continuous revenue streams of long-term tenancies,” says Sargison. Little wonder many students didn’t leave their rentals over the past summer as usual — fearing they’d have difficulty getting back in to the market without a price-hike. “For continuing tenancies we have found the rates of increase to be much lower — around 3 to 4.3 per cent,” she says. Perhaps more surprising is that landlords, too, are feeling the pinch with the investor-focused lending restrictions introduced by the Reserve Bank impacting on their yield. “As property prices have increased Auckland-wide, rental yields have fallen to historically low levels,” says Sargison. “Those purchasing residential investment properties are doing so more for the capital gain rather than the investment yield. Fewer investment properties are being purchased, which contributes further to the shortage in rental stock.”

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March 6, 2017 | PROPERTY REPORT

INDUSTRY ANALYSIS As told to Graham Hepburn

Motivated vendors enter market Mike Bayley Managing director Bayleys Corporation

fter four months of bobbing around like a yacht becalmed, the residential property market is once again showing signs of having a breeze in its sails —particularly the “engine room” Auckland sector. Now with an activity resurgence in the air for the late summer/early autumn quarter, many potential home buyers who have been patiently waiting in the wings since spring will be more motivated. This in turn should underpin a greater amount of market churn and deliver some confidence to potential property sellers who have, likewise, been holding off taking their home to market until a clearer direction is forthcoming. Greater choice of listings will, in turn, naturally lead to greater sales volumes. The big unknown factor will be price movements. LVRs could well continue to stymie a small percentage of investor category buyers — leaving the way open for greater participation by first home purchasers. The ‘yin and yang’ of those two dynamics should therefore balance themselves out in the wider market pricing levels context. With a growing groundswell of forecasts by economists that the Reserve Bank may well look at raising the official cash rate at the end of this year, the prolonged golden period of record low mortgage interest rates may well be coming to an end. This should spur buyers into acting and locking in the last of the relatively cheap two and three-year fixed term mortgage rates while they can. Vendors would be well advised to bear this in mind and take advantage of this market revival while they can.

Chris Kennedy CEO Harcourts

or much of 2016 it has felt like market commentators and observers were willing the strong, highly active market to fall over dramatically, particularly in Auckland. At this point, however, that seems unlikely to happen any time soon. Figures released in January by Statistics NZ show there was record immigration last year, with our population increasing by 70,600 people. Therefore, the key forces that have fuelled the market so far — high levels of immigration and low interest rates — remain unchanged. However, we have seen a fall in the number of property investors in the wake of the tougher loan to value ratio (LVR) restrictions. That change meant that no more than 5 per cent of bank lending to residential property investors across New Zealand would be permitted with an LVR of greater than 60 per cent (meaning a 40 per cent deposit would be required in most cases). With investment dropping away a little, will the market remain at the same speeds that we have seen in 2015-16? Probably not. However, it’s important to remember that a market cooling isn’t the same as saying a bubble is bursting. It’s just merely returning to the healthy activity levels of prior to 2014-15. What we should be left with through this year is a more balanced market across the country that still allows room for growth, but perhaps doesn’t move so far so fast, shutting some out. Because 2015 was an unusual year, coming back a little from those levels of sales does not mean disaster.

Peter Thompson Managing director Barfoot & Thompson

ndicators point to the Auckland residential property market being active in the first half of the year with sales numbers being solid and prices stable. Whether prices will plateau, increase modestly or continue their upward march is yet to be seen, but prices in the early part of the year showed no signs of being under pressure. What uncertainty there had been about rising mortgage interest rates has disappeared with the Reserve Bank’s decision to hold the official cash rate steady and comments about the low likelihood of change this year. New listings are strong, and with a stable economic outlook and Auckland’s population growth continuing, all the drivers point to “no change”. With the election date set for September, sellers planning to come to market this year should consider listing early, as the market will undoubtedly slow as the election comes closer. The effectiveness of auctions still sees them remain the preferred sales method. However, a recent trend has seen trading banks easing back on providing pre-negotiated and bridging finance, which has led to an increase in multi conditional offers post-auction. Auckland was the first to experience rapid and significant price increases followed later by the other major centres. In the last three months of 2016, the rate at which Auckland prices increased had cooled, while those in other centres continued their rapid rise. It could well be that Auckland is the first to enter into a period of more stable pricing while prices in other centres have yet to peak.

Graeme Fraser Head of Agency Operations Ray White NZ

he opening months of 2017 have not produced a clear direction as to how the market is responding to the changes in the Reserve Bank position on property. Typically, March is one of the high-selling months so we will see a stronger view of the direction, particularly in regards to supply and demand and the effect on inventory levels together with the median price of the various property sectors. The Reserve Bank has indicated interest rates will be held at record low levels for the next 12 to 18 months. While this provides stability and confidence for buyers, banks’ ability to lend locally has dropped and this means borrowers will pay a higher interest rate, particularly around floating mortgages. In general, we see the sale of owner-occupied properties remaining strong given there continues to be a good depth of buyers when linked with immigration numbers. The regions will continue to be attractive for many who are selling and considering their financial position. This will keep the focus on regional areas and, while we believe there will continue to be a good level of sales, we expect more price stabilisation in these locations. The rental market continues to have upward pressure in most areas. This will increase yield, making investing in property still a viable decision. Capital growth in regards to pricing will continue to see an upward trend but this will be smaller than in past years while the market absorbs the depth of a smaller buyer pool.

Barry Thom and Grant Lynch Unlimited Potential Real Estate

Keith Niederer General manager LJ Hooker & Harveys Group

ast year saw continuing net migration, low interest rates and a shortage of property for sale. These all contributed to rising house prices across New Zealand. This has made home owners more confident — even through a time that household debt has increased. The median Auckland city house price in December 2016 was $986,000, up from $867,000 in December 2015. So far this year the Auckland market is experiencing an increase in houses on the market — up 17 per cent on January 2016 with some taking longer to sell. Buyers are in a better position: having more choice and not the same urgency we saw last year. Finance Minister Steven Joyce advised prospective purchasers that if you buy today, ensure you are in a position in two to three years to service the mortgage if, as expected, interest rates move up. This would also be the case for existing home owners on floating rates. If interest rates were to rise, we may see highly leveraged borrowers looking to trade down, as there is a day of reckoning for everything. The Reserve Bank’s desire to slow, in particular, the Auckland housing market has had the effect of many investors sitting tight, evaluating their position and assessing the market after initially being affected by loan to value ratio restrictions. The flow of Aucklanders to the regions will continue as lifestyle and affordability is an attraction. Selling one house in Auckland often gives the vendor the opportunity to buy a family home in the regions and have enough left over to buy an investment property.

ight now it feels like we are in a state of flux regarding the immediate future of the housing market. Yes, sales volumes are down and there is talk of increasing interest rates, albeit alongside an unchanged OCR. The media has spent the holiday period heralding a cooling market. The current reality is that open home attendance is robust, our auctions have been well attended and, for the most part, vendors are enjoying buyer competition for their property. While the talk around interest rates is that they may trend upwards, it appears this will only be slight and rates will remain low. Add to this dairy prices turning around, strong population growth, a tourism boom and construction ramping up — the big picture is that New Zealand Inc is doing well. This year, summer took a long time to show up — and when it did, people made the most of the long weekends. Consequently, it’s our opinion that the residential market has been off to a slow start. The next 30-60 days will give a much clearer picture of buyer sentiment. While some buyers may have been affected by the aforementioned recent headlines it will not take long for momentum to return if those same buyers continue to miss out. In short, the jury is out. However, if we were looking to buy, given that no two homes are the same, and we found the house we wanted, we would buy rather than wait.

March 6, 2017 | PROPERTY REPORT

YOUR HOUSE VALUE A quarterly analysis of North Island property values

WHAT IS “E-VALUER”?

WHAT THE TABLES TELL YOU

E-Valuer is an estimate of market value and forms part of a QV.co.nz E-Valuer report. It is an automated model which provides an instant estimate of a property’s current market value based on recent sales of comparable properties in the immediate area and other factors. In the tables, an E-Valuer Report was run for each house in the suburb, and then a weighted average was calculated. The result is an average current value of all houses in the area. This may represent a more robust guide than median or average sale prices which measure only what happens to be selling in the area and can therefore be skewed, depending on which parts of the market is more active – the top or bottom end. Where there is insufﬁcient data to calculate enough E-Valuer Reports in an area, value is not shown. While CoreLogic has used reasonable endeavours to ensure the accuracy of the information, the accuracy of the data relied upon to assess the estimated value is not guaranteed.

The data for these tables is provided by CoreLogic and gives a comprehensive summary of actual house sale prices and volumes for the periods and areas listed. The North Island areas detailed generally have at least 500 houses, and sufﬁcient sales, to give meaningful results. Sections are excluded, as are mortgagee sales and “non-market” sales (such as sales to related parties and transfers to trusts). But ﬂats and apartments are included, and are now included in this issue.. Three-monthly median prices have been used to give greater depth and accuracy. They are a useful indicator of trends where the number of sales is high, but offer only a very rough guide in areas where sales are low. For

E-Valuer estimate of

E-Valuer price

E-Valuer estimate of

E-Valuer price

E-Valuer estimate of

E-Valuer price

E-Valuer estimate of

Sales price in 3 months to

Median price in 3 months

Median price

median value at 31JAN2017

median value at 31DEC2016

change in 3 months to

median value at 31DEC2015

change in year to 31DEC2016

median value at 31DEC2014

change in 2 years to

median value at market peak

change since 30NOV2016 in relation to CV market peak (CV date in brackets)

to 30NOV2016 (no. of sales in brackets)

to 30SEP2016 (no. of sales in brackets)

to 31DEC2015 (no. of sales in brackets)

to 31DEC2014 (no. of sales in brackets)

to 31DEC2013 (no. of sales in brackets)

change in 3 years to

31DEC2016

(31OCT2007)

$531,200

59.9% 48.8%

33.2 % (2014 )

$874,000 (7 ) $704,250 (6 )

$819,500 (10 ) $781,000 (9 )

$634,000 (23 ) $686,000 (6 )

$644,500 (26 )

41.7 % (2014 )

$689,000 (11 )

$582,000 (17 ) $644,500 (4 )

50.2% 9.3%

31DEC2016

E-Valuer price

smaller areas, they should be treated with caution. The average sales price compared to CV (capital value set for councils every three years which may be used as a basis to apportion rates) gives a general guide to what properties may sell relative to a reader’s own CV (which you will ﬁnd on your rates bill or council website). Negative values mean that on average properties are selling below their latest CV, while positive numbers mean they are selling above. Most CVs are set between July and September in the year given. The tables should be regarded as giving only broad indications of value. To determine market value of a particular property, visit QV.co.nz for the actual E-Valuer estimate and get advice from valuers and real estate agents.

31DEC2016

GREATER AUCKLAND RODNEY Arkles Bay Army Bay

$849,400 $854,600

$849,550 $864,850

3.0% 4.2%

15.4% 13.7%

$643,300

$760,800

$736,350

$655,450

32.1% 31.9%

$581,400

Gulf Harbour

$821,750

$818,900

1.8%

$715,700

14.4%

$630,000

30.0%

$572,400

43.1%

32.9 % (2014 )

$798,800 (17 )

$772,000 (35 )

$674,000 (64 )

$582,000 (56 )

$547,000 (43 )

46.0%

Helensville

$656,000

$648,200

1.7%

$573,350

13.1%

$476,050

36.2%

$363,100

78.5%

58.3 % (2014 )

$759,500 (6 )

$688,000 (9 )

$563,000 (16 )

$510,750 (22 )

$437,000 (12 )

73.8%

Manly

$894,200

$885,550

0.7%

$801,800

10.4%

$693,450

27.7%

$570,700

55.2%

42.0 % (2014 )

$732,000 (9 )

$802,250 (14 )

$665,000 (30 )

$592,000 (31 )

$670,500 (32 )

9.2%

Omaha

$1,517,850

$1,518,750

4.4%

$1,380,800

10.0%

$1,211,150

25.4%

$1,016,900

49.4%

29.7 % (2014 )

$1,366,000 (7 )

$1,411,000 (10 )

$1,265,000 (14 )

$1,014,000 (27 )

$835,000 (25 )

63.6%

Orewa

$901,900

$890,750

1.1%

$820,650

8.5%

$692,650

28.6%

$562,300

58.4%

35.0 % (2014 )

$771,000 (32 )

$809,000 (47 )

$832,000 (83 )

$657,500 (94 )

$649,000 (81 )

18.8%

Red Beach

$915,500

$926,350

1.1%

$832,600

11.3%

$714,200

29.7%

$573,800

61.4%

37.8 % (2014 )

$854,000 (21 )

$822,500 (30 )

$781,000 (61 )

$681,000 (51 )

$639,000 (53 )

33.6%

Silverdale

$1,159,150

$1,164,050

0.4%

$1,033,750

12.6%

$874,700

33.1%

N/A

34.7 % (2014 )

$1,064,000 (7 )

$1,241,000 (21 )

$1,016,500 (50 )

$820,000 (76 )

$794,000 (29 )

34.0%

Snells Beach

$758,150

$757,550

1.1%

$668,800

13.3%

$560,750

35.1%

$528,300

43.4%

51.5 % (2014 )

$658,000 (15 )

$745,000 (13 )

$610,500 (26 )

$517,500 (28 )

$527,000 (28 )

24.9%

Stanmore Bay

$834,350

$834,200

3.7%

$721,300

15.7%

$632,550

31.9%

$513,700

62.4%

37.5 % (2014 )

$764,000 (29 )

$756,000 (36 )

$649,000 (53 )

$562,000 (71 )

$519,000 (67 )

47.2%

Warkworth

$725,000

$729,250

2.5%

$657,500

10.9%

$559,400

30.4%

$492,200

48.2%

45.1 % (2014 )

$674,500 (18 )

$641,000 (19 )

$630,500 (24 )

$537,000 (49 )

$474,000 (42 )

42.3%

Wellsford

$487,150

$477,300

-1.1%

$428,050

11.5%

$335,700

42.2%

$314,600

51.7%

53.8 % (2014 )

$494,000 (6 )

$444,000 (10 )

$423,250 (16 )

$324,000 (15 )

$302,000 (15 )

63.6%

$990,100 $1,399,350

$990,250

1.1%

$858,250

29.1%

77.2% 87.1%

41.9 % (2014 )

$883,000 (24 ) $1,204,000 (11 )

$1,169,000 (9 )

$963,500 (42 ) $1,124,250 (14 )

$674,000 (67 )

$1,233,600

$558,800 $747,200

$824,000 (29 )

1.5%

$721,850 $1,082,950

44.3 % (2014 )

$1,398,300

15.4% 13.4%

37.2%

Bayswater

$734,500 (54 ) $1,050,000 (11 )

20.2% 14.7%

Bayview

$850,400

$848,750

-1.0%

$745,900

13.8%

$639,800

32.7%

$430,600

97.1%

41.6 % (2014 )

$792,000 (26 )

$834,000 (25 )

$697,000 (43 )

$624,000 (67 )

$557,500 (42 )

42.1%

Beach Haven

$887,400

$886,350

-1.2%

$789,000

12.3%

$673,450

31.6%

$451,700

96.2%

39.5 % (2014 )

$824,250 (36 )

$799,000 (45 )

$716,750 (58 )

$594,500 (64 )

$536,500 (50 )

53.6%

Belmont

$1,191,450

$1,183,350

0.2%

$1,045,450

13.2%

$906,300

30.6%

$604,700

95.7%

34.2 % (2014 )

$915,000 (14 )

$831,000 (15 )

$864,000 (29 )

$820,000 (19 )

11.6%

Birkdale

$801,150

$803,650

1.8%

$718,250

11.9%

$594,800

35.1%

$397,100

102.4%

43.7 % (2014 )

$792,000 (37 )

$760,000 (37 )

$726,000 (54 )

$549,750 (64 )

$549,000 (45 )

44.3%

Birkenhead

$1,069,400

$1,072,900

0.3%

$964,250

11.3%

$807,500

32.9%

$565,700

89.7%

38.6 % (2014 )

$936,500 (30 )

$973,500 (38 )

$845,000 (46 )

$729,000 (75 )

$694,000 (65 )

34.9%

Browns Bay

$1,050,650

$1,046,150

-1.7%

$924,900

13.1%

$802,600

30.3%

$543,700

92.4%

31.6 % (2014 )

$867,000 (45 )

$1,002,500 (54 )

$803,000 (56 )

$767,000 (97 )

$667,500 (66 )

29.9%

Campbells Bay

$1,872,950

$1,851,450

0.5%

$1,639,950

12.9%

$1,426,150

29.8%

$1,028,600

80.0%

58.4 % (2014 )

$2,360,000 (3 )

$1,880,000 (7 )

$1,132,000 (11 )

$1,577,000 (13 )

$1,269,500 (22 )

85.9%

Castor Bay

$1,622,000

$1,632,350

-1.8%

$1,470,800

11.0%

$1,240,050

31.6%

$940,500

73.6%

39.8 % (2014 )

$1,330,000 (14 )

$1,651,500 (16 )

$1,150,000 (21 )

$1,227,000 (33 )

$924,000 (27 )

43.9%

Chatswood

$1,263,350

$1,263,100

-0.6%

$1,155,350

9.3%

$953,950

32.4%

$671,800

88.0%

32.1 % (2014 )

$1,161,500 (12 )

$1,218,250 (15 )

$1,115,000 (15 )

$857,500 (18 )

$842,000 (19 )

37.9%

Devonport

$1,676,700

$1,673,200

0.5%

$1,475,000

13.4%

$1,311,750

27.6%

$951,700

75.8%

40.1 % (2014 )

$1,239,000 (11 )

$1,220,500 (24 )

$1,383,500 (32 )

$1,203,000 (50 )

$1,085,000 (44 )

14.2%

Fairview Heights

$1,328,000

$1,324,850

-3.5%

$1,227,500

7.9%

$1,024,650

29.3%

N/A

43.9 % (2014 )

$1,615,000 (6 )

$1,565,000 (12 )

$1,125,000 (11 )

$1,034,000 (23 )

$902,500 (14 )

78.9%

Forrest Hill

$1,182,100

$1,180,350

-1.0%

$1,097,300

7.6%

$924,300

27.7%

$551,200

114.1%

38.5 % (2014 )

$1,134,000 (19 )

$1,143,000 (36 )

$992,150 (42 )

$888,000 (61 )

$744,000 (58 )

52.4%

Glenfield

$884,850

$881,000

-1.2%

$786,450

12.0%

$676,100

30.3%

$429,700

105.0%

35.9 % (2014 )

$808,000 (62 )

$809,250 (82 )

$759,000 (97 )

$643,000 (124 )

$607,000 (123 )

33.1%

Greenhithe

$1,429,650

$1,456,300

3.5%

$1,278,700

13.9%

$1,097,350

32.7%

$774,600

88.0%

40.4 % (2014 )

$1,255,000 (15 )

$1,285,000 (33 )

$1,230,000 (55 )

$950,000 (59 )

$890,000 (40 )

41.0%

Hauraki

$1,495,350

$1,488,500

-0.5%

$1,342,950

10.8%

$1,133,100

31.4%

$768,400

93.7%

43.4 % (2014 )

$1,502,000 (13 )

$1,574,000 (15 )

$1,176,500 (26 )

$922,000 (21 )

$844,000 (33 )

78.0%

Hillcrest

$1,045,500

$1,043,250

-3.3%

$941,250

10.8%

$817,700

27.6%

$490,500

112.7%

42.5 % (2014 )

$889,500 (34 )

