Rotorua OneRoof Property Report - October 2021 by NZME.

Monday, October 18, 2021

PROPERTY REPORT

DEPOSIT BLOW-OUT How much extra do buyers have to save?

HOUSE PRICE INDEX The latest property values for every suburb

S E M O H NEW BLOCK E H T ON t of a u o y a d its w ty crisis? l i u b Z bili a Can N d r o f f ga housin

WE ARE LOCAL Licensed REAA2008

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INSIGHTS

OWEN VAUGHAN Note from the editor

ew Zealand’s average property value jumped $200,000 in the last 12 months to an eyewatering $1m, as a result of a post-Covid surge that has taken everyone by surprise. First home buyers will be looking at the figure with concern. How do they get into the housing market, when prices are rising faster than they can save? New builds may be the answer, in more ways than one. Our research shows that new build prices are lower than those of existing homes in our biggest cities. And a boom in construction activity suggests the current shortage may be short-lived. Bob the Builder to the rescue!

INSIDE

Cover story: Can we ﬁx it?......................... p6-8 Infrastructure woes........................................ p9 New builds: Data crunch....................... p10-12 The push for healthier homes ..................... p13 Q&A: CEO of NZ’s biggest builder ............. p15 The industry view ......................................... p16 The guide to buying new............................ p18 OneRoof Valocity House Value Index... p20-29 Ashley Church ............................................. p30

DESIGN ...................Paul Slater, Jennifer Adams, Beth Walsh SUB EDITORS .................... Chris Folley, Akanisi Taumoepeau PHOTOS .......................................... Fiona Goodall, NZ Herald

The housing shortage could be over sooner than you think A surge in building activity is making up for lost ground but buyers should be mindful of pressures in the market, writes TONY ALEXANDER.

f you’re looking to buy a property at the moment, chances are you’re thinking more about getting one newly built than you’ve ever considered before. Why? It’s certainly not because new builds are relatively cheap. Instead, it’s likely to be because you simply can’t ﬁnd the property you want among the limited number of listings for existing properties. At the end of August, the number of properties listed for sale around New Zealand sat at just 14,000 houses, apartments, townhouses, etc. This was 30% fewer than just a year ago and 71% down from the number 10 years back. We can put these sorts of numbers into a form that is perhaps easier to understand. Back in August 2011 there were 48,000 properties listed for sale. Last August there were 20,000. Now there are just 14,000. In Northland, listings in August were 47% down from a year ago and 87% lower than 10 years back. Many frustrated buyers – of which there have been many since interest rates fell to record lows last year – have either given up the search or decided to get something built instead. The result has been a surge in the number of consents being issued for new dwellings. Back in 2011, when house construction was at its weakest level in half a century, only 13,500 consents were issued for new dwellings to be built. Now that total is 45,000 and rising. That’s a rise of 240%. But that number hides something important. Outside of Auckland consents have risen by 160% since 2011. But in the Auckland region growth has been 460%. No other region exceeds even half of that growth. Why has new house (mainly townhouse) construction soared in our biggest city when people consider housing is in short supply all around the country?

Partly we can put it down to the Unitary Plan’s implementation from 2016 making much more land available for redevelopment than in the rest of the country. In a way, the plan is a version of what happened in Christchurch after the 2011 earthquake. Vast swathes of land were made available for development, with the result that average Canterbury section prices since 2014 have risen by only 23% whereas they have soared 70% nationwide. In Auckland, average section prices have risen 47%. But most of the construction surge in Auckland we can attribute to unusually weak home-building from the mid2000s. Back then, the pullback in the construction of apartments spread to dwellings more generally, with the result that by 2011 the number of new builds in Auckland was equal to only 0.26% of Auckland’s population.