$979,000 (29 )

$863,500 (52 )

$820,500 (56 )

$690,750 (50 )

28.8%

Mairangi Bay

$1,458,200

$1,452,800

-0.7%

$1,328,950

9.3%

$1,128,050

28.8%

$746,200

94.7%

43.3 % (2014 )

$1,438,500 (14 )

$1,390,000 (21 )

$1,336,000 (24 )

$1,042,000 (37 )

$972,000 (34 )

48.0%

Milford

$1,391,900

$1,398,000

-0.3%

$1,266,450

10.4%

$1,079,800

29.5%

$755,700

85.0%

40.1 % (2014 )

$1,195,000 (15 )

$1,389,000 (23 )

$983,500 (50 )

$1,038,944 (60 )

$802,000 (53 )

49.0%

Murrays Bay

$1,490,800

$1,486,300

-1.5%

$1,343,500

10.6%

$1,133,600

31.1%

$789,200

88.3%

46.6 % (2014 )

$1,541,000 (12 )

$1,364,500 (16 )

$1,400,000 (14 )

$942,000 (33 )

$794,100 (25 )

94.1%

Narrow Neck

$1,531,850

$1,515,900

0.1%

$1,382,250

9.7%

$1,241,500

22.1%

$843,500

79.7%

37.0 % (2014 )

$1,189,000 (7 )

$1,066,750 (8 )

$1,385,000 (19 )

$1,154,000 (18 )

$839,000 (7 )

41.7%

Northcote

$1,074,000

$1,074,400

-0.1%

$961,100

11.8%

$811,100

32.5%

$545,200

97.1%

41.2 % (2014 )

$1,070,000 (19 )

$1,025,500 (16 )

$824,500 (46 )

$787,500 (44 )

$629,500 (28 )

70.0%

Northcote Point

$1,378,850

$1,368,400

-2.1%

$1,267,450

8.0%

$1,070,450

27.8%

$738,300

85.3%

27.8 % (2014 )

$1,357,500 (6 )

$1,520,000 (3 )

$1,057,000 (13 )

$863,000 (14 )

$934,500 (14 )

45.3%

Northcross

$1,096,150

$1,097,800

-2.2%

$979,300

12.1%

$835,500

31.4%

$567,600

93.4%

29.0 % (2014 )

$871,000 (10 )

$964,000 (13 )

$899,000 (22 )

$715,000 (33 )

$672,250 (22 )

29.6% 28.2%

NORTH SHORE Albany

$951,000 (12 )

Oteha

$873,950

$876,900

0.6%

$779,950

12.4%

$650,600

34.8%

$497,800

76.2%

46.3 % (2014 )

$729,000 (16 )

$874,500 (16 )

$596,000 (38 )

$579,000 (24 )

$568,500 (37 )

Pinehill

$1,331,550

$1,338,050

-3.2%

$1,208,950

10.7%

$981,600

36.3%

$733,900

82.3%

40.3 % (2014 )

$957,000 (11 )

$1,372,000 (14 )

$1,180,000 (15 )

$889,000 (18 )

$829,250 (30 )

15.4%

Rothesay Bay

$1,398,000

$1,390,950

-0.5%

$1,236,200

12.5%

$1,062,950

30.9%

$738,500

88.3%

42.0 % (2014 )

$1,575,000 (3 )

$1,407,500 (6 )

$1,016,000 (22 )

$1,087,000 (21 )

$851,000 (21 )

85.1%

Schnapper Rock

$1,383,050

$1,407,300

4.0%

$1,204,400

16.8%

$1,043,900

34.8%

$793,400

77.4%

31.3 % (2014 )

$1,463,000 (11 )

$1,355,000 (17 )

$1,250,000 (21 )

$960,500 (24 )

$987,000 (31 )

48.2%

Stanley Point

$2,018,950

$1,914,200

-0.1%

$1,696,150

12.9%

$1,544,900

23.9%

$1,114,200

71.8%

29.5 % (2014 )

$1,575,000 (3 )

$1,656,500 (6 )

$1,770,000 (9 )

$1,132,000 (13 )

$1,087,500 (12 )

44.8% 30.6%

Sunnynook

$992,150

$996,900

-1.6%

$942,150

5.8%

$784,050

27.1%

$473,900

110.4%

38.9 % (2014 )

$876,500 (20 )

$916,000 (21 )

$795,000 (23 )

$786,000 (42 )

$671,000 (29 )

Takapuna

$1,700,000

$1,666,150

0.7%

$1,453,950

14.6%

$1,280,550

30.1%

$934,700

78.3%

45.9 % (2014 )

$947,000 (23 )

$1,064,500 (22 )

$1,216,000 (57 )

$874,000 (61 )

$1,010,000 (48 )

-6.2%

Torbay

$1,021,300

$1,029,400

-2.1%

$925,350

11.2%

$780,200

31.9%

$554,300

85.7%

38.7 % (2014 )

$949,000 (59 )

$977,000 (61 )

$858,000 (82 )

$729,000 (117 )

$680,000 (85 )

39.6% 40.6%

Totara Vale

$866,100

$867,300

-1.6%

$783,500

10.7%

$656,700

32.1%

$432,700

100.4%

43.2 % (2014 )

$793,500 (13 )

$865,500 (28 )

$771,000 (37 )

$619,500 (36 )

$564,500 (40 )

Unsworth Heights

$972,400

$988,650

-1.2%

$892,550

10.8%

$738,100

33.9%

$533,000

85.5%

37.0 % (2014 )

$847,000 (13 )

$902,000 (21 )

$879,000 (26 )

$770,000 (35 )

$643,500 (38 )

31.6%

Waiake

$1,388,450

$1,377,200

0.1%

$1,241,100

11.0%

$1,072,600

28.4%

$818,500

68.3%

25.4 % (2014 )

$1,148,000 (5 )

$1,229,000 (5 )

$1,264,500 (8 )

$876,000 (14 )

$958,250 (6 )

19.8%

Windsor Park

$1,135,000

$1,144,000

0.6%

$1,022,850

11.8%

$849,000

34.7%

$583,900

95.9%

48.1 % (2014 )

$984,000 (7 )

$984,000 (9 )

$1,147,000 (9 )

$792,000 (19 )

$857,000 (8 )

14.8%

WAITAKERE Glen Eden Glendene

$723,600 $762,200

$725,450 $758,000

-1.5% -2.0%

$653,600 $702,750

11.0% 7.9%

$528,800 $569,350

37.2% 33.1%

$359,000 $388,600

102.1% 95.1%

47.2 % (2014 ) 50.9 % (2014 )

$691,250 (78 ) $700,500 (22 )

$711,000 (100 ) $744,000 (25 )

$645,500 (106 ) $670,000 (35 )

$512,000 (118 ) $601,000 (48 )

$454,000 (109 ) $493,000 (44 )

52.3% 42.1%

Smart property decisions start here

March 6, 2017 | PROPERTY REPORT

E-Valuer estimate of median value at

31JAN2017

31DEC2016

E-Valuer price change in 3 months to

E-Valuer estimate of

E-Valuer price

E-Valuer estimate of

E-Valuer price

median value at 31DEC2015

change in year to 31DEC2016

median value at 31DEC2014

change in 2 years to

31DEC2016

E-Valuer estimate of E-Valuer price Sales price in 3 months to median value at change since 30NOV2016 in relation to CV market peak market peak (CV date in brackets) (31OCT2007)

(31OCT2007)

Median price in 3 months to 30NOV2016

Median price in 3 months to 30SEP2016

Median price in 3 months to 31DEC2015

Median price in 3 months to 31DEC2014

Median price in 3 months to 31DEC2013

(no. of sales in brackets)

Median price change in 3 years to 31DEC2016

Green Bay

$911,100

$905,800

-1.2%

$843,550

7.4%

$684,500

32.3%

$471,300

92.2%

48.2 % (2014 )

$889,000 (9 )

$869,000 (13 )

$801,500 (8 )

$678,000 (15 )

$562,350 (16 )

58.1%

Henderson

$779,550

$782,400

1.1%

$693,600

12.8%

$567,450

37.9%

$401,800

94.7%

51.1 % (2014 )

$738,000 (81 )

$719,000 (157 )

$632,000 (194 )

$542,000 (210 )

$493,000 (182 )

49.7%

Hobsonville

$956,500

$948,700

3.4%

$852,150

11.3%

$729,150

30.1%

$511,000

85.7%

37.5 % (2014 )

$937,000 (28 )

$864,013 (32 )

$825,000 (47 )

$752,000 (43 )

$601,000 (44 )

55.9%

Kelston

$739,200

$733,250

-2.0%

$678,950

8.0%

$541,100

35.5%

$341,600

114.7%

44.2 % (2014 )

$744,000 (10 )

$722,000 (15 )

$624,000 (21 )

$524,000 (33 )

$445,000 (27 )

67.2%

Laingholm

$816,450

$807,000

1.9%

$702,000

15.0%

$602,000

34.1%

$495,300

62.9%

47.5 % (2014 )

$727,000 (7 )

$727,000 (9 )

$659,000 (15 )

$578,500 (12 )

$562,000 (9 )

29.4%

Massey

$749,200

$751,900

-0.8%

$679,500

10.7%

$547,200

37.4%

$382,900

96.4%

53.4 % (2014 )

$690,944 (76 )

$722,000 (113 )

$631,500 (123 )

$540,500 (120 )

$459,000 (146 )

50.5%

New Lynn

$759,200

$761,550

0.9%

$669,700

13.7%

$548,900

38.7%

$352,700

115.9%

58.1 % (2014 )

$675,750 (64 )

$678,000 (87 )

$652,500 (94 )

$544,000 (109 )

$455,000 (112 )

48.5%

Piha

$1,005,750

$994,200

2.3%

$884,500

12.4%

$741,900

34.0%

$768,700

29.3%

22.7 % (2014 )

$792,000 (7 )

$789,500 (6 )

$746,050 (9 )

$606,000 (8 )

$653,000 (8 )

21.3%

Ranui

$689,900

$688,000

-2.2%

$610,150

12.8%

$487,950

41.0%

$346,500

98.6%

50.4 % (2014 )

$665,000 (42 )

$694,000 (69 )

$557,000 (52 )

$493,500 (62 )

$453,500 (67 )

46.6% 50.3%

Sunnyvale

$731,650

$728,800

1.1%

$648,100

12.5%

$525,400

38.7%

$369,600

97.2%

49.1 % (2014 )

$693,000 (10 )

$701,000 (18 )

$573,000 (27 )

$512,000 (44 )

$461,000 (25 )

Swanson

$830,700

$828,900

-0.3%

$747,750

10.9%

$619,400

33.8%

$460,800

79.9%

46.8 % (2014 )

$778,000 (26 )

$844,000 (31 )

$692,000 (15 )

$603,050 (20 )

$580,000 (15 )

34.1%

Te Atatu Peninsula

$967,400

$963,550

0.5%

$853,000

13.0%

$711,200

35.5%

$457,600

110.6%

49.9 % (2014 )

$909,000 (43 )

$928,000 (44 )

$749,500 (60 )

$696,000 (71 )

$605,000 (53 )

50.2%

Te Atatu South

$831,300

$828,500

-2.4%

$747,250

10.9%

$599,550

38.2%

$404,600

104.8%

51.1 % (2014 )

$753,250 (36 )

$841,000 (54 )

$694,000 (69 )

$594,500 (74 )

$526,000 (88 )

43.2%

Titirangi

$946,950

$941,900

0.5%

$851,050

10.7%

$721,800

30.5%

$520,900

80.8%

39.5 % (2014 )

$825,200 (27 )

$858,112 (32 )

$765,750 (72 )

$696,000 (73 )

$612,000 (91 )

34.8%

West Harbour

$1,000,100

$997,650

-2.8%

$935,750

6.6%

$778,050

28.2%

$546,400

82.6%

44.5 % (2014 )

$889,500 (35 )

$928,000 (46 )

$979,000 (65 )

$715,000 (81 )

$646,500 (58 )

37.6%

AUCKLAND Auckland Central Avondale

$503,300

$503,650 $835,700

1.7% -0.5%

$438,300

$281,800 $405,200

$402,000 (291 ) $789,000 (68 )

$624,500 (94 )

$247,000 (306 ) $529,505 (104 )

70.6%

$795,000 (45 )

$366,000 (282 ) $735,000 (67 )

$302,000 (352 )

106.2%

55.5 % (2014 ) 47.4 % (2014 )

$421,500 (216 )

$635,300

43.1% 31.5%

78.7%

$753,000

14.9% 11.0%

$352,000

$832,300

Blockhouse Bay

$996,100

$1,004,300

-0.4%

$897,950

11.8%

$758,550

32.4%

$475,000

111.4%

47.0 % (2014 )

$859,000 (37 )

$964,500 (42 )

$857,500 (36 )

$703,000 (54 )

$622,000 (51 )

38.1%

Eden Terrace

$662,800

$662,900

2.3%

$571,200

16.1%

$468,750

41.4%

$361,500

83.4%

78.1 % (2014 )

$591,000 (20 )

$591,500 (32 )

$530,000 (37 )

$355,000 (31 )

$415,000 (25 )

42.4%

50.1%

Ellerslie

$1,014,900

$1,019,700

0.4%

$911,900

11.8%

$762,200

33.8%

$490,000

108.1%

43.0 % (2014 )

$741,000 (35 )

$854,000 (51 )

$793,000 (52 )

$613,000 (53 )

$612,000 (48 )

21.1%

Epsom

$1,865,300

$1,863,600

0.0%

$1,685,200

10.6%

$1,456,200

28.0%

$908,100

105.2%

35.9 % (2014 )

$1,470,000 (47 )

$1,335,000 (57 )

$1,593,888 (79 )

$1,363,000 (103 )

$1,038,000 (108 )

41.6%

Freemans Bay

$1,330,500

$1,331,200

1.8%

$1,174,100

13.4%

$1,001,350

32.9%

$683,900

94.6%

30.6 % (2014 )

$867,750 (22 )

$883,500 (23 )

$838,000 (35 )

$1,087,000 (37 )

$903,000 (24 )

-3.9%

Glen Innes

$969,900

$966,550

-1.4%

$879,400

9.9%

$726,750

33.0%

$418,500

131.0%

41.9 % (2014 )

$859,500 (6 )

$923,250 (10 )

$861,000 (12 )

$805,250 (20 )

$723,000 (19 )

18.9%

Glendowie

$1,649,900

$1,662,950

2.1%

$1,481,550

12.2%

$1,300,750

27.8%

$817,800

103.3%

41.6 % (2014 )

$1,747,000 (16 )

$1,467,500 (30 )

$1,230,000 (43 )

$1,246,000 (32 )

$1,082,000 (25 )

61.5%

$529,100

$531,700

1.6%

$460,500

15.5%

$373,700

42.3%

$317,900

67.3%

35.0 % (2014 )

$375,000 (11 )

$510,000 (20 )

$407,000 (29 )

$465,000 (19 )

$220,000 (29 )

70.5%

Grafton Greenlane

$1,472,950

$1,477,100

0.3%

$1,338,750

10.3%

$1,131,550

30.5%

$725,100

103.7%

43.2 % (2014 )

$1,166,000 (20 )

$1,142,000 (25 )

$1,135,000 (29 )

$1,010,500 (39 )

$892,000 (31 )

30.7%

Grey Lynn

$1,383,700

$1,396,250

1.7%

$1,211,650

15.2%

$1,064,550

31.2%

$654,100

113.5%

37.2 % (2014 )

$1,097,000 (39 )

$991,000 (40 )

$1,133,000 (61 )

$888,000 (80 )

$841,000 (77 )

30.4%

Herne Bay

$2,468,000

$2,474,850

2.1%

$2,106,200

17.5%

$1,891,500

30.8%

$1,466,000

68.8%

45.9 % (2014 )

$1,558,500 (20 )

$1,512,500 (24 )

$2,282,500 (24 )

$1,387,000 (21 )

$1,683,000 (23 )

-7.4%

Hillsborough

$1,105,450

$1,108,950

-0.2%

$989,900

12.0%

$858,900

29.1%

$580,000

91.2%

40.3 % (2014 )

$1,094,000 (19 )

$1,097,500 (22 )

$912,000 (36 )

$739,000 (33 )

$778,000 (50 )

40.6% -14.4%

Kingsland

$1,125,800

$1,124,150

-1.3%

$1,010,950

11.2%

$836,700

34.4%

$538,300

108.8%

46.8 % (2014 )

$717,000 (21 )

$982,000 (12 )

$627,000 (17 )

$788,000 (24 )

$837,500 (16 )

Kohimarama

$1,724,700

$1,745,750

4.3%

$1,477,800

18.1%

$1,317,650

32.5%

$934,600

86.8%

35.1 % (2014 )

$1,247,000 (8 )

$1,247,000 (20 )

$1,140,000 (21 )

$1,230,000 (33 )

$1,192,000 (29 )

4.6%

Lynfield

$1,029,600

$1,043,650

-0.7%

$920,300

13.4%

$814,100

28.2%

$542,100

92.5%

53.7 % (2014 )

$922,000 (7 )

$844,000 (7 )

$846,000 (13 )

$777,000 (17 )

$712,000 (20 )

29.5%

Meadowbank

$1,280,700

$1,284,500

-0.4%

$1,152,750

11.4%

$989,900

29.8%

$606,600

111.8%

48.3 % (2014 )

$1,247,000 (15 )

$1,393,000 (25 )

$1,202,000 (28 )

$959,500 (35 )

$805,000 (23 )

54.9%

Mission Bay

$1,763,050

$1,780,400

4.4%

$1,490,500

19.4%

$1,307,550

36.2%

$948,500

87.7%

38.7 % (2014 )

$1,064,000 (11 )

$1,637,000 (23 )

$1,185,000 (23 )

$1,160,000 (37 )

$879,500 (26 )

21.0%

Morningside

$1,031,750

$1,029,650

-1.6%

$938,000

9.8%

$770,350

33.7%

$507,900

102.7%

59.8 % (2014 )

$844,500 (10 )

$639,000 (15 )

$611,000 (30 )

$396,000 (19 )

$777,500 (14 )

8.6%

Mount Albert

$1,091,250

$1,098,500

0.7%

$983,000

11.7%

$808,100

35.9%

$517,900

112.1%

47.3 % (2014 )

$1,095,000 (39 )

$1,020,000 (54 )

$847,000 (65 )

$793,000 (108 )

$671,000 (99 )

63.2%

Mount Eden

$1,459,300

$1,459,700

0.8%

$1,293,800

12.8%

$1,108,050

31.7%

$688,600

112.0%

46.8 % (2014 )

$869,000 (64 )

$1,207,000 (81 )

$1,195,000 (93 )

$1,093,500 (132 )

$917,000 (95 )

-5.2%

Mount Roskill

$974,000

$975,800

-1.0%

$882,100

10.6%

$751,700

29.8%

$475,700

105.1%

44.2 % (2014 )

$910,000 (59 )

$979,500 (72 )

$816,000 (70 )

$767,000 (120 )

$654,000 (119 )

39.1%

Mount Wellington New Windsor

$798,750 $969,700

$801,000 $973,500

0.4% -3.3%

$713,600 $897,650

12.2% 8.4%

$575,000 $778,650

39.3% 25.0%

$385,800 $458,400

107.6% 112.4%

53.4 % (2014 ) 45.7 % (2014 )

$729,000 (75 ) $1,072,000 (14 )

$718,000 (80 ) $1,035,500 (20 )

$683,000 (107 ) $848,750 (22 )

$566,500 (116 ) $792,500 (34 )