“Many frustrated buyers have either given up the search, or decided to get something built instead. The result has been a surge in the number of consents being issued for new dwellings.” That ratio was 0.38% below the 0.64% average and the largest gap for all regions back then, except volatile Queenstown. Auckland built up a considerable shortage — that is being addressed, and in the past year consent numbers have run at 1.1% of the population, 0.47% above average. No other region comes close, and all NZ excluding Auckland is just 0.2% above average. Auckland is experiencing a boom in new-house supply, and it may not take long for Auckland’s shortage to disappear. Before we get there, however, and the pace of house price inﬂation ﬂattens out, there are many things which buyers of

new builds need to navigate. First, builders are exceptionally busy and are struggling to get the skilled staff they need. . This situation will probably get worse when the borders open up. There is a regional house-building boom in Australia and developers there are desperate for staff. Being able to offer far higher wages than are available in New Zealand, and given the historical tendency for Kiwis to go to Australia for work, many tradespeople will probably do so next year and through 2023. Thus, new-build buyers need to be flexible regarding their project’s completion date as circumstances beyond the builder’s control could stretch the timeframe out. Second, the supply chain of building materials is fractured, with 70% of materials coming from offshore and shipping times uncertain. Again, this calls for flexibility regarding completion dates. Third, costs are rising for materials and labour. Buyers need to lift their traditional 10% buffer for extra costs to perhaps 20%. In fact, some lenders now require buyers to be able to service the higher debt needed to cover this 20% buffer before they consider advancing funds. Related to that, the availability of fixed-price contracts is declining. A motivation is not just the builders’ uncertainty over the final construction cost. Banks are increasingly requiring the builders they finance to insert cost-adjustment clauses into contracts. As with virtually all industries in a boom, some strains are appearing. But as long as a buyer is awareness of these issues beforehand and with a larger than usual buffer to handle surprises, contracting for a new build could be a good option for some time, compared to searching through listings of existing properties. • Tony Alexander is an independent economist with additional commentary available at www.tonyalexander.nz

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NEW HOMES: COVER STORY

CAN WE

? T I FIX Record consents and completed homes bring hope that new-build boom will ﬁnally address New Zealand’s worsening housing affordability crisis. However, infrastructure needs and supply issues stand in the way. CATHERINE MASTERS reports.

mid the pandemic and house-buying frenzy that has seen prices sky rocket, new OneRoof data shows new homes are being built at a rate that could be starting to ease the housing crisis. The whole country is seeing a historic wave of building activity, particularly in Auckland, Hamilton and in and around Christchurch, where demand for housing is so great it has spilled over into the neighbouring districts of Waimakiriri and Selwyn, with tentacles reaching even into the tiny country town of Darﬁeld, between Christchurch and the West Coast. Terraced homes are now common in backyards all over suburban Auckland but particularly in the south of the city. New apartment buildings are sprouting up around the city, as are master-planned communities on what was once rolling farmland. The type of homes being built is changing, too, from big stand-alone houses to multi-

unit developments on smaller sections. In Auckland, the Unitary Plan paved the way for highdensity development. Now there is a Government directive for councils to clear the way for tall apartment blocks in city and metropolitan centres and around transport hubs. The building boom is not without challenges and controversy. The rapid development is creating

A billboard advertising a planned apartment block near a rail station in Auckland’s Onehunga. Photo / Fiona Goodall

infrastructure headaches for cash-strapped councils and raises questions around who pays for it. Such building activity is also leading to concerns about unchecked urban sprawl. There is also the shadow of Covid. Construction halted for weeks at sites across the country, and for longer in Auckland, due to the latest lockdown. Added to that are supply chain woes, with building materials in critically short supply due to shipping delays. The escalating cost of materials is also causing pain, and developers are wary of what might be coming in terms of new development contribution fees. Big changes have been signalled by Auckland Council – developers of a new $10 billion town centre in Drury are already reeling from a proposed hike of up to 660 per cent. Amid all this there is some good news, says James Wilson, valuation director for Valocity, OneRoof’s data partner.

For all the inconvenience of bulldozers, road cones and construction noise, Wilson says the data shows the building frenzy is starting to pay off in the form of homes that people can move into. “We’ve had a record number of consents for many years, and you are now beginning to see that flow through to the actual built number of properties,” he says. Cost of buying new The figures also show the money people are paying for new builds has soared in a year, with the nationwide median value of new-build properties si!ing at $945,000 – up almost 20% or $156,000 on the year before. Standout areas where building activity has been huge include Papakura in Auckland’s south and Selwyn in Canterbury. Statistics NZ figures show for the year ended June 2021, the number of new dwellings consented nationwide was 44,299, up 18 per cent from the year before.

Auckland consents were up 29 per cent, the Waikato’s 10 per cent, the rest of the North Island 22 per cent and Canterbury was up 12 per cent. In Wellington consents were up only one per cent, while the rest of the South Island fell two per cent. Auckland Council figures alone show infill capacity of 101,649 dwellings and a total net redevelopment capacity of 909,179 across Auckland’s zoned urban land. Wilson says the Unitary Plan has had a “massive” influence on what is being built and where. “It’s only in the last six-to-12 month window that we’ve begun to see more affordable and more realistic stock hit the market from the private sector, which is going to help be part of the bigger solution to the overall housing crisis.” There is also the burgeoning demand for off-the-plan stock. Once viewed suspiciously, off-plan is flying out the door, often as soon as a development is launched.

Crowded space Off-the-plan is popular with first-home buyers who, according to research company CoreLogic, are in the new-build market in higher numbers. In 2012 they comprised 9.2 per cent of the market while this year the figure is 25.1 per cent. Nick Goodall, head of research at CoreLogic, says that’s because there are strong incentives to buy new – deposits can be smaller and the cap to use KiwiSaver is lower. But there are incentives for investors to buy new as well, as they can write off interest costs and taxes, he says. Goodall expects competition between the two buyer groups to heat up in the new-build market: “It’s going to be a very crowded space.” While the new-build industry is booming, however, Covid-19 has led to constraints around materials and labour. Goodall warns of two scenarios that could arise – more expensive materials being used, with costs passed on to end users, or inferior materials

being used, which could spell trouble. “That’s leaky buildings Phase Two. It’s obviously important that we have the right checks and balances from the councils doing the inspections to make sure everything is up to standard.” Urban meets country Some developers warn against too much urban sprawl, the likes of which Auckland has seen on a grand scale. Mark Todd’s company, Ockham Residential, builds apartment buildings in the Auckland suburbs, regularly removing one old house and replacing it with dozens of new units. Todd hates sprawl and challenges other developers still wanting to develop greenﬁeld sites (undeveloped land on the outskirts of the city) to sharpen their thinking away from more sprawl. “We’re still in Auckland just chopping up farms, everywhere from Paerata to Pukekohe, Kumeu, Silverdale, Flat Bush.

Ockham Residential chief Mark Todd thinks developers and planners should resist sprawl. Photo / Fiona Goodall

“It’s a really colonial a!itude towards exploiting land for proﬁt.” Todd supports the Government’s National Policy Statement on Urban Development, which requires councils to increase intensiﬁcation in suburbs and metropolitan centres and along public transport routes, saying subdividing paddocks is not the future. “We want quality, compact development right across New Zealand. That’s what they do

in Italy. “You go straight from olive groves to three-storey apartment buildings in rural Italy. You don’t have sprawl everywhere.” The Government directive is not just for Auckland, though, with other regions also expected to intensify residential building. Haylea Muir, a principal at Auckland-based design studio Isthmus, is all for density done right, saying small towns should plan for it and embrace it – but she, too, warns against sprawl. “We know where that’s been done through the 1990s and 2000s, in Auckland in particular. It’s resulted in some quite poor social outcomes and equity issues.” That includes social isolation for people who live there and car-based communities, which is bad for the environment. Muir says there is work to be done because in the regions district plans don’t facilitate density and planners aren’t overly familiar with it.

“The risk is that you set really poor precedents which then become the precedent.” Infrastructure headaches One of the biggest issues around new builds is infrastructure and who should pay for the roads, sewers and other services needed. REINZ chief executive Jen Baird, Hamilton City Council’s former general manager, says all high-growth councils (they include Auckland, Hamilton, New Plymouth, Tauranga, Whangarei, Christchurch and Selwyn) are facing the same issues of demand - people moving in are outstripping the ability to build houses fast enough. A key constraint is infrastructure – zoning the land is the easy bit, she says. Once the land is zoned there have to be plans for what infrastructure is needed, and that’s the expensive and challenging part. “That’s the piece that hasn’t » Continues

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NEW HOMES: COVER STORY » Continued

really been resolved.” In Auckland, many developers are bracing themselves for big hikes in the development contributions they pay – those are fees charged by councils to help pay for the infrastructure associated with developments. Big increases are yet to be conﬁrmed by Auckland Council but Andrew Crosby, chief executive of Universal Homes, says they have been welltelegraphed to the industry. Fees vary but can be $30,000 per house. Crosby says he has heard rumours that could rise to $100,000 a unit in some areas. Such a big increase would likely inﬂuence where developers decide to build. The potential rises are leading his company to be careful about buying land until they know how much the contributions will be. “They’ve (Auckland Council) got reasonably accurate costings for a number of areas now because they’ve had to do all that for the Kāinga Ora areas, like Mangere, Mt Roskill and Glen Innes. “Development contributions are going to cover as much of that as possible because there’s no room to increase rates for everyone else in Auckland to pay for it.”