$562,000 (103 ) $654,500 (26 )

29.7% 63.8%

Newmarket

$727,650

$719,200

-0.9%

$649,950

10.7%

$545,200

31.9%

N/A

34.9 % (2014 )

$673,000 (8 )

$754,245 (10 )

$650,000 (15 )

$535,000 (13 )

$608,000 (11 )

10.7%

One Tree Hill

$1,061,850

$1,067,700

-1.9%

$944,700

13.0%

$810,600

31.7%

$520,500

105.1%

41.8 % (2014 )

$1,143,500 (12 )

$1,045,000 (21 )

$797,000 (25 )

$794,000 (28 )

$613,000 (27 )

86.5% 42.8%

Onehunga

$921,000

$926,750

-1.9%

$828,550

11.9%

$705,400

31.4%

$464,300

99.6%

47.7 % (2014 )

$918,500 (68 )

$906,250 (88 )

$758,500 (74 )

$751,000 (94 )

$643,000 (97 )

Oneroa

$1,247,550

$1,236,850

2.3%

$1,052,250

17.5%

$937,500

31.9%

$688,100

79.7%

43.3 % (2014 )

$1,017,000 (26 )

$980,000 (26 )

$826,000 (23 )

$740,000 (33 )

$691,000 (30 )

47.2%

Onetangi

$1,254,800

$1,247,100

3.2%

$1,055,750

18.1%

$928,200

34.4%

$739,500

68.6%

76.6 % (2014 )

$869,500 (4 )

$739,000 (7 )

$741,250 (10 )

$582,500 (16 )

$513,000 (15 )

69.5%

Orakei

$1,760,650

$1,750,600

-0.2%

$1,577,150

11.0%

$1,329,750

31.6%

$988,300

77.1%

35.6 % (2014 )

$1,345,000 (13 )

$1,418,500 (22 )

$1,215,000 (23 )

$1,280,000 (27 )

$1,160,000 (19 )

15.9%

Ostend

$910,150

$904,950

1.7%

$786,400

15.1%

$669,200

35.2%

$515,500

75.5%

60.9 % (2014 )

$826,000 (12 )

$827,000 (7 )

$690,250 (16 )

$540,000 (15 )

$508,000 (24 )

62.6%

Otahuhu

$616,550

$618,600

0.7%

$535,900

15.4%

$432,150

43.1%

$298,700

107.1%

59.6 % (2014 )

$642,000 (19 )

$624,000 (35 )

$606,500 (33 )

$428,000 (55 )

$456,000 (40 )

40.8%

Panmure

$828,800

$832,400

1.7%

$734,200

13.4%

$600,900

38.5%

$403,300

106.4%

48.7 % (2014 )

$896,000 (14 )

$833,500 (16 )

$787,000 (23 )

$569,000 (24 )

$423,500 (17 )

111.6%

Parnell

$1,562,300

$1,564,100

-0.2%

$1,440,900

8.6%

$1,255,350

24.6%

$915,800

70.8%

36.4 % (2014 )

$1,382,000 (37 )

$983,125 (26 )

$1,022,000 (40 )

$1,333,000 (65 )

$945,000 (71 )

46.2%

Point Chevalier

$1,412,700

$1,409,350

-1.7%

$1,287,150

9.5%

$1,082,050

30.2%

$667,500

111.1%

38.2 % (2014 )

$1,313,500 (26 )

$1,442,000 (35 )

$1,247,000 (25 )

$1,038,500 (48 )

$952,000 (43 )

38.0%

Point England

$907,650

$902,600

-1.8%

$827,950

9.0%

$674,750

33.8%

$397,500

127.1%

N/A

$785,000 (5 )

$670,000 (13 )

$550,000 (9 )

N/A

Ponsonby

$1,743,400

$1,731,050

1.5%

$1,546,800

11.9%

$1,355,950

27.7%

$853,500

102.8%

37.8 % (2014 )

$1,710,000 (18 )

$1,615,000 (25 )

$1,520,000 (27 )

$1,370,000 (43 )

$1,254,000 (29 )

36.4%

Remuera

$2,019,550

$2,004,950

3.2%

$1,765,350

13.6%

$1,590,750

26.0%

$1,058,800

89.4%

41.0 % (2014 )

$1,613,000 (79 )

$1,540,000 (104 )

$1,545,000 (159 )

$1,205,000 (159 )

$1,077,000 (189 )

49.8%

Royal Oak

$1,132,750

$1,131,700

-0.5%

$1,016,650

11.3%

$874,100

29.5%

$561,700

101.5%

45.3 % (2014 )

$916,000 (20 )

$924,000 (23 )

$1,026,000 (22 )

$805,500 (31 )

$628,000 (24 )

45.9%

Saint Johns

$1,191,950

$1,207,550

1.6%

$1,049,050

15.1%

$906,950

33.1%

$600,800

101.0%

55.7 % (2014 )

$1,052,500 (18 )

$992,000 (25 )

$990,000 (23 )

$812,500 (38 )

$759,000 (32 )

38.7%

Saint Marys Bay

$2,271,550

$2,273,650

2.5%

$1,928,850

17.9%

$1,701,300

33.6%

$1,212,900

87.5%

36.0 % (2014 )

$1,870,000 (11 )

$1,319,000 (14 )

$1,885,000 (8 )

$1,757,000 (13 )

$1,381,000 (6 )

35.4%

Sandringham

$1,080,250

$1,086,950

-2.8%

$980,950

10.8%

$810,100

34.2%

$504,400

115.5%

43.0 % (2014 )

$808,000 (40 )

$1,019,000 (44 )

$774,000 (39 )

$696,500 (64 )

$767,000 (47 )

5.3%

St Heliers

$1,702,700

$1,724,400

3.5%

$1,477,750

16.7%

$1,306,200

32.0%

$927,200

86.0%

43.5 % (2014 )

$1,585,000 (39 )

$1,454,000 (56 )

$1,205,000 (61 )

$1,132,500 (72 )

$951,500 (82 )

66.6%

Stonefields

$1,346,950

$1,334,500

-2.0%

$1,198,900

11.3%

$999,000

33.6%

N/A

47.9 % (2014 )

$1,413,750 (12 )

$1,307,000 (22 )

$1,180,000 (13 )

$945,000 (49 )

$764,000 (31 )

85.0%

Surfdale

$860,550

$861,200

0.7%

$752,850

14.4%

$632,000

36.3%

$516,800

66.6%

47.2 % (2014 )

$939,500 (10 )

$829,000 (11 )

$699,000 (17 )

$632,000 (11 )

$567,000 (21 )

65.7%

Three Kings

$1,003,150

$1,008,300

-0.2%

$887,100

13.7%

$762,350

32.3%

$514,100

96.1%

56.2 % (2014 )

$758,500 (10 )

$805,000 (8 )

$906,000 (10 )

$646,000 (17 )

$669,000 (25 )

13.4%

Wai O Taiki Bay

$1,201,500

$1,199,850

-0.5%

$1,075,600

11.6%

$920,850

30.3%

$528,600

127.0%

81.1 % (2014 )

$1,516,000 (2 )

$1,092,500 (4 )

$910,000 (11 )

$847,000 (3 )

$822,000 (5 )

84.4%

Waterview

$930,850

$936,150

-0.4%

$833,500

12.3%

$715,700

30.8%

$453,200

106.6%

47.6 % (2014 )

$1,116,500 (8 )

$874,000 (9 )

$719,000 (9 )

$634,000 (7 )

$578,500 (29 )

93.0%

Westmere

$1,842,100

$1,857,050

2.1%

$1,588,500

16.9%

$1,415,350

31.2%

$869,900

113.5%

43.9 % (2014 )

$1,951,500 (10 )

$1,503,000 (9 )

$1,669,000 (20 )

$1,427,000 (27 )

$1,392,000 (19 )

40.2%

MANUKAU Beachlands Botany Downs

$1,180,450

$1,179,000

2.6%

$1,012,950

16.4%

$885,050

33.2%

$659,700

78.7%

40.0 % (2014 )

$1,067,000 (27 )

$1,094,000 (32 )

$903,500 (28 )

$835,000 (47 )

$719,000 (25 )

48.4%

$997,700

$1,008,600

-3.5%

$893,300

12.9%

$754,100

33.7%

$522,600

93.0%

38.5 % (2014 )

$908,000 (12 )

$1,077,000 (21 )

$847,000 (31 )

$743,000 (33 )

$629,000 (30 )

44.4%

Bucklands Beach

$1,291,950

$1,295,300

0.2%

$1,107,150

17.0%

$941,500

37.6%

$650,000

99.3%

46.2 % (2014 )

$1,110,000 (29 )

$1,137,000 (49 )

$966,500 (42 )

$806,500 (66 )

$755,500 (38 )

46.9%

Burswood

$935,500

$934,300

-4.6%

$832,400

12.2%

$683,350

36.7%

$474,700

96.8%

48.9 % (2014 )

$855,500 (8 )

$972,000 (9 )

$766,500 (6 )

$717,000 (9 )

$670,500 (8 )

27.6%

Clendon Park

$554,600

$556,150

-0.9%

$493,650

12.7%

$379,600

46.5%

$293,100

89.7%

64.2 % (2014 )

$546,000 (18 )

$542,000 (37 )

$472,000 (35 )

$371,500 (70 )

$311,000 (51 )

75.6%

Clover Park

$662,050

$654,650

-1.8%

$587,350

11.5%

$460,500

42.2%

$335,700

95.0%

59.7 % (2014 )

$606,000 (18 )

$643,750 (26 )

$600,000 (27 )

$416,000 (31 )

$366,500 (38 )

65.3%

Cockle Bay

$1,276,500

$1,276,100

-0.5%

$1,124,450

13.5%

$959,650

33.0%

$694,800

83.7%

48.4 % (2014 )

$1,187,000 (11 )

$1,096,500 (20 )

$1,044,500 (30 )

$897,000 (30 )

$789,000 (19 )

50.4%

Dannemora

$1,430,400

$1,436,000

1.4%

$1,255,200

14.4%

$1,055,750

36.0%

$718,200

99.9%

31.1 % (2014 )

$1,385,000 (11 )

$1,365,000 (8 )

$1,335,000 (7 )

$1,079,500 (18 )

$940,000 (17 )

47.3%

East Tamaki

$857,500

$859,550

-3.4%

$780,450

10.1%

$652,700

31.7%

$471,000

82.5%

42.1 % (2014 )

$854,500 (22 )

$815,500 (24 )

$832,000 (29 )

$698,500 (38 )

$537,000 (21 )

59.1%

East Tamaki Heights

$1,337,150

$1,331,750

-0.6%

$1,164,500

14.4%

$964,450

38.1%

$697,600

90.9%

50.8 % (2014 )

$1,216,000 (8 )

$1,222,000 (15 )

$1,037,000 (25 )

$895,000 (23 )

$816,000 (22 )

49.0%

Eastern Beach

$1,530,500

$1,532,150

1.2%

$1,314,600

16.5%

$1,095,700

39.8%

$792,500

93.3%

58.4 % (2014 )

$1,109,000 (1 )

$1,083,000 (4 )

$1,039,500 (4 )

$894,000 (11 )

$937,000 (9 )

18.4%

Farm Cove

$1,378,350

$1,393,900

3.3%

$1,198,000

16.4%

$1,015,000

37.3%

$674,900

106.5%

42.5 % (2014 )

$791,000 (7 )

$905,000 (7 )

$974,500 (10 )

$944,500 (16 )

$836,500 (16 )

-5.4%

Smart property decisions start here

March 6, 2017 | PROPERTY REPORT

E-Valuer estimate of median value at

31JAN2017

31DEC2016

E-Valuer price change in 3 months to

E-Valuer estimate of

E-Valuer price

E-Valuer estimate of

E-Valuer price

median value at 31DEC2015

change in year to 31DEC2016

median value at 31DEC2014

change in 2 years to

31DEC2016

E-Valuer estimate of E-Valuer price Sales price in 3 months to median value at change since 30NOV2016 in relation to CV market peak market peak (CV date in brackets)

31DEC2016

(31OCT2007)

Median price in 3 months to 30NOV2016

Median price in 3 months to 30SEP2016

Median price in 3 months to 31DEC2015

Median price in 3 months to 31DEC2014

Median price in 3 months to 31DEC2013

(no. of sales in brackets)

(31OCT2007)

Median price change in 3 years to 31DEC2016

Favona

$640,400

$650,500

-1.3%

$583,850

11.4%

$474,250

37.2%

$346,600

87.7%

50.7 % (2014 )

$654,000 (9 )

$649,000 (23 )

$584,000 (23 )

$478,500 (26 )

$395,000 (11 )

65.6%

Flat Bush

$1,062,300

$1,062,550

-0.5%

$928,000

14.5%

$770,900

37.8%

$582,800

82.3%

46.6 % (2014 )

$987,000 (92 )

$989,000 (139 )

$907,000 (113 )

$819,500 (188 )

$687,500 (148 )

43.6%

Golflands

$1,078,550

$1,085,650

-1.9%

$944,700

14.9%

$786,050

38.1%

$551,600

96.8%

43.0 % (2014 )

$1,031,000 (12 )

$990,000 (15 )

$935,000 (13 )

$717,000 (23 )

$673,500 (18 )

53.1%

Goodwood Heights

$886,800

$889,700

0.4%

$788,800

12.8%

$644,600

38.0%

$526,300

69.0%

51.4 % (2014 )

$736,500 (10 )

$795,000 (13 )

$747,000 (27 )

$594,000 (13 )

$596,500 (14 )

23.5%

Half Moon Bay

$1,234,350

$1,234,750

0.8%

$1,073,200

15.1%

$875,900

41.0%

$619,100

99.4%

46.6 % (2014 )

$924,000 (19 )

$985,500 (34 )

$900,500 (28 )

$799,000 (47 )

$808,000 (36 )

14.4%

Highland Park

$928,700

$933,100

-3.0%

$817,550

14.1%

$672,950

38.7%

$472,900

97.3%

46.4 % (2014 )

$793,900 (12 )

$897,000 (18 )

$858,000 (19 )

$642,000 (13 )

$542,500 (18 )

46.3%

Howick

$994,750

$996,500

-0.4%

$866,200

15.0%

$736,500

35.3%

$512,000

94.6%

45.3 % (2014 )

$940,500 (35 )

$924,000 (55 )

$802,000 (65 )

$710,500 (76 )

$624,000 (53 )

50.7%

Mangere

$661,800

$667,050

-0.8%

$587,300

13.6%

$479,650

39.1%

$339,800

96.3%

56.1 % (2014 )

$658,500 (30 )

$636,500 (42 )

$554,000 (39 )

$469,000 (55 )

$413,000 (29 )

59.4%

Mangere Bridge

$976,350

$983,500

-0.1%

$867,700

13.3%

$713,850

37.8%

$455,700

115.8%

51.4 % (2014 )

$848,000 (25 )

$847,500 (42 )

$814,000 (39 )

$718,000 (48 )

$709,000 (37 )

19.6%

Mangere East

$635,800

$641,750

-1.1%

$564,200

13.7%

$448,800

43.0%

$317,000

102.4%

59.5 % (2014 )

$644,000 (35 )

$629,000 (45 )

$568,000 (63 )

$454,000 (96 )

$391,413 (60 )

64.5%

Manurewa

$653,400

$651,400

-0.2%

$574,200

13.4%

$450,000

44.8%

$336,800

93.4%

56.9 % (2014 )

$595,000 (97 )

$619,000 (187 )

$533,000 (183 )

$423,000 (248 )

$370,000 (163 )

60.8%

Manurewa East

$618,950

$620,400

-1.9%

$542,050

14.5%

$429,100

44.6%

$321,400

93.0%

60.4 % (2014 )

$684,000 (21 )

$695,000 (17 )

$555,000 (11 )

$432,000 (13 )

$363,500 (13 )

88.2%

Maraetai

$1,225,350

$1,222,300

0.7%

$1,066,350

14.6%

$891,900

37.0%

$748,500

63.3%

33.1 % (2014 )

$969,000 (15 )

$1,040,000 (11 )

$1,120,000 (7 )

$849,500 (12 )

$781,500 (18 )

24.0%

Mellons Bay

$1,620,150

$1,610,300

1.8%

$1,412,950

14.0%

$1,196,850

34.5%

$812,100

98.3%

40.2 % (2014 )

$1,530,000 (11 )

$1,530,000 (15 )

$1,385,000 (22 )

$1,254,000 (15 )

$813,000 (16 )

88.2%

Northpark

$1,172,100

$1,182,250

-0.4%

$1,025,250

15.3%

$858,300

37.7%

$585,100

102.1%

41.6 % (2014 )

$987,000 (15 )

$1,137,000 (18 )

$1,023,500 (18 )

$834,500 (32 )

$787,000 (27 )

25.4%

Otara

$587,150

$578,150

-0.8%

$502,800

15.0%

$403,700

43.2%

$280,300

106.3%

65.2 % (2014 )

$564,500 (22 )

$585,000 (34 )

$471,000 (31 )

$389,000 (40 )

$322,500 (36 )

75.0%

Pakuranga

$951,550

$952,900

0.3%

$830,550

14.7%

$683,900

39.3%

$467,900

103.7%

47.2 % (2014 )

$814,000 (23 )

$914,000 (37 )

$744,500 (36 )

$654,000 (53 )

$597,500 (48 )

36.2%

Pakuranga Heights

$921,750

$919,750

-1.7%

$810,050

13.5%

$679,100

35.4%

$448,500

105.1%

48.7 % (2014 )

$877,333 (20 )

$907,000 (28 )

$764,000 (37 )

$708,000 (45 )

$580,000 (43 )

51.3%

Papatoetoe

$703,750

$702,550

-0.9%

$628,000

11.9%

$502,850

39.7%

$368,200

90.8%

57.1 % (2014 )

$636,400 (124 )

$650,000 (183 )

$617,500 (190 )

$469,000 (228 )

$394,000 (159 )

61.5% 82.9%

Randwick Park

$607,850

$604,250

2.2%

$528,100

14.4%

$414,650

45.7%

$323,600

86.7%

54.0 % (2014 )

$624,000 (21 )

$571,000 (29 )

$504,000 (27 )

$398,000 (43 )

$341,250 (38 )

Shelly Park

$1,262,350

$1,255,000

-0.3%

$1,112,300

12.8%

$942,850

33.1%

$706,300

77.7%

35.7 % (2014 )

$1,000,500 (6 )

$1,223,000 (6 )

$1,087,000 (13 )

$734,500 (14 )

$815,500 (18 )

22.7%

Somerville

$1,223,950

$1,228,900

1.5%

$1,085,650

13.2%

$906,250

35.6%

$633,800

93.9%

34.8 % (2014 )

$1,074,000 (14 )

$1,072,000 (17 )

$1,112,000 (25 )

$870,000 (24 )

$747,000 (23 )

43.8%

Sunnyhills

$1,292,450

$1,313,500

1.9%

$1,129,450

16.3%

$964,250

36.2%

$638,900

105.6%

44.8 % (2014 )

$1,300,000 (9 )

$899,500 (10 )

$1,135,000 (17 )

$877,000 (21 )

$702,000 (17 )

85.2%

The Gardens

$1,062,300

$1,066,150

3.7%

$913,350

16.7%

$766,600

39.1%

$620,800

71.7%

38.5 % (2014 )

$991,500 (14 )

$1,015,000 (21 )

$895,000 (25 )

$732,000 (27 )

$761,500 (12 )

30.2%

Totara Heights

$836,150

$840,250

0.3%

$756,500

11.1%

$617,300

36.1%

$487,300

72.4%

47.3 % (2014 )

$827,000 (11 )

$802,000 (10 )

$731,000 (11 )

$608,500 (14 )

$511,000 (11 )

61.8%

Wattle Downs

$798,000

$801,100

1.8%

$734,400

9.1%

$589,450

35.9%

$449,400

78.3%

39.0 % (2014 )

$752,500 (40 )

$780,500 (40 )

$695,000 (53 )

$629,000 (63 )

$481,000 (35 )

56.4%

Weymouth

$623,800

$621,050

0.7%

$558,800

11.1%

$421,050

47.5%

$330,600

87.9%

52.4 % (2014 )

$614,000 (44 )

$593,000 (59 )

$527,000 (61 )

$448,250 (64 )

$376,000 (59 )

63.3%

PAPAKURA/FRANKLIN Clarks Beach Conifer Grove

$742,650

$747,200

0.5%

$680,050

9.9%

$603,050

23.9%

$528,300

41.4%

31.2 % (2014 )

$590,000 (8 )

$659,500 (14 )

$710,000 (13 )

$511,500 (15 )

$691,000 (9 )

-14.6%

$792,250

$791,250

0.0%

$699,500

13.1%

$575,850

37.4%

$458,600

72.5%

56.8 % (2014 )

$644,250 (12 )

$616,500 (22 )

$722,000 (21 )

$564,000 (23 )

$420,000 (21 )

53.4%

Manukau

$544,650

$545,850

1.4%

$475,950

14.7%

$394,000

38.5%

$304,500

79.3%

49.4 % (2014 )

$376,000 (9 )

$412,000 (15 )

$418,000 (18 )

$311,000 (19 )

$311,500 (22 )

20.7%

Opaheke

$693,750

$699,000

0.7%

$627,100

11.5%

$486,050

43.8%

$391,900

78.4%

57.6 % (2014 )

$676,000 (15 )

$674,000 (21 )

$644,000 (15 )

$516,944 (20 )

$376,000 (9 )

79.8%

Pahurehure

$745,650

$743,800

-3.1%

$685,800

8.5%

$545,800

36.3%

$444,100

67.5%

48.6 % (2014 )

$788,000 (18 )

$764,000 (19 )

$637,000 (25 )

$540,000 (18 )

$506,500 (19 )

55.6%

Papakura

$599,300

$602,700

0.2%

$529,900

13.7%

$406,200

48.4%

$324,400

85.8%

61.4 % (2014 )

$588,500 (118 )

$585,500 (148 )

$502,500 (153 )

$387,000 (146 )

$359,000 (126 )

63.9%

Pukekohe

$662,700

$661,550

1.5%

$595,000

11.2%

$500,600

32.2%

$406,400

62.8%

38.8 % (2014 )

$640,000 (115 )

$617,000 (155 )

$569,000 (145 )

$499,000 (149 )

$453,200 (130 )

41.2%

Red Hill

$587,850

$591,750

-0.9%

$522,650

13.2%

$400,000

47.9%

$336,700

75.7%

56.6 % (2014 )

$678,500 (9 )

$577,000 (20 )

$444,500 (12 )

$396,500 (14 )

$383,000 (11 )

77.2%

Rosehill

$672,550

$680,400

2.0%

$597,550

13.9%

$468,050

45.4%

$374,300

81.8%

43.3 % (2014 )

$631,000 (19 )

$683,000 (19 )

$624,000 (15 )

$439,000 (15 )

$381,500 (24 )

65.4%

Takanini

$696,450

$694,950

-1.1%

$625,850

11.0%

$501,700

38.5%

$393,200

76.7%

51.4 % (2014 )

$679,500 (47 )

$690,000 (76 )

$619,000 (61 )

$504,000 (102 )

$466,950 (60 )

45.5%

Waiuku

$596,550

$594,650

3.1%

$527,100

12.8%

$429,750

38.4%

$377,600

57.5%

49.1 % (2014 )

$529,000 (45 )

$542,000 (61 )

$474,000 (91 )

$424,000 (73 )

$374,000 (87 )

41.4%

$265,350 $154,200

$261,300

6.3%

$224,200 $177,800

$225,000 (41 ) $152,000 (20 )

$235,000 (51 ) $160,000 (23 )

$217,500 (28 ) $141,000 (24 )

$209,000 (15 )

18.1%

16.5% -13.4%

32.7 % (2014 )

10.5%

$194,350 $130,400

34.4%

3.9%

$222,350 $139,300

17.5%

$153,950

$212,500 (16 ) $130,500 (14 )

5.9% 16.5%

THE REGIONS

WHANGAREI/NORTHLAND Dargaville Kaikohe

5.7 % (2016 )

$113,000 (13 )

Kaitaia

$190,900

$191,950

2.0%

$166,700

15.1%

$158,200

21.3%

$214,200

-10.4%

7.9 % (2016 )

$174,750 (28 )

$194,000 (29 )

$136,000 (23 )

$169,000 (19 )

$170,000 (17 )

2.8%

Kamo

$439,950

$436,200

3.8%

$364,100

19.8%

$318,600

36.9%

$360,900

20.9%

29.2 % (2015 )

$399,000 (57 )

$407,000 (64 )

$347,000 (83 )

$288,500 (40 )

$306,000 (46 )

30.4% 30.2%

Kensington

$407,450

$407,250

3.7%

$333,200

22.2%

$300,150

35.7%

$344,000

18.4%

36.7 % (2015 )

$379,500 (30 )

$359,500 (40 )

$364,000 (29 )

$267,000 (29 )

$291,500 (35 )

Kerikeri

$602,550

$604,200

5.7%

$501,200

20.6%

$450,350

34.2%

$508,700

18.8%

11.2 % (2016 )

$515,250 (44 )

$525,500 (68 )

$479,000 (65 )

$424,500 (57 )

$404,000 (38 )

27.5%

Mangawhai Heads

$749,250

$750,200

4.7%

$637,400

17.7%

$573,000

30.9%

$552,800

35.7%

37.2 % (2014 )

$770,000 (16 )

$667,000 (13 )

$612,000 (39 )

$440,250 (26 )

$419,500 (22 )

83.6% 25.7%

Maunu

$550,350

$543,450

1.3%

$468,000

16.1%

$434,850

25.0%

$463,100

17.4%

26.3 % (2015 )

$522,000 (15 )

$493,000 (20 )

$402,000 (15 )

$409,500 (15 )

$415,250 (18 )

Morningside

$345,000

$343,000

-0.6%

$293,400

16.9%

$241,400

42.1%

$279,200

22.9%

23.9 % (2015 )

$345,000 (17 )

$320,000 (17 )

$259,000 (21 )

$259,000 (11 )

$365,000 (5 )

-5.5%

One Tree Point

$653,050

$651,650

2.0%

$547,000

19.1%

$494,600

31.8%

$574,000

13.5%

35.8 % (2015 )

$554,000 (24 )

$559,000 (19 )

$479,000 (19 )

$471,000 (16 )

$427,000 (17 )

29.7%

Onerahi

$397,750

$398,950

2.1%

$330,400

20.7%

$293,150

36.1%

$335,100

19.1%

25.0 % (2015 )

$354,000 (47 )

$371,500 (44 )

$306,500 (52 )

$274,750 (28 )

$286,500 (34 )

23.6%

Raumanga

$276,800

$274,250

1.8%

$233,500

17.5%

$198,050

38.5%

$244,800

12.0%

31.9 % (2015 )

$275,000 (26 )

$260,000 (30 )

$245,000 (33 )

$187,000 (17 )

$225,000 (19 )

22.2%

Ruakaka

$509,900

$503,950

2.9%

$415,350

21.3%

$358,800

40.5%

$397,700

26.7%

39.4 % (2015 )

$464,000 (9 )

$467,000 (16 )

$379,250 (28 )

$334,000 (23 )

$348,000 (11 )

33.3%

Tikipunga

$358,700

$355,800

3.4%

$291,300

22.1%

$250,700

41.9%

$296,900

19.8%

30.0 % (2015 )

$350,500 (38 )

$332,500 (38 )

$288,000 (44 )

$239,000 (22 )

$262,000 (20 )

33.8%

Whangarei Heads

$631,300

$628,800

5.4%

$519,350

21.1%

$451,400

39.3%

$541,600

16.1%

35.5 % (2015 )

$744,000 (7 )

$650,000 (8 )

$587,000 (5 )

$384,000 (6 )

$376,500 (6 )

97.6%

Whau Valley

$402,350

$400,450

3.5%

$328,100

22.1%

$300,050

33.5%

$343,700

16.5%

31.2 % (2015 )

$364,000 (14 )

$354,500 (16 )

$296,000 (20 )

$314,500 (12 )

$255,000 (7 )

42.7%

COROMANDEL/HAURAKI/MATAMATA Matamata $422,350

$422,000

3.1%

2.0%

$424,000 (13 )

$429,000 (27 )

$294,000 (43 ) $357,000 (8 )

$268,000 (30 ) $437,000 (7 )

53.0%

$584,500

$381,250 (58 ) $452,750 (16 )

$329,000 (69 )

$518,050

35.5 % (2015 ) 11.5 % (2014 )

$410,000 (54 )

2.8%

36.3% 15.1%

31.8%

$596,100

24.2% 6.5%

$320,200

$602,850

$339,650 $559,750

$309,550

Matarangi Morrinsville

$424,200

$420,800

5.2%

$329,000

27.9%

$305,100

37.9%

$315,400

33.4%

39.9 % (2015 )

$393,000 (47 )

$404,000 (63 )

$309,000 (60 )

$294,000 (47 )

$267,000 (40 )

47.2%

Paeroa

$313,400

$309,500

6.0%

$243,350

27.2%

$207,400

49.2%

$233,400

32.6%

N/A

$275,000 (5 )

$241,000 (29 )

$173,500 (22 )

$200,000 (17 )

N/A

Pauanui

$751,100

$744,300

3.8%

$664,950

11.9%

$639,750

16.3%

$684,500

8.7%

22.0 % (2014 )

$579,000 (20 )

$503,000 (38 )

$502,000 (43 )

$496,500 (30 )

$519,000 (35 )

11.6% 27.2%

-3.0%

Tairua

$614,000

$607,700

4.0%

$521,600

16.5%

$496,600

22.4%

$537,000

13.2%

31.5 % (2014 )

$543,000 (14 )

$495,000 (29 )

$424,500 (40 )

$414,000 (11 )

$427,000 (24 )

Te Aroha

$353,200

$350,200

6.4%

$275,200

27.3%

$254,350

37.7%

$266,200

31.6%

40.1 % (2015 )

$355,000 (14 )

$368,500 (30 )

$259,500 (42 )

$245,000 (23 )

$234,500 (16 )

51.4%

Thames

$450,750

$450,250

3.1%

$363,300

23.9%

$322,600

39.6%

$336,800

33.7%

54.1 % (2014 )

$441,500 (20 )

$440,500 (54 )

$350,500 (56 )

$316,500 (52 )

$306,750 (36 )

43.9%

Waihi Whangamata

$330,850 $669,600

$326,750 $669,250

7.8% 7.8%

$248,200 $559,650

31.6% 19.6%

$220,300 $513,900

48.3% 30.2%

$256,700 $533,000

27.3% 25.6%

N/A 43.0 % (2014 )

N/A $601,500 (21 )

$336,500 (4 ) $545,000 (45 )

$238,000 (65 ) $453,000 (65 )

$193,000 (40 ) $394,200 (69 )

$197,000 (14 ) $371,000 (49 )

N/A 62.1%

Whitianga

$576,200

$575,500

3.8%

$487,650

18.0%

$438,550

31.2%

$476,200

20.9%

27.3 % (2014 )

$428,000 (48 )

$428,000 (74 )

$419,000 (70 )

$354,000 (58 )

$316,000 (55 )

35.4%

$372,600 $605,350

$369,900 $601,550

-3.3% -1.4%

$308,500 $526,100

19.9% 14.3%

$237,750 $432,200

55.6% 39.2%

$257,900 $432,700

43.4% 39.0%

17.7 % (2015 ) 25.2 % (2015 )

$342,250 (4 ) $509,000 (6 )

$357,500 (10 ) $595,500 (10 )

$331,000 (11 ) $510,000 (12 )

$235,000 (13 ) $410,000 (13 )

$250,000 (3 ) $333,500 (10 )

36.9% 52.6%

HAMILTON CITY Bader Beerescourt Chartwell

$534,700

$532,500

0.8%

$446,800

19.2%

$371,450

43.4%

$364,300

46.2%

24.8 % (2015 )

$487,000 (34 )

$526,500 (41 )

$405,750 (46 )

$374,000 (48 )

$344,000 (35 )

41.6%

Claudelands

$507,400

$499,450

1.1%

$423,000

18.1%

$357,850

39.6%

$352,200

41.8%

19.3 % (2015 )

$474,000 (9 )

$459,000 (13 )

$441,250 (18 )

$366,500 (12 )

$368,000 (14 )

28.8%

Dinsdale

$474,200

$472,300

0.3%

$404,500

16.8%

$324,900

45.4%

$332,400

42.1%

22.6 % (2015 )

$459,000 (39 )

$461,000 (44 )

$373,000 (75 )

$283,500 (50 )

$312,500 (44 )

46.9%

Enderley

$384,300

$382,350

1.3%

$317,350

20.5%

$262,250

45.8%

$270,100

41.6%

25.7 % (2015 )

$369,000 (9 )

$343,000 (11 )

$317,000 (29 )

$265,000 (16 )

$260,000 (19 )

41.9%

Fairfield

$484,150

$481,700

0.3%

$409,450

17.6%

$346,200

39.1%

$340,600

41.4%

24.0 % (2015 )

$412,000 (19 )

$410,000 (31 )

$344,000 (51 )

$309,000 (42 )

$281,500 (29 )

46.4%

Fairview Downs

$472,750

$464,700

-0.3%

$404,450

14.9%

$326,550

42.3%

$317,300

46.5%

20.6 % (2015 )

$464,000 (13 )

$463,000 (16 )

$401,500 (21 )

$316,000 (17 )

$347,000 (14 )

33.7%

Fitzroy

$468,000

$469,600

-2.7%

$411,350

14.2%

$328,450

43.0%

$313,500

49.8%

14.1 % (2015 )

$434,000 (8 )

$450,550 (6 )

$401,750 (10 )

$314,000 (7 )

$340,000 (5 )

27.6%

Smart property decisions start here

March 6, 2017 | PROPERTY REPORT

E-Valuer estimate of median value at

31JAN2017

31DEC2016

E-Valuer price change in 3 months to

E-Valuer estimate of

E-Valuer price

E-Valuer estimate of

E-Valuer price

median value at 31DEC2015

change in year to 31DEC2016

median value at 31DEC2014

change in 2 years to

31DEC2016

E-Valuer estimate of E-Valuer price Sales price in 3 months to median value at change since 30NOV2016 in relation to CV market peak market peak (CV date in brackets)

31DEC2016

(31OCT2007)

Median price in 3 months to 30NOV2016

Median price in 3 months to 30SEP2016

Median price in 3 months to 31DEC2015

Median price in 3 months to 31DEC2014

Median price in 3 months to 31DEC2013

(no. of sales in brackets)

(31OCT2007)

Median price change in 3 years to 31DEC2016

Flagstaff

$744,450

$741,300

-0.7%

$625,200

18.6%

$523,650

41.6%

$490,700

51.1%

26.2 % (2015 )

$774,500 (42 )

$734,500 (56 )

$622,000 (93 )

$569,500 (76 )

$497,000 (54 )

55.8%

Forest Lake

$478,750

$478,300

-2.2%

$410,400

16.5%

$331,600

44.2%

$323,900

47.7%

20.5 % (2015 )

$428,000 (9 )

$442,250 (14 )

$399,500 (14 )

$322,000 (14 )

$307,500 (8 )

39.2%

Frankton

$402,800

$402,650

0.4%

$342,150

17.7%

$278,800

44.4%

$295,800

36.1%

28.9 % (2015 )

$345,000 (25 )

$374,000 (60 )

$316,000 (67 )

$263,000 (36 )

$274,000 (53 )

25.9%

Glenview

$481,850

$485,950

-2.6%

$414,200

17.3%

$344,800

40.9%

$333,500

45.7%

20.5 % (2015 )

$434,000 (26 )

$459,000 (27 )

$401,500 (52 )

$367,000 (27 )

$336,500 (27 )

29.0%

Hamilton East

$479,950

$477,500

0.7%

$404,100

18.2%

$332,200

43.7%

$331,300

44.1%

19.0 % (2015 )

$481,000 (53 )

$461,500 (82 )

$389,500 (86 )

$324,000 (89 )

$344,000 (83 )

39.8%

Hillcrest

$529,600

$528,550

-1.1%

$452,600

16.8%

$380,600

38.9%

$365,400

44.6%

23.5 % (2015 )

$507,750 (18 )

$505,750 (24 )

$462,000 (70 )

$390,000 (38 )

$364,000 (39 )

39.5%

Huntington

$757,950

$759,200

1.4%

$635,450

19.5%

$542,950

39.8%

$532,000

42.7%

17.3 % (2015 )

$719,000 (27 )

$707,000 (49 )

$618,900 (78 )

$538,000 (51 )

$524,000 (47 )

37.2%

Maeroa

$466,200

$465,450

-0.1%

$398,150

16.9%

$318,100

46.3%

$317,000

46.8%

23.5 % (2015 )

$471,900 (13 )

$440,500 (16 )

$374,000 (25 )

$312,500 (12 )

$296,000 (13 )

59.4%

Melville

$425,700

$423,150

-1.7%

$358,950

17.9%

$283,300

49.4%

$292,900

44.5%

25.6 % (2015 )

$425,000 (19 )

$427,500 (36 )

$370,775 (44 )

$259,000 (29 )

$285,500 (26 )

48.9%

Nawton

$426,100

$424,900

-1.6%

$357,100

19.0%

$289,400

46.8%

$298,100

42.5%

26.7 % (2015 )

$396,500 (46 )

$405,000 (75 )

$337,750 (88 )

$271,000 (52 )

$265,000 (45 )

49.6%

Pukete

$569,150

$567,600

-0.7%

$475,500

19.4%

$395,600

43.5%

$369,800

53.5%

23.5 % (2015 )

$512,000 (24 )

$567,500 (18 )

$478,500 (30 )

$399,000 (21 )

$372,000 (18 )

37.6%

Queenwood

$655,900

$656,900

1.7%

$557,450

17.8%

$461,200

42.4%

$450,800

45.7%

24.8 % (2015 )

$689,500 (4 )

$606,000 (12 )

$496,750 (16 )

$419,000 (9 )

$417,000 (6 )

65.3% 34.5%

Rototuna

$719,850

$717,550

0.3%

$589,800

21.7%

$501,900

43.0%

$482,800

48.6%

21.1 % (2015 )

$653,000 (9 )

$729,750 (14 )

$572,000 (24 )

$494,000 (31 )

$485,500 (28 )

Rototuna North

$717,000

$718,350

-1.6%

$601,750

19.4%

$500,400

43.6%

$465,300

54.4%

25.4 % (2015 )

$679,000 (13 )

$732,000 (28 )

$607,500 (38 )

$496,900 (40 )

$514,000 (29 )

32.1%

Saint Andrews

$559,450

$555,550

-0.4%

$477,750

16.3%

$388,650

42.9%

$371,600

49.5%

14.6 % (2015 )

$531,000 (19 )

$488,500 (18 )

$435,000 (35 )

$362,750 (26 )

$375,500 (26 )