Fletcher’s housebuilding factory in Auckland. Photo / Dean Purcell

“They wouldn’t be paying as much for the land if they knew they would have to pay the full price for the infrastructure.” David Norman, economist

building small-to-medium developments had doubled in the last year. One of the main problems is the delays in ge!ing on with building due to the time taken to get consents. “If you ask any developer around town when do you want to be in the market, they will tell you they want to be in the market yesterday.” It’s easier for the smaller builders to put up a row of townhouses, though, than for the larger developers to build a master-planned community, which provides a lot more housing, because they have to grapple with rezoning greenﬁeld sites and pu!ing in infrastructure like roading. “There’s certainly a lot in the pipeline, it’s just a question of whether or not ﬁnancially everyone can hang in there until they can deliver it,” she says.

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But if the sale price of a house in a greenfield area, for example, can’t absorb a $100,000 development fee, developers won’t be able to supply there, he explains, which means they will look elsewhere for areas where contributions are cheaper. That’s likely to push up the land prices in those other areas. Under-investment Auckland Council, which is already facing a $1 billion Covid-related financial hole, has flagged up the problem of infrastructure unaffordability by not supporting the private plan changes of three big companies wanting to rezone around 330 hectares of land in Drury from Future Urban to a mix of residential, business and open spaces. The council says it can’t afford the estimated $1 billion to fund the infrastructure. The debate gets complicated by lags in infrastructure that developers say they shouldn’t have to pay to make up for, compared to new infrastructure that is needed by new developments.

Fletcher Residential, one of the country’s biggest builders, builds masterplanned developments in both greenfield sites and in suburbs, mainly in Auckland and Christchurch. CEO Steve Evans supports development contributions but says they shouldn’t be used to fund historic under-investment in infrastructure. “I think it’s inevitable that development contributions will go up, and I think that’s probably the right thing when you look at the level of gain that developments and land have had over time. “The devil, of course, is in the detail. How do you allocate which part of which infrastructure spend to new development, versus existing development versus existing residents?” For Todd (who says no one should pay a cent towards greenfield developments because that would stop them being built), the issues are different because he builds in areas where there is already infrastructure. But his builds add pressure to roads and

services which are paid for in various costs. The costs added to a suburban apartment build is one of the key reasons new housing is expensive, he says. One of his builds, on the corner of K Rd and Ponsonby Road in the inner city, will be seven storeys high, with 32 apartments and a total construction cost over 12 months of $10.8b. “It’s nearly bang on 10 per cent of that to turn the water and power on.” Bayleys national director of projects, Suzie Wigglesworth, says the Government and councils need to work together be!er to accelerate the rate of stock coming to market. Oﬀ the plan builds are rocketing out the door but there are still not enough. For every sub-$1m property that sells, Bayleys could sell it another four or ﬁve times over, she says. And with buyers chomping at the bit, the number of people looking for land to develop is also “phenomenal”. A recent survey of the company’s Auckland salespeople found the number of conversations around

The economist’s view David Norman recently left Auckland Council as the city’s chief economist to become executive adviser to the economics and business case team at GHD, an international professional services company in the infrastructure industry. He says the costs of infrastructure are “eyewatering”. While the Government has signalled that it will provide additional funding, from shovel-ready projects to the infrastructure acceleration fund (a component of its $3.8b housing acceleration fund), these “great steps” have still left big challenges for debtconstrained councils. Norman’s view is that ratepayers are subsidising developers and that those who beneﬁt from infrastructure should be the ones who pay for it. He stresses that developers are not the bad guys, but he doesn’t countenance arguments that if they were charged more house prices would rise more, saying instead land prices would fall. “Developers wouldn’t be paying as much for the land if they knew they would have to pay the full price for the infrastructure,” Norman says.