41.4%

Silverdale

$488,600

$483,350

-0.8%

$409,400

18.1%

$336,050

43.8%

$328,200

47.3%

29.6 % (2015 )

$545,900 (10 )

$439,000 (10 )

$379,000 (20 )

$327,000 (7 )

$323,500 (7 )

68.7%

WAIKATO/WAIPA/OTOROHANGA/SOUTH WAIKATO Cambridge $600,750 $596,400 Huntly $310,650 $308,050

3.4%

$499,900 $246,000

19.3%

45.0%

3.7 % (2016 ) 63.7 % (2014 )

$581,500 (46 ) $297,000 (33 )

$545,000 (59 ) $289,000 (57 )

$543,000 (60 )

60.3%

$403,800 $212,500

47.7%

25.2%

$448,950 $192,200

32.8%

4.5%

$423,000 (94 ) $175,000 (59 )

$380,500 (72 ) $175,800 (30 )

68.9%

Kihikihi

$330,100

$327,550

4.8%

$276,850

18.3%

$246,450

32.9%

$250,700

30.7%

17.9 % (2016 )

$353,000 (12 )

$352,000 (19 )

$262,000 (26 )

$235,000 (11 )

$223,000 (11 )

58.3%

Leamington

$518,450

$517,100

2.1%

$427,550

20.9%

$388,750

33.0%

$356,100

45.2%

3.9 % (2016 )

$477,000 (46 )

$448,500 (62 )

$444,000 (83 )

$380,000 (63 )

$353,000 (58 )

35.1%

Ngaruawahia

$347,350

$343,950

3.7%

$275,100

25.0%

$225,200

52.7%

$253,100

35.9%

61.3 % (2014 )

$339,500 (22 )

$353,000 (31 )

$280,000 (37 )

$224,000 (37 )

$214,000 (19 )

58.6%

$241,000 (63 )

52.8%

Putaruru

$226,550

$223,200

3.3%

$175,700

27.0%

$164,200

35.9%

$193,600

15.3%

43.9 % (2015 )

$211,000 (23 )

$191,000 (41 )

$189,500 (45 )

$150,000 (26 )

$146,000 (10 )

44.5%

Raglan

$603,850

$603,200

5.6%

$463,200

30.2%

$420,200

43.6%

$454,000

32.9%

58.3 % (2014 )

$552,000 (26 )

$512,000 (36 )

$415,000 (39 )

$419,000 (33 )

$357,000 (24 )

54.6%

Te Awamutu

$403,700

$401,050

3.7%

$335,500

19.5%

$298,050

34.6%

$310,300

29.2%

6.9 % (2016 )

$366,000 (49 )

$375,000 (91 )

$342,500 (117 )

$285,000 (67 )

$303,000 (62 )

20.8%

Tokoroa

$153,400

$150,800

5.5%

$123,900

21.7%

$111,100

35.7%

$142,000

6.2%

37.9 % (2015 )

$146,000 (72 )

$131,000 (108 )

$118,500 (82 )

$98,000 (53 )

$130,000 (25 )

12.3%

Tuakau

$536,450

$535,850

4.3%

$453,400

18.2%

$380,600

40.8%

$321,800

66.5%

50.9 % (2014 )

$552,000 (22 )

$533,000 (33 )

$468,000 (44 )

$400,000 (43 )

$384,000 (39 )

43.8%

WAITOMO/TAUPO/RUAPEHU $490,700 Hilltop Kinloch $610,700

$491,500 $605,250

4.0%

$409,550

33.6% 26.2%

$437,300

$508,650

20.0% 19.0%

$368,000

2.8%

$508,400

12.4% 19.0%

2.4 % (2016 ) 10.5 % (2016 )

$438,000 (21 ) $538,000 (9 )

$386,250 (24 ) $549,000 (17 )

$371,500 (28 ) $430,500 (12 )

$335,000 (13 ) $407,000 (17 )

$313,000 (11 ) $417,000 (13 )

39.9% 29.0%

$479,650

Kuratau

$402,550

$401,200

0.7%

$397,500

0.9%

$373,550

7.4%

$458,300

-12.5%

3.9 % (2016 )

$325,000 (7 )

$323,000 (8 )

$439,250 (8 )

$302,000 (7 )

$330,000 (5 )

-1.5%

Nukuhau

$436,050

$439,050

3.9%

$385,600

13.9%

$361,350

21.5%

$383,200

14.6%

13.7 % (2016 )

$378,000 (23 )

$380,500 (20 )

$370,000 (40 )

$341,500 (22 )

$342,000 (24 )

10.5% -2.7%

Ohakune

$225,100

$224,850

2.4%

$205,650

9.3%

$205,150

9.6%

$246,900

-8.9%

6.5 % (2014 )

$237,500 (20 )

$190,000 (19 )

$185,000 (9 )

$166,500 (14 )

$244,000 (9 )

Omori

$369,850

$364,850

0.9%

$362,300

0.7%

$345,900

5.5%

$429,000

-15.0%

-1.5 % (2016 )

$279,000 (6 )

$353,500 (10 )

$322,000 (5 )

$304,250 (2 )

$261,250 (2 )

6.8%

Richmond Heights

$396,750

$396,350

4.4%

$336,200

17.9%

$308,500

28.5%

$331,300

19.6%

8.2 % (2016 )

$416,000 (23 )

$352,000 (33 )

$322,500 (22 )

$331,500 (18 )

$290,000 (7 )

43.4%

Tauhara

$273,200

$273,700

6.4%

$221,200

23.7%

$194,250

40.9%

$243,900

12.2%

3.6 % (2016 )

$297,500 (12 )

$287,000 (13 )

$211,250 (18 )

$173,500 (8 )

$220,000 (6 )

35.2%

Taumarunui

$116,350

$116,650

4.9%

$96,550

20.8%

$102,800

13.5%

$131,900

-11.6%

26.3 % (2014 )

$105,500 (28 )

$101,500 (42 )

$116,000 (33 )

$89,500 (22 )

$84,500 (12 )

24.9%

Taupo

$381,050

$379,700

3.7%

$318,850

19.1%

$287,550

32.0%

$339,200

11.9%

6.7 % (2016 )

$341,000 (60 )

$352,000 (75 )

$288,500 (62 )

$277,000 (41 )

$253,500 (32 )

34.5%

Te Kuiti

$164,100

$162,450

1.1%

$139,100

16.8%

$137,500

18.1%

$176,800

-8.1%

22.7 % (2015 )

$146,000 (25 )

$146,000 (37 )

$128,500 (28 )

$173,000 (10 )

$113,000 (16 )

29.2%

Turangi

$187,750

$186,300

4.3%

$168,000

10.9%

$163,550

13.9%

$230,500

-19.2%

3.3 % (2016 )

$154,050 (26 )

$147,000 (45 )

$167,000 (19 )

$171,000 (17 )

$197,750 (10 )

-22.1%

Waipahihi

$579,350

$576,600

3.8%

$504,750

14.2%

$467,900

23.2%

$546,000

5.6%

1.9 % (2016 )

$550,500 (12 )

$604,000 (13 )

$447,500 (12 )

$439,000 (15 )

$518,523 (8 )

6.2%

$491,550 $762,700

$489,750

21.7%

$350,600

39.3%

$558,800

7.8 % (2016 ) 3.6 % (2016 )

$488,000 (24 ) $682,750 (20 )

$511,000 (23 ) $738,000 (20 )

$369,000 (49 ) $517,500 (25 )

$329,000 (31 ) $485,000 (23 )

60.0%

25.2%

39.7% 36.4%

$305,000 (35 )

$608,650

$346,750 $546,900

41.2%

$761,950

3.6% 1.8%

$402,550

Omokoroa

$508,000 (19 )

34.4%

Pukehina

$617,700

$617,650

3.0%

$475,000

30.0%

$421,350

46.6%

$544,200

13.5%

-0.2 % (2016 )

$574,000 (13 )

$440,000 (12 )

$442,000 (18 )

$275,500 (8 )

$337,000 (9 )

70.3%

Te Puke

$434,000

$428,500

4.2%

$338,550

26.6%

$285,400

50.1%

$316,400

35.4%

1.0 % (2016 )

$357,500 (26 )

$424,000 (38 )

$319,400 (90 )

$274,000 (51 )

$230,000 (35 )

55.4%

Waihi Beach

$693,600

$697,050

0.1%

$596,600

16.8%

$562,400

23.9%

$617,500

12.9%

1.2 % (2016 )

$552,000 (21 )

$651,000 (29 )

$545,500 (38 )

$457,000 (23 )

$428,500 (27 )

28.8%

$524,900 $722,700

$522,750

0.7% 0.0%

$434,600 $608,750

20.3%

$346,300

51.0%

37.2%

$499,600

42.3%

38.5 % (2015 ) 34.1 % (2015 )

$503,000 (15 ) $770,000 (29 )

$479,750 (20 ) $683,500 (36 )

$402,000 (55 )

16.7%

$349,800 $517,850

49.4%

$710,700

$330,000 (27 ) $544,000 (60 )

$311,575 (18 ) $520,100 (37 )

61.4% 48.0%

WESTERN BAY OF PLENTY Katikati

TAURANGA Bellevue Bethlehem

$657,000 (63 )

Brookfield

$534,400

$529,100

-0.3%

$443,100

19.4%

$349,500

51.4%

$347,300

52.3%

43.4 % (2015 )

$522,000 (20 )

$526,000 (39 )

$439,000 (49 )

$381,000 (50 )

$334,100 (25 )

56.2%

Gate Pa

$434,800

$432,950

0.9%

$355,350

21.8%

$276,700

56.5%

$288,600

50.0%

37.9 % (2015 )

$399,000 (31 )

$407,500 (30 )

$354,000 (53 )

$293,000 (30 )

$245,750 (23 )

62.4%

Greerton

$493,450

$489,800

1.9%

$400,800

22.2%

$313,250

56.4%

$326,300

50.1%

38.3 % (2015 )

$488,000 (15 )

$486,500 (30 )

$387,250 (42 )

$315,000 (29 )

$313,300 (14 )

55.8%

Hairini

$500,850

$504,750

4.5%

$414,700

21.7%

$342,400

47.4%

$344,600

46.5%

43.8 % (2015 )

$471,000 (17 )

$485,750 (10 )

$393,500 (26 )

$362,827 (17 )

$372,000 (11 )

26.6%

Judea

$496,000

$487,750

-0.6%

$409,750

19.0%

$319,800

52.5%

$324,700

50.2%

41.6 % (2015 )

$490,750 (16 )

$471,500 (28 )

$380,500 (34 )

$275,000 (20 )

$274,300 (17 )

78.9%

Matua

$756,600

$773,200

1.5%

$653,850

18.3%

$537,600

43.8%

$547,800

41.1%

35.5 % (2015 )

$622,000 (23 )

$684,500 (22 )

$532,250 (52 )

$467,000 (33 )

$457,075 (28 )

36.1%

Maungatapu

$605,350

$602,300

2.5%

$485,600

24.0%

$435,700

38.2%

$441,600

36.4%

36.7 % (2015 )

$572,500 (14 )

$557,750 (12 )

$472,000 (12 )

$438,000 (16 )

$360,275 (14 )

58.9%

Mount Maunganui

$782,600

$783,650

-0.5%

$668,850

17.2%

$533,100

47.0%

$551,500

42.1%

33.9 % (2015 )

$617,000 (141 )

$645,250 (152 )

$549,000 (206 )

$416,000 (170 )

$421,400 (126 )

46.4%

Ohauiti

$663,500

$662,000

1.5%

$555,000

19.3%

$470,900

40.6%

$462,100

43.3%

39.3 % (2015 )

$721,000 (17 )

$727,000 (21 )

$602,500 (22 )

$498,500 (22 )

$450,000 (21 )

60.2%

Otumoetai

$681,500

$681,400

1.1%

$570,500

19.4%

$478,250

42.5%

$487,900

39.7%

39.0 % (2015 )

$594,000 (27 )

$648,500 (22 )

$527,000 (73 )

$436,000 (75 )

$432,300 (42 )

37.4%

Papamoa Beach

$669,600

$667,100

0.9%

$571,050

16.8%

$464,100

43.7%

$464,200

43.7%

33.9 % (2015 )

$643,500 (116 )

$629,500 (154 )

$552,000 (222 )

$455,000 (212 )

$405,500 (164 )

58.7%

Parkvale

$422,550

$419,050

1.0%

$342,650

22.3%

$265,900

57.6%

$278,600

50.4%

40.5 % (2015 )

$377,000 (10 )

$385,000 (13 )

$342,000 (25 )

$228,500 (16 )

$245,950 (14 )

53.3%

Pyes Pa

$675,700

$668,350

1.1%

$556,650

20.1%

$476,750

40.2%

$475,200

40.6%

37.8 % (2015 )

$679,000 (38 )

$656,500 (46 )

$558,500 (56 )

$481,500 (62 )

$465,000 (31 )

46.0%

Tauranga South

$587,300

$581,300

1.3%

$481,850

20.6%

$406,150

43.1%

$420,300

38.3%

37.1 % (2015 )

$528,000 (28 )

$498,500 (26 )

$442,000 (41 )

$445,000 (36 )

$375,150 (31 )

40.7%

Welcome Bay

$568,500

$566,300

4.8%

$461,400

22.7%

$377,500

50.0%

$379,800

49.1%

36.7 % (2015 )

$539,000 (55 )

$547,000 (65 )

$429,000 (92 )

$370,500 (56 )

$376,900 (39 )

43.0%

ROTORUA Fairy Springs Fordlands

$285,100

$283,350

3.8%

$220,200

28.7%

$194,050

46.0%

$228,400

24.1%

33.1 % (2014 )

$240,500 (6 )

$228,000 (9 )

$231,000 (8 )

$182,000 (5 )

$198,000 (5 )

21.5%

$160,100

$159,150

9.5%

$118,700

34.1%

$101,600

56.6%

$124,400

27.9%

30.4 % (2014 )

$160,000 (5 )

$142,000 (17 )

$105,000 (9 )

$110,238 (2 )

$86,000 (1 )

86.0%

Glenholme

$402,700

$397,500

4.3%

$313,600

26.8%

$286,550

38.7%

$325,100

22.3%

40.8 % (2014 )

$361,000 (19 )

$327,500 (28 )

$296,000 (27 )

$276,000 (11 )

$250,000 (19 )

44.4%

Hillcrest

$332,700

$330,650

0.6%

$268,000

23.4%

$242,650

36.3%

$263,900

25.3%

31.2 % (2014 )

$366,000 (5 )

$366,000 (7 )

$287,000 (11 )

$297,000 (4 )

$215,000 (9 )

70.2%

Kawaha Point

$431,400

$430,100

4.3%

$369,850

16.3%

$335,800

28.1%

$387,100

11.1%

32.7 % (2014 )

$432,000 (11 )

$315,500 (13 )

$320,500 (8 )

$242,000 (7 )

$348,621 (6 )

23.9%

Koutu

$243,900

$241,850

4.8%

$188,950

28.0%

$161,050

50.2%

$203,000

19.1%

54.0 % (2014 )

$178,750 (10 )

$150,500 (12 )

$214,000 (7 )

$134,000 (7 )

$100,000 (5 )

78.8%

Lynmore

$535,750

$535,600

1.4%

$440,750

21.5%

$400,050

33.9%

$404,400

32.4%

43.5 % (2014 )

$513,000 (14 )

$469,000 (21 )

$413,500 (28 )

$364,000 (18 )

$412,500 (23 )

24.4%

Mangakakahi

$270,100

$269,150

3.7%

$211,250

27.4%

$183,600

46.6%

$212,300

26.8%

50.6 % (2014 )

$265,500 (13 )

$246,000 (19 )

$206,000 (16 )

$185,500 (14 )

$168,500 (15 )

57.6%

Ngongotaha

$359,400

$359,100

4.9%

$286,450

25.4%

$254,050

41.4%

$283,400

26.7%

45.2 % (2014 )

$320,000 (21 )

$311,225 (29 )

$258,000 (35 )

$259,500 (20 )

$231,000 (15 )

38.5% 43.8%

Owhata

$352,800

$352,450

4.5%

$278,050

26.8%

$252,000

39.9%

$273,900

28.7%

48.0 % (2014 )

$374,000 (26 )

$329,000 (41 )

$266,000 (49 )

$284,500 (26 )

$260,000 (19 )

Pukehangi

$346,050

$343,500

4.7%

$274,500

25.1%

$246,600

39.3%

$267,800

28.3%

43.2 % (2014 )

$280,000 (15 )

$350,776 (20 )

$211,000 (38 )

$242,500 (12 )

$326,000 (13 )

-14.1%

Springfield

$457,850

$460,400

5.1%

$379,500

21.3%

$350,450

31.4%

$370,000

24.4%

41.5 % (2014 )

$414,000 (16 )

$409,500 (18 )

$358,000 (20 )

$298,000 (10 )

$316,500 (12 )

30.8%

Utuhina

$324,900

$320,850

0.3%

$256,300

25.2%

$234,400

36.9%

$250,700

28.0%

44.8 % (2014 )

$306,100 (15 )

$310,500 (14 )

$259,000 (10 )

$222,000 (5 )

$255,500 (7 )

19.8%

Smart property decisions start here

March 6, 2017 | PROPERTY REPORT

E-Valuer estimate of median value at

31JAN2017

31DEC2016

E-Valuer price change in 3 months to

E-Valuer estimate of

E-Valuer price

E-Valuer estimate of

E-Valuer price

median value at 31DEC2015

change in year to 31DEC2016

median value at 31DEC2014

change in 2 years to

31DEC2016

Western Heights

$240,400

WHAKATANE/KAWERAU/OPOTIKI Kawerau $172,000

E-Valuer estimate of E-Valuer price Sales price in 3 months to median value at change since 30NOV2016 in relation to CV market peak market peak (CV date in brackets)

31DEC2016

(31OCT2007)

Median price in 3 months to 30NOV2016

Median price in 3 months to 30SEP2016

Median price in 3 months to 31DEC2015

Median price in 3 months to 31DEC2014

Median price in 3 months to 31DEC2013

(no. of sales in brackets)

Median price change in 3 years to 31DEC2016

$239,050

2.7%

$190,850

25.3%

$167,050

43.1%

$204,900

16.7%

41.0 % (2014 )

$228,000 (16 )

$232,000 (24 )

$156,000 (27 )

$164,000 (8 )

$164,000 (13 )

39.0%

7.7%

74.5% 29.3%

$148,500 $195,300

2.6%

86.0 % (2015 ) 3.0 % (2016 )

$175,000 (19 )

$144,000 (71 ) $207,000 (20 )

$126,000 (61 ) $154,000 (26 )

$85,000 (22 )

23.2%

$96,850 $155,000

$155,000 (52 )

2.8%

$116,700 $162,700

13.8%

$200,700

$169,000 $200,400

44.8%

Opotiki

$177,500 (8 )

$110,000 (17 ) $150,000 (12 )

40.9% 16.7%

Whakatane

$358,100

$356,500

3.3%

$303,800

17.3%

$290,500

22.7%

$317,700

12.2%

5.6 % (2016 )

$339,000 (79 )

$339,000 (101 )

$289,000 (84 )

$280,000 (51 )

$277,000 (57 )

22.4%

$252,700

LOWER NORTH ISLAND GISBORNE/HAWKES BAY Akina Bluff Hill

$307,250

$304,600 $546,850

6.8% 1.8%

7.8 % (2016 ) 19.1 % (2014 )

$322,000 (21 ) $499,000 (17 )

$513,750 (22 )