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NEW HOMES: INFRASTRUCTURE WOES

‘TIME IS NOT A DEVELOPER’S FRIEND’ Up or out? Growth cities face multiple challenges whichever way they go, writes CATHERINE MASTERS

AUCKLAND: Unnecessary delays are hurting developers This year Andrew Crosby’s company will finish more than 170 homes in Auckland, ranging from terraces to walk-up apartments, in Westgate, Hobsonville Point and Northcote. It will also start a further 64 in Westgate and another 130 or so also in Northcote. But “onerous” design and view panels can hold up developments, says Crosby, the chief executive of Universal Homes. “Sometimes you feel like you can’t resolve them, and then months pass before you can lodge a consent. That’s slowing down the production of houses.” Sometimes delays are caused by something more leftfield, like when a street name gets changed. “We had a street name in Westgate that was all confirmed, then later we were told ‘no, you can’t use that name any more’. “We were all set to go to the July meeting and the local board – not the council but councillors – bumped the meeting.” Rescheduling for the following month might seem simple, but for the company that translates to another month or two where they can’t get titles, meaning people are delayed moving into their homes – “that’s affecting 76 houses in Westgate”. Also out west, council infrastructure decisions kept flip-flopping between fast bus to light rail and back to bus. Each change leads to delays, he says. “It affects everything,” says Crosby. “Time is not a developer’s friend.” The recent Covid lockdown has added a new layer of difficulty for the industry, with experts predicting a significant drop in new home output as a result of the restrictions. John Tookey, professor of construction management

at Auckland University of Technology, says the alert level 4 restrictions brought in to combat the Delta variant have turned what was “wicked” problem into a “fiendish” one, with building sites in Auckland closed for more than a month, and sites outside of the city closed for several weeks. “The lockdown is going to have a massive flow-on effect on the backlog of demand in the housing market,” Tookey says, stressing that the loss is in potential output. Even though outside of Auckland moved to alert level 2, builders nationwide are dependent on construction materials coming from the city, and as a result, aren’t necessarily being as productive as they could. “Auckland has a ripple effect through the rest of the economy. The total lost production is likely to be six to eight weeks in Auckland and five to six weeks nationally. This is more than 10% of the total number of houses [the country] anticipated building this year.” With more than 19,000 consents in Auckland in the past year that could mean 1,900 to 2850 fewer houses being available to accommodate people this year. HAMILTON: ‘We know we must build up’ Despite being the country’s third smallest Territorial Authority, Hamilton is home to the country’s fourth largest population, nearly 180,000 people, and this brings some distinct challenges for managing growth, says Blair Bowco!, Hamilton City

district plans. It’s also taking a “boundaryless” approach to growth by working with neighbouring councils, like Waipa, to earmark areas for future expansion.

Darﬁeld, in Canterbury, is proving popular with buyers but it’s lacking the infrastructure to cope with increased demand. Photo / Getty Images BELOW:A terrace house development in central Auckland. Photo / Fiona Goodall

Council’s general manager growth. Like everywhere, building consents have been at record highs but Bowco! says the housing shortage is even more apparent in Hamilton and the wider Waikato because of the strong population and economic growth. The council has identiﬁed speciﬁc areas of growth, which are Rototuna, Rotokauri, Ruakura, the City Centre and Peacocke, a semi-rural suburb to the south where it is envisaged 20,000 people will eventually live. One way to achieve growth in the city centre, where Bowco! says “we know we must build up”, is by incentivising central city developments. To that end, development contributions have been adjusted with a 50 per cent discount for buildings under six storeys and 100 per cent for six storeys and above. Hamilton is commi!ed to the Government’s urban development direction but will have to make some big changes to the