$248,875 (22 ) $381,750 (16 )

$217,000 (13 ) $414,000 (15 )

$218,500 (17 ) $352,000 (11 )

47.4%

$515,700

18.8% 6.0%

$298,000 (33 )

$471,700

32.8% 15.9%

$256,500

$486,700

20.5% 12.4%

$229,400

$552,700

Flaxmere

$202,700

$201,300

4.3%

$169,450

18.8%

$151,350

33.0%

$178,200

13.0%

11.2 % (2016 )

$194,500 (36 )

$187,500 (39 )

$164,500 (51 )

$131,000 (37 )

$135,000 (24 )

44.1%

Frimley

$440,350

$436,850

5.6%

$367,450

18.9%

$343,000

27.4%

$364,200

19.9%

10.4 % (2016 )

$429,000 (17 )

$444,500 (19 )

$343,000 (13 )

$301,000 (17 )

$324,181 (16 )

32.3%

Gisborne

$270,650

$269,100

5.0%

$225,700

19.2%

$222,400

21.0%

$271,200

-0.8%

10.5 % (2014 )

$289,000 (9 )

$282,000 (14 )

$152,000 (7 )

$204,000 (4 )

$277,000 (3 )

4.3%

Greenmeadows

$455,700

$454,900

3.7%

$390,800

16.4%

$367,100

23.9%

$375,800

21.0%

28.2 % (2014 )

$416,000 (25 )

$399,575 (22 )

$369,000 (35 )

$344,000 (35 )

$376,000 (33 )

10.6%

Havelock North

$562,600

$556,200

4.5%

$475,250

17.0%

$446,200

24.7%

$465,200

19.6%

8.5 % (2016 )

$531,000 (62 )

$512,000 (81 )

$467,000 (118 )

$399,500 (109 )

$445,500 (88 )

19.2%

Hospital Hill

$516,250

$516,200

3.1%

$451,450

14.3%

$437,050

18.1%

$471,700

9.4%

24.4 % (2014 )

$487,000 (11 )

$369,000 (19 )

$489,000 (19 )

$322,000 (18 )

$332,500 (6 )

46.5%

Inner Kaiti

$293,200

$291,800

3.8%

$255,900

14.0%

$255,650

14.1%

$321,400

-9.2%

10.9 % (2014 )

$284,000 (6 )

$272,500 (12 )

$214,550 (11 )

$245,500 (6 )

$276,000 (8 )

2.9%

Mahora

$352,600

$351,200

5.6%

$299,000

17.5%

$277,850

26.4%

$297,700

18.0%

7.6 % (2016 )

$324,000 (17 )

$304,000 (26 )

$275,000 (27 )

$249,355 (14 )

$286,500 (14 )

13.1%

Mangapapa

$244,200

$243,600

6.5%

$208,950

16.6%

$208,500

16.8%

$239,500

1.7%

16.2 % (2014 )

$232,000 (17 )

$234,000 (27 )

$182,000 (25 )

$220,000 (11 )

$186,000 (17 )

24.7%

Maraenui

$209,650

$207,500

5.7%

$160,500

29.3%

$147,050

41.1%

$194,700

6.6%

30.7 % (2014 )

$198,000 (15 )

$198,000 (23 )

$168,500 (14 )

$159,000 (13 )

$140,000 (7 )

41.4%

Marewa

$309,200

$308,950

1.7%

$259,150

19.2%

$240,250

28.6%

$270,400

14.3%

31.4 % (2014 )

$279,000 (25 )

$291,000 (29 )

$265,000 (35 )

$240,500 (16 )

$239,500 (20 )

16.5%

Mayfair

$302,250

$299,650

3.7%

$258,050

16.1%

$237,300

26.3%

$261,900

14.4%

5.1 % (2016 )

$256,000 (25 )

$304,000 (22 )

$279,000 (15 )

$220,000 (11 )

$245,000 (19 )

4.5%

Napier South

$355,600

$358,950

2.7%

$300,100

19.6%

$272,900

31.5%

$288,600

24.4%

31.4 % (2014 )

$348,000 (18 )

$359,000 (29 )

$290,750 (34 )

$242,000 (17 )

$238,000 (21 )

46.2%

Onekawa

$323,800

$318,400

1.3%

$265,900

19.7%

$250,300

27.2%

$264,400

20.4%

28.8 % (2014 )

$317,000 (21 )

$306,250 (30 )

$282,500 (23 )

$275,500 (20 )

$242,500 (27 )

30.7%

Parkvale

$330,200

$327,150

5.0%

$280,700

16.5%

$264,650

23.6%

$283,200

15.5%

9.0 % (2016 )

$297,000 (16 )

$295,000 (21 )

$292,500 (22 )

$230,500 (15 )

$243,000 (14 )

22.2%

Pirimai

$344,450

$340,350

4.2%

$282,200

20.6%

$266,850

27.5%

$272,300

25.0%

34.5 % (2014 )

$338,000 (12 )

$330,000 (15 )

$303,000 (26 )

$276,500 (15 )

$269,500 (16 )

25.4%

Raureka

$310,950

$308,050

5.2%

$260,900

18.1%

$232,000

32.8%

$270,500

13.9%

7.1 % (2016 )

$280,000 (31 )

$288,000 (31 )

$276,500 (35 )

$213,000 (5 )

$237,000 (22 )

18.1%

Riverdale

$313,250

5.2%

$277,600

12.8%

$275,700

13.6%

$311,400

0.6%

25.9 % (2014 )

$272,000 (3 )

$365,500 (2 )

$244,000 (4 )

$235,000 (5 )

$278,000 (4 )

-2.2%

41.8%

Saint Leonards

$313,850

$311,350

3.5%

$266,600

16.8%

$246,900

26.1%

$270,200

15.2%

3.7 % (2016 )

$317,000 (11 )

$307,000 (15 )

$264,000 (21 )

$237,000 (18 )

$268,000 (10 )

18.3%

Tamatea

$350,900

$356,250

7.2%

$286,000

24.6%

$267,600

33.1%

$289,500

23.1%

35.2 % (2014 )

$342,500 (20 )

$332,000 (30 )

$286,000 (33 )

$264,000 (23 )

$282,000 (18 )

21.5%

Taradale

$456,850

$456,800

4.3%

$385,200

18.6%

$359,500

27.1%

$364,600

25.3%

31.4 % (2014 )

$422,000 (50 )

$433,000 (62 )

$392,000 (79 )

$335,500 (46 )

$375,000 (48 )

12.5%

Te Hapara

$239,400

$238,300

6.9%

$204,300

16.6%

$202,800

17.5%

$245,800

-3.1%

17.7 % (2014 )

$245,000 (21 )

$245,000 (35 )

$222,250 (32 )

$201,000 (26 )

$197,000 (23 )

24.4%

Waipukurau

$238,800

$237,050

3.0%

$208,550

13.7%

$197,800

19.8%

$228,200

3.9%

23.1 % (2015 )

$224,000 (31 )

$224,000 (33 )

$215,000 (37 )

$188,500 (30 )

$215,500 (22 )

3.9%

Whataupoko

$361,500

$359,000

4.2%

$316,600

13.4%

$317,950

12.9%

$370,200

-3.0%

19.0 % (2014 )

$354,000 (14 )

$325,000 (23 )

$299,000 (27 )

$293,000 (25 )

$279,000 (21 )

26.9%

$312,950 $165,300

$309,850 $164,700

4.4% 3.7%

$272,050

15.5%

$275,500 (43 )

-3.0%

$173,000 (45 )

$165,000 (59 )

$264,000 (43 ) $146,000 (42 )

$229,000 (33 )

$169,800

18.5 % (2014 ) 14.4 % (2014 )

$289,000 (37 )

$150,600

15.4% 9.4%

$268,300

$152,600

13.9% 7.9%

$268,500

Dannevirke

$247,500 (36 ) $169,500 (38 )

16.8% 2.1%

Featherston

$245,250

$242,850

11.3%

$198,300

22.5%

$192,250

26.3%

$224,400

8.2%

22.4 % (2014 )

$244,000 (21 )

$209,500 (20 )

$202,000 (23 )

$208,500 (20 )

$166,000 (17 )

47.0%

Greytown

$446,150

$443,950

2.7%

$408,200

8.8%

$388,500

14.3%

$379,500

17.0%

23.7 % (2014 )

$444,500 (17 )

$361,875 (20 )

$444,000 (20 )

$348,500 (18 )

$314,000 (23 )

41.6%

Lansdowne

$291,950

$289,150

5.5%

$261,750

10.5%

$251,700

14.9%

$273,000

5.9%

12.5 % (2014 )

$248,000 (25 )

$294,000 (29 )

$250,000 (41 )

$240,500 (32 )

$232,250 (24 )

6.8%

Martinborough

$400,650

$395,750

3.3%

$373,400

6.0%

$356,650

11.0%

$345,500

14.5%

12.4 % (2014 )

$392,000 (17 )

$316,500 (20 )

$334,250 (30 )

$364,000 (19 )

$314,000 (17 )

24.8%

Masterton

$261,400

$260,400

6.2%

$229,100

13.7%

$224,000

16.3%

$241,600

7.8%

14.3 % (2014 )

$258,250 (62 )

$236,000 (69 )

$222,500 (60 )

$207,500 (32 )

$217,000 (44 )

19.0%

Pahiatua

$182,100

$180,900

3.4%

$166,500

8.6%

$167,700

7.9%

$164,200

10.2%

6.9 % (2014 )

$158,000 (23 )

$140,000 (36 )

$143,000 (16 )

$168,000 (12 )

$161,000 (19 )

-1.9%

Solway

$281,400

$280,700

7.3%

$245,850

14.2%

$238,700

17.6%

$248,000

13.2%

14.6 % (2014 )

$271,000 (24 )

$254,000 (29 )

$221,000 (33 )

$235,750 (22 )

$220,000 (19 )

23.2%

TARANAKI/WANGANUI Aramoho Bell Block

$171,450

$169,650 $420,600

1.3% 1.1%

$145,450

0.4 % (2016 ) 2.7 % (2016 )

$146,000 (35 )

$352,000 (31 )

$391,000 (45 )

$137,000 (21 ) $337,650 (34 )

$132,000 (26 )

$346,000

-8.2% 21.6%

$153,000 (29 )

$381,750

18.8% 10.2%

$184,900

$394,500

16.6% 6.6%

$142,800

$423,850

$148,000 (14 ) $404,000 (29 )

-12.9%

TARARUA/WAIRARAPA Carterton

$141,000 (26 )

$371,500 (46 )

3.4%

Castlecliff

$136,000

$134,300

2.7%

$114,150

17.7%

$113,650

18.2%

$152,800

-12.1%

-1.2 % (2016 )

$119,000 (34 )

$124,000 (30 )

$124,500 (24 )

$92,750 (14 )

$97,500 (16 )

22.1%

Frankleigh Park

$422,950

$420,100

1.8%

$384,000

9.4%

$364,550

15.2%

$351,200

19.6%

3.4 % (2016 )

$367,000 (22 )

$354,500 (24 )

$342,000 (23 )

$391,500 (10 )

$438,500 (14 )

-16.3% 0.0%

Gonville

$158,300

$156,850

1.9%

$141,600

10.8%

$132,900

18.0%

$172,100

-8.9%

-3.2 % (2016 )

$143,000 (45 )

$155,000 (44 )

$171,500 (22 )

$139,500 (24 )

$143,000 (23 )

Hawera

$241,600

$242,300

-0.1%

$239,250

1.3%

$226,050

7.2%

$240,700

0.7%

2.3 % (2015 )

$226,000 (59 )

$211,000 (74 )

$226,500 (56 )

$221,000 (45 )

$221,000 (43 )

2.3%

Highlands Park

$552,200

$549,350

1.3%

$516,000

6.5%

$489,800

12.2%

$477,200

15.1%

-8.1 % (2016 )

$526,000 (5 )

$532,500 (8 )

$523,500 (16 )

$496,000 (10 )

$529,000 (19 )

-0.6%

Inglewood

$329,850

$328,500

5.1%

$288,600

13.8%

$291,600

12.7%

$267,300

22.9%

4.8 % (2016 )

$310,000 (27 )

$288,000 (30 )

$256,500 (32 )

$265,000 (30 )

$235,000 (21 )

31.9%

Merrilands

$476,800

$473,850

2.0%

$433,150

9.4%

$415,250

14.1%

$394,800

20.0%

-0.2 % (2016 )

$406,000 (26 )

$448,000 (23 )

$447,000 (27 )

$420,000 (17 )

$347,500 (16 )

16.8%

New Plymouth

$500,550

$499,700

1.8%

$444,900

12.3%

$440,200

13.5%

$414,200

20.6%

6.3 % (2016 )

$344,000 (20 )

$376,000 (29 )

$434,000 (35 )

$477,500 (30 )

$390,500 (30 )

-11.9%

Saint Johns Hill

$319,650

$315,800

2.1%

$286,550

10.2%

$273,800

15.3%

$312,600

1.0%

-0.2 % (2016 )

$357,000 (11 )

$334,500 (12 )

$287,500 (20 )

$284,000 (15 )

$301,000 (12 )

18.6%

Spotswood

$313,300

$312,200

0.1%

$283,750

10.0%

$276,300

13.0%

$252,900

23.4%

2.5 % (2016 )

$348,000 (12 )

$348,000 (10 )

$252,000 (13 )

$285,000 (17 )

$245,000 (11 )

42.0%

Springvale

$257,750

$256,600

1.1%

$234,450

9.4%

$227,150

13.0%

$263,700

-2.7%

0.4 % (2016 )

$263,000 (26 )

$273,000 (37 )

$218,000 (42 )

$221,000 (28 )

$210,000 (20 )

25.2%

Strandon

$537,300

$534,900

2.0%

$490,300

9.1%

$462,900

15.6%

$422,800

26.5%

8.8 % (2016 )

$514,500 (10 )

$502,000 (14 )

$411,000 (11 )

$405,000 (13 )

$426,000 (14 )

20.8%

Stratford

$240,000

$237,850

2.6%

$220,300

8.0%

$210,050

13.2%

$214,100

11.1%

19.2 % (2014 )

$220,000 (26 )

$220,000 (43 )

$235,000 (42 )

$177,000 (26 )

$218,000 (22 )

0.9%

Tawhero

$220,000

$218,400

1.6%

$204,500

6.8%

$195,950

11.5%

$223,300

-2.2%

0.7 % (2016 )

$244,000 (19 )

$246,000 (19 )

$176,000 (16 )

$162,000 (7 )

$185,000 (11 )

31.9%

Vogeltown

$364,700

$364,900

3.2%

$335,750

8.7%

$323,550

12.8%

$300,100

21.6%

4.8 % (2016 )

$372,000 (9 )

$336,000 (12 )

$333,500 (14 )

$294,500 (10 )

$305,000 (9 )

22.0%

Waitara

$263,350

$262,950

1.8%

$246,150

6.8%

$232,500

13.1%

$220,500

19.3%

-4.5 % (2016 )

$236,000 (17 )

$260,000 (27 )

$247,500 (22 )

$232,000 (23 )

$198,000 (30 )

19.2%

Wanganui

$156,050

$155,000

1.5%

$140,600

10.2%

$141,200

9.8%

$179,800

-13.8%

0.7 % (2016 )

$126,000 (27 )

$136,500 (44 )

$121,000 (28 )

$160,000 (20 )

$137,000 (21 )

-8.0%

Wanganui East

$178,800

$178,650

3.1%

$160,450

11.3%

$153,050

16.7%

$182,300

-2.0%

3.2 % (2016 )

$185,000 (38 )

$182,000 (34 )

$194,500 (36 )

$128,000 (11 )

$153,500 (26 )

20.5%

Westown

$381,800

2.4%

$343,750

11.1%

$327,750

16.5%

$314,400

21.4%

4.7 % (2016 )

$360,500 (44 )

$338,000 (34 )

$370,500 (42 )

$314,000 (39 )

$313,500 (40 )

15.0%

$300,400 $328,100

$299,350 $327,300

2.4% 3.1%

$265,800 $285,600

12.6% 14.6%

$250,600 $275,300

19.5% 18.9%

$257,300 $282,200

16.3% 16.0%

19.0 % (2015 ) 18.8 % (2015 )

$304,000 (23 ) $315,000 (47 )

$295,750 (26 ) $338,000 (60 )

$259,500 (20 ) $267,000 (42 )

$249,000 (19 ) $274,000 (46 )

$263,000 (15 ) $262,000 (29 )

15.6% 20.2%

Feilding

$308,100

$308,250

3.1%

$277,200

11.2%

$264,400

16.6%

$275,100

12.1%

4.8 % (2016 )

$287,000 (91 )

$299,000 (129 )

$254,000 (117 )

$233,000 (91 )

$224,000 (77 )

28.1%

Fitzherbert

$525,400

$524,350

0.9%

$485,000

8.1%

$463,700

13.1%

$477,800

9.7%

13.0 % (2015 )

$522,000 (12 )

$517,000 (15 )

$487,000 (21 )

$467,000 (21 )

$419,000 (11 )

24.6%

RANGITIKEI/MANAWATU Ashhurst Awapuni

Highbury

$274,450

$272,350

1.7%

$241,650

12.7%

$231,450

17.7%

$242,600

12.3%

16.6 % (2015 )

$267,000 (30 )

$280,000 (36 )

$234,500 (32 )

$193,000 (19 )

$244,000 (17 )

9.4%

Hokowhitu

$439,050

$437,250

1.2%

$400,350

9.2%

$384,300

13.8%

$398,100

9.8%

14.1 % (2015 )

$391,000 (54 )

$385,000 (50 )

$375,000 (75 )

$361,000 (47 )

$342,000 (54 )

14.3%

Kelvin Grove

$413,700

$413,050

3.2%

$359,100

15.0%

$336,850

22.6%

$336,500

22.7%

16.4 % (2015 )

$387,000 (41 )

$393,000 (48 )

$382,000 (48 )

$362,000 (46 )

$327,000 (35 )

18.3%

Marton

$170,500

$170,400

0.7%

$151,600

12.4%

$152,700

11.6%

$183,700

-7.2%

12.9 % (2014 )

$163,500 (30 )

$164,500 (46 )

$167,000 (31 )

$135,000 (23 )

$106,000 (13 )

54.2%

Milson

$330,700

$330,100

2.2%

$289,000

14.2%

$272,900

21.0%

$284,100

16.2%

17.6 % (2015 )

$306,000 (39 )

$308,000 (32 )

$334,000 (24 )

$264,000 (20 )

$240,000 (17 )

27.5%

Palmerston North

$340,550

$338,450

3.5%

$297,100

13.9%

$289,150

17.0%

$300,000

12.8%

18.0 % (2015 )

$338,500 (38 )

$331,000 (53 )

$334,000 (37 )

$304,000 (41 )

$311,000 (39 )

8.8%

Roslyn

$278,800

$277,050

2.4%

$240,450

15.2%

$234,200

18.3%

$241,200

14.9%

13.2 % (2015 )

$249,500 (26 )

$259,000 (43 )

$255,000 (39 )

$225,000 (34 )

$215,000 (32 )

16.0%

Smart property decisions start here

March 6, 2017 | PROPERTY REPORT

E-Valuer estimate of median value at

31JAN2017

31DEC2016

E-Valuer price change in 3 months to

E-Valuer estimate of

E-Valuer price

E-Valuer estimate of

E-Valuer price

median value at 31DEC2015

change in year to 31DEC2016

median value at 31DEC2014

change in 2 years to

31DEC2016

E-Valuer estimate of E-Valuer price Sales price in 3 months to median value at change since 30NOV2016 in relation to CV market peak market peak (CV date in brackets) (31OCT2007)

(31OCT2007)

Median price in 3 months to 30NOV2016

Median price in 3 months to 30SEP2016

Median price in 3 months to 31DEC2015

Median price in 3 months to 31DEC2014

Median price in 3 months to 31DEC2013

(no. of sales in brackets)

Median price change in 3 years to 31DEC2016

Takaro

$289,150

$287,350

2.5%

$250,150

14.9%

$237,950

20.8%

$251,400

14.3%

14.7 % (2015 )

$309,500 (34 )

$283,000 (44 )

$245,000 (34 )

$235,000 (31 )

$235,000 (25 )

Terrace End

$343,700

$343,100

3.5%

$301,200

13.9%

$291,000

17.9%

$298,200

15.1%

22.1 % (2015 )

$310,000 (29 )

$321,500 (38 )

$306,500 (22 )

$280,000 (35 )

$293,500 (28 )

5.6%

West End

$322,100

$318,500

1.9%

$280,850

13.4%

$271,400

17.4%

$282,900

12.6%

16.4 % (2015 )

$301,000 (28 )

$290,000 (22 )

$254,000 (27 )

$242,000 (29 )

$269,500 (26 )

11.7%

$185,150 $260,200

$177,750 $258,550

5.8% 4.7%

$152,400

$143,050 $220,500

24.3% 17.3%

$250,400

3.5% 3.3%

13.2 % (2016 )

$228,550

16.6% 13.1%

$171,700

Foxton Beach

3.5 % (2016 )

$176,000 (23 ) $221,500 (14 )

$171,000 (22 ) $224,000 (30 )

$104,000 (13 ) $200,000 (29 )

$152,000 (15 ) $194,500 (28 )

$107,000 (19 ) $173,000 (22 )

28.0%

Levin

$253,500

$251,300

4.3%

$206,700

21.6%

$196,300

28.0%

$237,100

6.0%

7.6 % (2016 )

$228,250 (146 )

$223,000 (166 )

$201,000 (149 )

$168,000 (79 )

$187,000 (96 )

22.1%

Otaki

$316,300

$313,500

6.1%

$254,600

23.1%

$248,100

26.4%

$262,000

19.7%

27.1 % (2014 )

$308,000 (20 )

$258,250 (26 )

$243,000 (35 )

$224,000 (23 )

$216,000 (27 )

42.6% 29.6%

HOROWHENUA/KAPITI Foxton

31.7%

64.5%

Otaki Beach

$331,100

$326,800

7.2%

$261,750

24.9%

$249,600

30.9%

$276,500

18.2%

24.9 % (2014 )

$292,000 (20 )

$322,000 (17 )

$234,000 (23 )

$228,000 (17 )

$225,250 (8 )

Paraparaumu

$447,050

$446,600

5.5%

$369,250

20.9%

$353,100

26.5%

$355,900

25.5%

29.8 % (2014 )

$422,100 (55 )

$389,500 (60 )

$379,000 (77 )

$322,000 (61 )

$360,000 (49 )

17.3%

Paraparaumu Beach

$513,600

$511,450

5.7%

$429,300

19.1%

$412,000

24.1%

$409,400

24.9%

26.2 % (2014 )

$444,000 (43 )

$429,000 (57 )

$375,500 (62 )

$359,000 (63 )

$366,000 (59 )

21.3% 18.0%

Raumati Beach

$513,800

$512,200

5.8%

$429,200

19.3%

$410,950

24.6%

$415,700

23.2%

29.5 % (2014 )

$489,000 (13 )

$473,000 (25 )

$348,000 (47 )

$375,500 (28 )

$414,500 (22 )

Raumati South

$524,550

$527,950

7.2%

$438,550

20.4%

$422,550

24.9%

$414,900

27.2%

21.4 % (2014 )

$425,000 (11 )

$412,000 (15 )

$384,000 (23 )

$406,500 (22 )

$358,000 (23 )

18.7%

Waikanae

$498,000

$498,250

5.2%

$413,900

20.4%

$398,050

25.2%

$378,900

31.5%

26.5 % (2014 )

$455,500 (52 )

$436,000 (54 )

$402,750 (64 )

$400,000 (75 )

$354,500 (68 )

28.5%

Waikanae Beach

$549,050

$550,050

8.5%

$455,450

20.8%

$436,500

26.0%

$420,800

30.7%

39.0 % (2014 )

$476,000 (17 )

$475,000 (13 )

$459,000 (35 )

$402,650 (30 )

$334,000 (39 )

42.5%

$742,650

3.5% 5.7%

$624,950

18.8%

23.7%

26.2%

2.5 % (2016 ) 5.0 % (2016 )

$781,000 (9 ) $365,000 (7 )

$805,000 (11 ) $377,780 (9 )

$618,250 (28 )

22.7%

N/A $285,200

N/A

$293,150

$609,800 $290,750

21.8%

$359,800

$317,000 (8 )

$585,000 (22 ) $295,000 (11 )

$578,500 (18 ) $267,000 (10 )

35.0% 36.7%

GREATER WELLINGTON PORIRUA Aotea

Ascot Park

$748,150 $363,000

Cannons Creek

$273,100

$271,750

5.6%

$225,400

20.6%

$211,200

28.7%

$222,800

22.0%

3.3 % (2016 )

$262,500 (14 )

$260,500 (20 )

$215,000 (17 )

$203,300 (12 )

$207,400 (11 )

26.6%

Papakowhai

$578,800

$578,950

2.7%

$471,850

22.7%

$456,950

26.7%

$463,400

24.9%

6.4 % (2016 )

$315,000 (2 )

$599,500 (6 )

$452,000 (15 )

$423,000 (8 )

$514,000 (11 )

-38.7%

Paremata

$628,850

$626,150

3.9%

$522,350

19.9%

$504,450

24.1%

$512,500

22.2%

4.1 % (2016 )

$585,000 (11 )

$585,000 (9 )

$512,000 (17 )

$555,500 (10 )

$452,000 (13 )

29.4%

Plimmerton

$673,650

$667,200

2.8%

$553,950

20.4%

$541,000

23.3%

$560,800

19.0%

0.6 % (2016 )

$622,000 (11 )

$632,500 (8 )

$529,250 (8 )

$514,000 (16 )

$479,000 (10 )

29.9%

Ranui

$331,800

$324,100

0.7%

$275,750

17.5%

$256,250

26.5%

$265,900

21.9%

2.5 % (2016 )

$294,000 (11 )

$313,750 (10 )

$273,500 (14 )

$285,000 (13 )

$309,000 (9 )

-4.9%

Titahi Bay

$415,050

$408,850

4.2%

$339,100

20.6%

$320,900

27.4%

$335,900

21.7%

3.8 % (2016 )

$432,875 (36 )

$391,325 (37 )

$349,179 (42 )

$341,500 (28 )

$319,000 (29 )

35.7%

Whitby

$603,700

$603,350

1.8%

$501,350

20.3%

$476,700

26.6%

$491,900

22.7%

0.1 % (2016 )

$578,000 (48 )

$548,000 (49 )

$474,500 (77 )

$469,000 (67 )

$443,500 (48 )

30.3%

UPPER HUTT Birchville

$404,600

$313,250

28.2% 25.4%

30.1%

20.6%

7.4 % (2016 ) 4.7 % (2016 )

$437,000 (9 ) $375,000 (11 )

$367,000 (7 ) $381,000 (15 )

$304,500 (11 ) $324,000 (14 )

$287,000 (14 ) $321,000 (17 )

$242,000 (4 ) $254,500 (12 )

80.6%

$310,600

$311,700 $323,000

28.8%

4.9%

$305,650 $299,400

31.3%

$390,550

$401,450 $389,400

1.9%

Ebdentown Elderslea

$427,400

$427,250

7.0%

$353,900

20.7%

$337,300

26.7%

$358,100

19.3%

10.8 % (2016 )

$450,000 (7 )

$374,000 (21 )

$321,000 (15 )

$341,500 (10 )

31.8%

Pinehaven

$464,500

$465,400

3.5%

$376,000

23.8%

$369,800

25.9%

$372,700

24.9%

3.3 % (2016 )

$442,229 (14 )

$450,457 (9 )

$335,500 (14 )

$365,000 (19 )

$365,500 (8 )

21.0%

47.3%

Silverstream

$519,950

$517,000

4.7%

$421,800

22.6%

$411,700

25.6%

$426,100

21.3%

7.8 % (2016 )

$494,000 (10 )

$539,000 (15 )

$477,750 (30 )

$500,500 (24 )

$517,000 (11 )

-4.4%

Totara Park

$396,250

$396,200

1.8%

$325,250

21.8%

$310,900

27.4%

$319,600

24.0%

1.7 % (2016 )

$390,000 (21 )

$381,000 (15 )

$324,000 (23 )

$309,099 (9 )

$325,750 (10 )

19.7%

Trentham

$404,950

$402,800

6.6%

$314,300

28.2%

$302,750

33.0%

$315,400

27.7%

10.8 % (2016 )

$418,000 (32 )

$374,000 (63 )

$359,500 (59 )

$321,000 (35 )

$318,500 (42 )

31.2%

Wallaceville

$386,000

$387,850

7.6%

$296,300

30.9%

$284,400

36.4%

$299,400

29.5%

3.9 % (2016 )

$394,000 (9 )

$283,000 (18 )

$366,000 (7 )

$282,000 (11 )

$281,000 (12 )

40.2%

Belmont

$471,350 $576,600

$468,750 $574,550

4.1% 5.6%

$375,500 $488,600

24.8% 17.6%

$348,850 $476,300

34.4% 20.6%

$366,200 $480,200

28.0% 19.6%

-1.5 % (2016 ) 5.4 % (2016 )

$409,800 (22 ) $534,000 (11 )

$407,000 (23 ) $467,000 (6 )

$435,000 (21 ) $427,000 (21 )

$363,000 (14 ) $418,000 (13 )

$404,000 (11 ) $457,000 (15 )

1.4% 16.8%

Boulcott

$593,550

$590,400

4.1%

$494,700

19.3%

$463,350

27.4%

$468,100

26.1%

3.8 % (2016 )

$671,500 (12 )

$624,500 (22 )

$519,000 (18 )

$462,000 (17 )

$364,500 (18 )

84.2%

Eastbourne

$767,750

$758,700

2.8%

$674,300

12.5%

$670,000

13.2%

$695,300

9.1%

0.2 % (2016 )

$652,000 (9 )

$700,500 (12 )

$687,000 (33 )

$601,500 (21 )

$643,000 (17 )

1.4%

Epuni

$528,350

$527,650

4.0%

$427,850

23.3%

$401,500

31.4%

$409,800

28.8%

4.8 % (2016 )

$525,500 (10 )

$636,000 (16 )

$460,500 (10 )

$416,000 (11 )

$520,000 (11 )

1.1%

Kelson

$501,300

$501,650

5.5%

$398,400

25.9%

$384,200

30.6%

$372,200

34.8%

1.6 % (2016 )

$447,000 (9 )

$435,000 (10 )

$395,750 (18 )

$360,000 (12 )

$361,575 (14 )

23.6%

Maungaraki

$570,700

$566,750

3.9%

$432,600

31.0%

$419,550

35.1%

$410,100

38.2%

-0.7 % (2016 )

$512,000 (13 )

$522,000 (9 )

$425,750 (22 )

$424,000 (19 )

$413,000 (12 )

24.0%

Naenae

$351,200

$349,400

4.4%

$279,850

24.9%

$257,700

35.6%

$283,300

23.3%

7.5 % (2016 )

$347,000 (32 )

$343,000 (49 )

$280,000 (53 )

$262,900 (30 )

$278,000 (25 )

24.8%

Normandale

$560,650

$560,450

6.3%

$438,350

27.9%

$430,100

30.3%

$408,400

37.2%

5.1 % (2016 )

$549,000 (9 )

$527,000 (7 )

$515,500 (8 )

$422,000 (9 )

$434,250 (6 )

26.4%

Petone

$628,850

$625,650

5.6%

$463,700

34.9%

$442,200

41.5%

$432,400

44.7%

4.5 % (2016 )

$600,500 (28 )

$612,000 (35 )

$500,700 (35 )

$442,000 (38 )

$512,000 (25 )

17.3%

Stokes Valley

$368,050

$361,500

3.9%

$299,850

20.6%

$285,800

26.5%

$305,300

18.4%

0.3 % (2016 )

$352,000 (58 )

$367,000 (63 )

$306,500 (64 )

$273,000 (29 )

$304,500 (38 )

15.6%

Taita

$345,550

$345,200

2.4%

$278,250

24.1%

$262,200

31.7%

$264,000

30.8%

1.0 % (2016 )

$337,000 (23 )

$334,500 (32 )

$300,500 (26 )

$346,250 (28 )

$280,000 (27 )

20.4%

Wainuiomata

$307,750

$306,700

4.7%

$243,800

25.8%

$237,300

29.2%

$255,400

20.1%

6.3 % (2016 )

$319,500 (66 )

$292,000 (95 )

$244,000 (71 )

$221,000 (69 )

$213,250 (50 )

49.8%

Waiwhetu

$490,750

$484,150

5.3%

$379,400

27.6%

$354,850

36.4%

$352,300

37.4%

-0.5 % (2016 )

$488,000 (18 )

$453,000 (26 )

$388,500 (19 )

$360,000 (11 )

$374,000 (20 )

30.5%

Waterloo

$571,450

$572,550

5.4%

$448,600

27.6%

$422,400

35.5%

$434,900

31.7%

5.8 % (2016 )

$520,000 (15 )

$552,000 (19 )

$473,750 (24 )

$433,500 (26 )

$524,000 (13 )

-0.8%

WELLINGTON Aro Valley Berhampore

$655,850

$653,900

5.1%

24.5%

33.0% 33.4%

42.0% 37.7%

31.4 % (2015 ) 33.8 % (2015 )

$757,000 (7 ) $685,000 (10 )

$757,000 (5 ) $643,000 (12 )

$687,000 (11 ) $453,000 (20 )

$504,675 (16 ) $507,000 (25 )

$502,000 (9 )

2.8%

$491,650 $417,550

$460,500

$557,100

$521,050 $447,550

25.5%

$557,600

50.8% 39.2%

HUTT Avalon

$404,700

$492,000 (9 )

Brooklyn

$738,300

$738,550

2.8%

$604,750

22.1%

$566,900

30.3%

$538,400

37.2%

20.8 % (2015 )

$673,506 (14 )

$623,000 (13 )

$539,000 (35 )

$539,000 (23 )

$477,250 (26 )

41.1%

Churton Park

$704,650

$707,250

4.5%

$571,950

23.7%

$535,400

32.1%

$513,900

37.6%

27.5 % (2015 )

$712,000 (21 )

$664,000 (36 )

$620,000 (49 )

$547,000 (42 )

$513,000 (38 )

38.8%

Hataitai

$843,250

$839,200

5.0%

$672,550

24.8%

$651,700

28.8%

$597,500

40.5%

26.5 % (2015 )

$952,800 (14 )

$682,000 (15 )

$724,000 (29 )

$595,500 (28 )

$622,000 (19 )

53.2%

Island Bay

$794,100

$791,500

3.1%

$639,050

23.9%

$589,250

34.3%

$555,100

42.6%

29.7 % (2015 )

$742,750 (26 )

$750,555 (19 )

$602,750 (48 )

$542,000 (31 )

$552,000 (27 )

34.6%

Johnsonville

$566,750

$563,200

4.2%

$448,050

25.7%

$415,000

35.7%

$401,300

40.3%

27.5 % (2015 )

$499,000 (49 )

$519,000 (67 )

$478,200 (57 )

$435,500 (52 )

$449,000 (55 )

11.1%

Karori

$781,800

$778,150

3.6%

$627,700

24.0%

$592,450

31.3%

$552,200

40.9%

27.9 % (2015 )

$624,000 (39 )

$613,000 (51 )

$599,000 (89 )

$535,000 (68 )

$499,000 (71 )

25.1%

Kelburn

$1,120,350

$1,107,750

4.4%

$905,750

22.3%

$870,250

27.3%

$819,700

35.1%

36.6 % (2015 )

$1,140,000 (9 )

$1,084,000 (8 )

$748,000 (16 )

$841,000 (22 )

$821,500 (16 )

38.8%

Khandallah

$921,600

$915,600

6.7%

$741,550

23.5%

$714,000

28.2%

$674,200

35.8%

23.6 % (2015 )

$847,000 (36 )

$750,500 (48 )

$655,000 (57 )

$725,000 (50 )

$693,000 (44 )

22.2%

Kilbirnie

$625,450

$623,450

3.0%

$509,600

22.3%

$469,100

32.9%

$435,900

43.0%

26.7 % (2015 )

$680,000 (15 )

$610,000 (11 )

$551,500 (14 )

$517,000 (21 )

$544,000 (8 )

25.0%

Lyall Bay

$657,600

$652,450

2.7%

$537,950

21.3%

$494,300

32.0%

$464,500

40.5%

25.2 % (2015 )

$588,500 (14 )

$605,500 (16 )

$569,000 (15 )

$472,000 (19 )

$467,000 (12 )

26.0%

Miramar

$701,450

$701,350

0.5%

$574,700

22.0%

$540,700

29.7%

$492,500

42.4%

36.9 % (2015 )

$664,500 (16 )

$699,000 (36 )

$571,250 (56 )

$519,000 (39 )

$512,000 (41 )

29.8%

Newlands

$549,800

$539,550

8.9%

$417,500

29.2%

$389,400

38.6%

$376,200

43.4%

32.7 % (2015 )

$531,500 (36 )

$506,000 (39 )

$421,000 (47 )

$403,350 (34 )

$379,000 (34 )

40.2%

Newtown

$656,400

$655,400

2.3%

$532,950

23.0%

$488,650

34.1%

$465,900

40.7%

33.7 % (2015 )

$594,500 (13 )

$537,000 (15 )

$522,000 (31 )

$480,000 (20 )

$481,500 (31 )

23.5%

Ngaio

$745,250

$737,600

4.5%

$593,900

24.2%

$565,900

30.3%

$528,000

39.7%

31.0 % (2015 )

$632,000 (13 )

$637,500 (18 )

$527,000 (33 )

$521,250 (26 )

$577,000 (35 )

9.5%

Northland

$786,500

$787,950

3.7%

$635,950

23.9%

$593,750

32.7%

$560,000

40.7%

32.6 % (2015 )

$888,389 (10 )

$707,000 (11 )

$588,000 (16 )

$460,000 (17 )

$482,000 (19 )

84.3% 20.7%

Paparangi

$569,600

$560,800

5.2%

$445,900

25.8%

$414,300

35.4%

$396,500

41.4%

29.1 % (2015 )

$544,500 (8 )

$528,000 (11 )

$417,000 (19 )

$406,000 (13 )

$451,000 (6 )

Seatoun

$1,236,600

$1,225,400

2.3%

$1,029,050

19.1%

$966,550

26.8%

$935,500

31.0%

19.4 % (2015 )

$846,000 (7 )

$748,500 (4 )

$863,000 (24 )

$852,500 (12 )

$749,000 (12 )

13.0%

Strathmore Park

$689,950

$681,250

2.4%

$566,450

20.3%

$521,300

30.7%

$485,700

40.3%

27.8 % (2015 )

$552,000 (13 )

$551,500 (16 )

$627,000 (19 )

$496,500 (14 )

$439,250 (8 )

25.7%

Tawa

$545,150

$540,900

4.5%

$429,700

25.9%

$406,400

33.1%

$397,800

36.0%

27.5 % (2015 )

$509,000 (49 )

$467,000 (51 )

$422,100 (58 )

$405,250 (56 )

$408,775 (54 )

24.5%

Te Aro

$487,900

$487,550

3.5%

$410,950

18.6%

$398,550

22.3%

$420,100

16.1%

23.6 % (2015 )

$454,500 (48 )

$394,000 (65 )

$384,750 (72 )

$354,000 (47 )

$352,000 (25 )

29.1%

Wadestown

$976,450

$958,850

5.3%

$800,100

19.8%

$727,350

31.8%

$714,500

34.2%

25.9 % (2015 )

$1,083,500 (12 )

$697,000 (9 )

$680,000 (25 )

$722,000 (22 )

$735,500 (24 )

47.3%

Wellington Central

$390,200

$388,500

4.6%

$331,000

17.4%

$303,200

28.1%

$331,700

17.1%

14.9 % (2015 )

$225,500 (19 )

$187,000 (25 )

$247,000 (23 )

$249,660 (15 )

$245,000 (19 )

-8.0%

Wilton

$653,200

$644,900

-0.4%

$532,200

21.2%

$492,700

30.9%

$479,200

34.6%

30.2 % (2015 )

$520,000 (3 )

$630,500 (9 )

$573,500 (10 )

$463,500 (10 )

$326,500 (4 )

59.3%

Woodridge

$627,550

$616,600

5.1%

$506,000

21.9%

$491,400

25.5%

$470,600

31.0%

21.4 % (2015 )

$539,636 (6 )

$615,000 (9 )

$607,150 (9 )

$537,000 (7 )

$473,500 (11 )

14.0%

Smart property decisions start here

March 6, 2017 | PROPERTY REPORT

SPOTLIGHT ON . . . WAIHEKE ISLAND

Retreat now a tourist magnet Prices have soared as rich foreigners arrive, looking for a safe bolthole or holiday home, writes Graham Hepburn

ith rave reviews from international travel websites and magazines, Waiheke Island is experiencing a tourism boom and increased interest in its real estate. While tourist operators and those in the hospitality trade welcome the buzz, locals can find the crowds in summer painful, particularly when there is no room on the ferry service. The Hauraki Gulf island has long been popular with daytrippers and for weddings but has now turned into a must visit destination for tourists coming to Auckland. When tennis superstar Serena Williams was in town earlier in the year for the ASB Classic, it was predictable that she would spend some time on Waiheke. Now the island has also become a popular side trip for busloads of visitors fresh off the many cruise ships that visit Auckland. This overseas interest — allied with fears of terrorism or Trump — means Waiheke has become a focus for rich foreigners looking for a safe bolthole or holiday home in the Southern Hemisphere. These homes can be huge, by modest Kiwi standards, and have private beaches. For many years Waiheke had a reputation for being a place where beneficiaries, alternative lifestylers or artists retreated to when they wanted to opt out. But as the ferry service improved and wineries became established, it started becoming a playground for wealthy Kiwis attracted by the beaches and laidback lifestyle. Improvements in the ferry service also drove the trend of living on Waiheke but working in Auckland City. With more frequent and more comfortable ferries plying the route, the half-hour ferry ride to downtown Auckland is one of the city’s more relaxed commutes, allowing people to catch up

Sports stars such as Serena Williams (pictured) and celebrities visiting Auckland often include a day trip to Waiheke in their travel itineray.

on work in the morning and have a coffee. Coming home they can enjoy a drink and a chat with other island-dwellers. This also means that families can set up on the island over the summer holidays with the main breadwinner commuting into the office when required. In recent years the island has developed more of a family friendly retail hub around Oneroa, which is towards the western end of the island and close to the ferry terminal. Settlements such as Blackpool, Palm Beach, Surfdale and Ostend are close by, while Onetangi is further east. With the influx of moneyed professionals have come upmarket cafes, restaurants and wineries. In addition, there is a strong arts culture on the island with many galleries and studios, while those who love the outdoors are well catered for with mountain biking, bush and coastal walks, golf, horse riding, fishing, kayaking, sailing and windsurfing. The southern side of the island is popular with boaties but the northern side has the best beaches and the highest real estate prices. Mary Curnow, of Bayleys, says: “The island’s beauty and exclusivity — provided by the Hauraki Gulf — is a draw card for those who seek to live among stunning surrounds with a good measure of privacy and safety. “Waiheke has a low crime rate that can be attributed to its relatively small community base; residents tend to be creative and generous, with a high standard of living and a commitment to environmental stewardship. She adds: “The recent boost in tourism, while raising Waiheke’s property prices substantially, has also provided a good range of business opportunities. The island has seen a huge increase in vineyards, restaurants, shops and tourist activities, as well as holiday homes.”

Pictures / Doug Sherring, Supplied

The headlands walk at Matiatia, with or without sculptures, is spectacular.

Popular walks include the one through the bush at the Onetangi Forest and Bird Reserve and on the headlands at Matiatia. Whakanewha Regional Park on the island’s southwestern side is away from the crowds and has a prime camping spot on the beach.

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March 6, 2017 | PROPERTY REPORT

RECENT SALES A three-bedroom Initial home on a double-size 2023sq m section with fruit trees and a peek of the sea at 3 Erua Rd, Ostend, was marketed by James Clairmont and Sherryn El Bakary, of Bayleys, and sold by Carley Allinson for $919,500. Marketed and sold by Cathy Cameron within a few days of listing, 7 Waikare Rd, Oneroa, changed hands for $2.45 million. The two-bedroom, one-bathroom home has sea views

PROPERTY PRICES and is a short stroll from the village and beach. A price of $4.15 million was achieved for 36 Vintage Lane, Te Whau. This property features purpose-built, high-end accommodation with four guest suites and a separate ownerâ&#x20AC;&#x2122;s residence. The private 5.9ha estate has spectacular elevated sea views over the Hauraki Gulf, and was marketed and sold by Clive Lonergan and Lisa Hopewell.

An entry-level property such as a two- or threebedroom home on a 1000sq m section sells for between $750,000 and $950,000. A mid-level home of three or more bedrooms on 1000sq m or more can sell for between $1.2 million and $2 million. A large luxury home can start at $2 million with prime examples hitting $10 million.

RENTS With high demand for short-term rentals, there are not a lot of long-term rentals around. Twobedroom homes can be found for around $450 a week, but more typically would be $500 upwards. Three-bedroom homes start at $600 a week but can hit $1000 if high quality and in a good location.

SCHOOLS Waiheke Primary School, Te Huruhi School, Waiheke High School.

BEST STREETS Church Bay Rd, Delamore Dr, Korora Rd, Waikare Rd, Tiri Rd, Beach Pde, Ocean View Rd, The Strand, Le Roy Rd, Belle Tce, Sea View Rd, Miro Rd, Palm Rd, Matapana Rd.

LOCAL ATTRACTIONS $2.45 million: 7 Waikare Rd.

$919.500: 3 Erua Rd.

Beaches The island enjoys its own warm microclimate with sheltered, calm north-facing beaches such as Onetangi, Oneroa and Palm Beach proving a hit with locals and visitors alike. Winery restaurants Waiheke has become a popular place to hold coporate events or celebrate personal milsetones such as wedding or birthdays. Mudbrick Vineyard & Restaurant has been a stalwart on that scene but has been joined by newcomers such as Tantalus Estate. Art A highlight last month on Waiheke was the sculpture trail, a coastal walk of about 2km that has magnificent views and sculptures. There are plenty of galleries, including the Waiheke Community Art Gallery.

$4.15 million: 36 Vintage Lane.

Waiheke Island Youâ&#x20AC;&#x2122;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

20 March 6, 2017 | PROPERTY REPORT SPOTLIGHT ON . . . MURIWAI

Wild west calling From sleepy backwater and some-time tourist attraction, Muriwai is now somewhere to call home, writes Graham Hepburn

market ebbed and flowed with the Auckland market, the permanent population increased at a trickle,” he says. “The predominant buyer type being young couples keen to establish themselves in a safe coastal community convenient to Auckland.” He says things began to change as farmland in the northwest started being opened up for residential living in areas such as Hobsonville, Whenuapai, Riverhead, Kumeu and Huapai. Improved infrastructure such as roads — especially the extension of the Northwestern Motorway — and better amenities in the form of shopping centres, restaurants, wineries and cafes meant the northwest was seen as more desirable. “With this, and combined with buyers being priced out of the Auckland suburbs, Muriwai, too, was discovered and now there are never enough properties to satisfy buyer demand. “During the late 1990s I would regularly have between 12 to 20 properties for sale at any one time. Last year, the most homes for sale at any one time was six. Further, the properties we offered for sale often saw up to 12 buyers competing at auction and resulting in sales prices over 100 per cent above the respective properties’ CVs.” Traditional baches have been replaced by more substantial homes, and farmland is increasingly being subdivided for homes. Simon says that further evidence that Muriwai is finally on the map is the increase in the number of visitors.

nce the epitome of the ‘wild west coast’, Muriwai has increasingly become more of a lifestyle option for Aucklanders wanting to escape the rat race. Simon Spiller, of Bayleys, says while this shift once was slow, it is now in full force. He says: “Twenty years ago when I arrived at Muriwai it was considered very much an outpost. I was regularly asked ‘Where is that?’ and ‘How do you get to and from there every day?’ “In those days it is estimated approximately 50 per cent of the properties were baches, which were valued between $125,000 and $210,000, depending on proximity to the beach and views. At the top end of the scale a four-bedroom modern home with double garaging in a sought after location sold for $350,000.” Simon says that over the years Muriwai, “despite all its wonderful natural attractions and subsequent lifestyle it offered, never really took off while the likes of Mangawhai and Omaha, which are actually further from Auckland, saw significant population and capital growth”. “Properties were bought and sold and while the Muriwai

Horse trekking on the black sands PHOTO / MICHAEL CRAIG.

“Today buses of tourists arrive, it seems, every hour whereas previously there may have been one a week. Aucklanders, too, are coming in greater numbers which is evident on the beaches, walking trails and golf course.” Sitting 42km northwest of Auckland, Muriwai is a small community where the new surf club also serves as a focal point for events and community organisations. There are plans to develop a landscaped village green between the surf club and the nearby tennis courts that would have a skate park and BMX track. Spiller says the local school at Waimauku is popular due to its “semi-rural environment lending itself to the annual agriculture day which sees kids show off their animals, creative art and school work”. With its long stretch of black sand beach, Muriwai has long been a popular recreation area for locals and people from the wider Auckland Region. Surfers enjoy spots such as Maori Bay, and fishermen love trying their luck off the rocks. Paragliders and hang gliders enjoy consistent winds, and the area is popular with horse trekkers. Woodhill Forest, also popular with mountain bikers, opens out on to the beach. Muriwai Golf Course is a challenging links course — especially when the prevailing southwesterly is blowing — and has some beautiful sea views, especially from the clubhouse. In May, Muriwai Arts is holding an exhibition called Off the Grid, that will feature more than 50 local artists with the surf club at the centre of the event.

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March 6, 2017 | PROPERTY REPORT

RECENT SALES Simon Spiller, of Bayleys, has sold the following four properties, that are indicative of prices in the area: A 90sq m two-bedroom, one-bathroom bach on an 809sq m section with a CV of $590,000 at 97 Waitea Rd changed hands for $660,000. A classic Kiwi bach with one bedroom and one

PROPERTY PRICES bathroom on a flat 787sq m section at 14 Domain Cres sold for $841,000. A four-bedroom, one-bathroom home in a bush setting on 1293sq m at 110 Domain Cres sold for $1.114 million. A three-bedroom home in need of renovation but in a superb location at 16 Waitea Rd sold for $1.275 million.

An entry-level property such as a small bach could range in price from $600,000 to $800,000 depending on location, flatness of the site and views. More substantial homes with good views can easily top $1 million. Properties around the village tend to be cheaper, whereas homes on lifestyle blocks or large clifftop sites can be a lot more expensive.

RENTS Long-term rentals are hard to find in Muriwai but a quality two- or three-bedroom home with views would usually rent for $500 to $600 a week.

SCHOOLS Waimauku School, Massey High School, St Pauls School (Massey) Kaipara College.

$1.114 million: 110 Domain Cres.

BEST STREETS For views and an absolute clifftop position above the sea, Ngatira and Waitea Rds; Domain Cres offers superb views and a sheltered location close to the beach; Edwin Mitchelson and Berridge Rds offer good views; Oaia Rd is further from the beach but has some larger, level sites and spectacular views.

LOCAL ATTRACTIONS

$841,000: 14 Domain Cres.

Muriwai Beach Muriwai Beach is a magnet for people wanting to fish, surf, paraglide and horseride. Gannet colony The beach’s southern end is home to one of the country’s few mainland gannet colonies. Between August and March is the best time to see them. Muriwai Golf Course One of the most challenging golf courses in the country, and one of the most beautiful. This linksstyle course has undulating fairways, terrific sea views that can also be enjoyed from the clubhouse.

$1.275 million: 16 Waitea Rd.

$660,000: 97 Waitea Rd.

Successfully selling the North h West for nearly 20 years

EXCEPTIONAL SALE PRICES S DON’T JUST HAPPEN... Call me if you too would like yo our expectations exceeded DDI 09 417 0264 M 021 968 068 simon.spiller@bayleys.co.nz www.simonspiller.bayleys.co.n nz

22 March 6, 2017 | PROPERTY REPORT SPOTLIGHT ON . . . PUKEKOHE

PHOTO / TED BAGHURST

Fresh food to fresh homes Pukekohe has been producing fresh food for generations, but now its land is helping to fix the housing shortage, writes Graham Hepburn

hen it became part of the Auckland Supercity, change was always on the cards for Pukekohe. With its fertile volcanic soils, the area was renowned for many years as Auckland’s market garden but as that land has become more valuable for subdivision there is increasing residential development, with the population expected to double in about 20 years. When the area was opened up for farming after the Land Wars, European farmers were joined by Indian and Chinese migrants who set up successful market gardening operations. The area still has a diverse farming culture but is home to more people who commute for work to Manukau or Auckland, which is about 50km north. Ben Jameson, of Bayleys, says Pukekohe is a thriving rural town and an attractive choice for people moving to Auckland because it offers affordable property within commuting distance of the Auckland employment market with a rural community and lifestyle to enjoy outside work. He says: “Pukekohe is easily accessed from the Southern Motorway from the Drury or Bombay interchanges and is

well serviced by the upgraded train services as the last stop on the Auckland rail network. “What was once a waning train service has now been made-over to feature in the newly integrated rail and bus network and transport hub for the greater Franklin and Auckland area.” Houses in Pukekohe range from traditional farmhouses, villas and bungalows to modern brick-and-tile, weatherboard or plaster homes. Recently, there have been major residential developments on the outskirts of the town such as Anselmi Ridge. Vonni van Bremen, of Harcourts, says: “Pukekohe can truly be described as a place where town meets country. Nowhere will you find an area so close to the heart of a major city that has its own heartbeat; where children from a rural background rub shoulders with their townie mates when they attend the local schools.” She says Pukekohe was viewed as a dormitory town on the fringes of Auckland but that is changing as the population grows. “Many still make the daily commute to Auckland but the last few years have seen a real shift,” she says. “Some are opting for a quieter pace of Pukekohe life while still being

able to appreciate attending the many functions that Auckland has to offer.” Outside work, Jameson says locals have plenty of options for leisure pursuits. He says: “There is a diverse range of recreational activities in the Pukekohe area from motorsport and horse racing to water sports on the Waikato river and surf on the west coast. “The Manukau Harbour is easily accessed from a host of boat ramps and beaches and is a bountiful fishing ground, as is the Firth of Thames on the east coast. The Hunua ranges and west coast offer great outdoor sporting opportunities for the adventurous and mainstream with tramping, surfing and paragliding all within 30 minutes’ drive from the heart of Pukekohe.” Van Bremen says: “Our sporting facilities are top level — the Pukekohe ECOlight Stadium is a multi-sport facility and has the very popular Franklin Recreation Centre on its doorstep. “Our netball and tennis facilities are top class and our centrally located Bledisloe Park caters for cricket and soccer. The new hockey/soccer/cricket clubrooms facility erected on the boundary of Bledisloe Park is a testament that sport is alive and well in the area.”

March 6, 2017 | PROPERTY REPORT

RECENT SALES Bayleys’ sales include 12 Pukekohe East Rd, a threebedroom 1920s farm cottage on a 1369sq m section that sold for $730,000. In the Anselmi Ridge subdivision on a 398sq m section, 5 Stock Yard Cres sold for $720,000 and has four bedrooms and overlooks a reserve. On a crosslease half-share of 1148sq m, 174 Kitchener Rd, a renovated three-bedroom house,sold for $700,000. Harcourts sold the following properties: 112 Princes St, a three-bedroom home for $565,000, while 17 Willowgrange Pl, a four-bedroom home changed hands for

PROPERTY PRICES $762,000. A price of $858,000 was achieved for 14 Stockyard, a three-bedroom home. At 143 Patumahoe Rd, a four-bedroom home fetched $1.31 million, while $1.5 million was paid for 48 McMillan Rd, a four-bedroom home. Barfoot & Thompson has three examples of sales in the area: a four-bedroom home with a single carport at 5A Alamein Pl sold for $539,500. On 735sq m, 8 Valleyside Way, with four bedrooms, sold for $775,000. A fourbedroom home at 27 Premila Dr sold for $980,000.

An entry-level property such as a three-bedroom home on a 300sq m to 400sq m site sells for between $450,000 and $550,000. An average home of four bedrooms on 500sq m to 700sq m sells for $650,000 to $800,000. A top-end home of five bedrooms on anywhere between 750sq m and 1000sq m-plus can start at around $800,000 and go well into the millions of dollars.

RENTS An average two-bedroom home rents for about $350 a week, while three-bedroom homes generally rent for between $450 and $500 a week. Larger homes usually start at $600 a week.

SCHOOLS Pukekohe Hill School, Parkside School, Pukekohe Intermediate, Pukekohe High School.

$762,000: 17 Willowgrange Pl.

BEST STREETS Grace James Dr, William Andrew Rd, Anselmi Ridge Rd, Upper Queen St, Twomey Dr, Carlton Rd, Totara Ave, Isabella Dr, Cape Hill Rd, Abbey Close, O’Connor Dr, Valley Rd, Newsham Park, Landscape Rd, Jacaranda Ct.

LOCAL ATTRACTIONS

$565,000: 112 Princes St.

Main street The local business association promotes and protects the town as a charming shoppping destination with traditional main street retailers such as boutique stores, cafes, movie theatre and bars. Big box retailers have their own precinct away from the main street. Farmers market Franklin Market, in the public carpark on Massey Ave, is open every Saturday morning from 8am until noon and has fresh produce, car boot sales, clothing and jewellery for sale.

$980,000: 27 Premila Dr.

$539,500: 5A Alamein Pl.

Pukekohe Park Raceway Petrolheads flock to Pukekohe and the town buzzes when it hosts the V8 Supercars. The circuit’s great for spectators and has a long motor racing history, including hosting the NZ Grand Prix.

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Call Bayleys Counties today. Pukekohe 09 238 5313 Takanini 09 298 2525 Licensed under the REAA 2008

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John Love: 021 353 598 email: john@loveandco.co.nz

Bayleys Real Estate Ltd Licenced under the REAA 2008

Spiri Buhagiar: 021 815 376 spiri.buhagiar@bayleys.co.nz

Sally Ridge: 021 612 424 sally.ridge@bayleys.co.nz