CHRISTCHURCH: ‘The rubber band’s as stretched as far as it can go’ If Auckland, Hamilton and other parts of the country are booming, then Canterbury is having a super-boom. Management consultant to the construction industry Mike Blackburn says Canterbury is seeing three times more building than other parts of the country, and driving the demand is a “massive” internal migration of people from Auckland and elsewhere relocating south because houses are still cheaper. But the demand is incredible, leading to consent backlogs in Christchurch City and Selwyn District councils, he says. While Christchurch is a special case, in that the earthquakes enabled the city to think about growth and factor it into new infrastructure, Blackburn says infrastructure can’t keep pace. In neighbouring Selwyn, he says demand is so high for greenﬁeld subdivisions that it’s almost impossible to buy a section, and because councils and

the construction industry are at such capacity building is unlikely to start until 2023. “That’s how far in advance group home builders and the market are working.” People in Canterbury are also worried about the amount of sprawl, he says, pointing to Darfield, a tiny town about 50 minutes from Christchurch that’s suddenly in hot demand. At the end of July, 19 new residential dwellings were consented in Darfield, bringing the total so far this year to 38, which is already more than double last year’s total. Darfield has no town sewer services so people buying, who he says can’t get into Rolleston, Lincoln or Christchurch, are having to put in septic tanks. The town is being caught up in the country’s ongoing, relentless demand for new housing, which Blackburn says at some stage can’t continue: “If you think of the construction industry as like a rubber band, at the moment the rubber band is stretched about as far as it can go.”

NEW HOMES: DATA CRUNCH

ON THE RISE

What the numbers tell us about the new-build housing market in New Zealand.

hen it comes to the new-build housing market, the numbers point to three things: that new homes are often the cheapest entry points into the market, that they are growing in value and that New Zealand is building more of them – and fast. In the 24 months to June 2021, the number of consents issued for new residential buildings in New Zealand peaked at just over 80,000. In the first two quarters of this year alone, almost 23,000 consents were issued – that’s 281 per cent more than the total for the first two quarters of 2011, when building activity in the country dropped off following the Global Financial Crisis in 2008. The bulk of new dwellings consents are for Auckland. The city’s tally for the 12 months to June 2021 — 19,036 — was up

almost 30 per cent on the same period the year before, which suggests that the momentum is where it is needed most. Consents for Canterbury have risen 12 per cent over the same period, while growth in Wellington has slowed to just one per cent. The South Island total, excluding Canterbury, is down two per cent on 2020, while the North Island total, excluding Auckland and Waikato (which is up 10 per cent), has jumped 22 per cent. In Auckland, there has been a sharp increase in building consents for apartments and townhouses since 2014, with the number of townhouse consents in the city close to overtaking those for standalone houses in the last 24 months. The Auckland Unitary Plan, introduced in 2016, has driven the boom in townhouse developments and while this

has delivered much-needed stock it has, in the last 12 months, helped drive prices up in previously affordable parts of the city. Developers are making the most of low interest rates and grabbing as much land as they can get. But what does the increase in the number of new homes mean for buyers? OneRoof and its data partner Valocity examined the price points and value growth of all housing stock completed in the 24 months to July 2021. For first home buyers in Auckland, Wellington and the Bay of Plenty, new builds are cheaper than existing homes, sometimes by a lot. In Auckland the difference between the median value of all new homes and the median value of all properties in the region is $342,000. In Wellington and the Bay of Plenty the difference is smaller,

$20,000 and $8000 respectively. For the rest of the country, new-build stock sells at a premium, with the median value of all new-build homes — apartments, townhouses and standalone homes — in the 13 regions excluding the three above si"ing, on average, $180,000 above the median value of all residential properties. The diﬀerence ranges from $18,000 in Waikato to $288,000 in Gisborne, where new homes are fewer in number and tend to be aimed at the luxury end of the market. At a territorial authority level, it’s clear that the biggest savings can be found in urban areas with a large pipeline of new-build stock. In central Auckland suburbs, the median value of all newbuild properties is $1.043m, but that is still more than half a million dollars lower than

the overall median value. The value difference in the North Shore, Manukau, Waitakere and Papakura is around $200,000, while Rodney’s comes in at $102,000. For buyers in QueenstownLakes, the savings from buying new can be as much as $423,000, while in Wellington buyers can expect to shave $235,000 off the cost of a typical house if they opt for a new build. In Tauranga the difference is almost $150,000, while in Hamilton, Selwyn and Lower Hu" it’s about $60,000. Apartments and terrace houses remain the cheapest entry points to the market, but the figures suggest buyers are limited in terms of where they can find bargains. Of the country’s 72 TAs, new apartments and terrace houses exist in just 41, with the median value of those housing types lower than the median value of existing properties in 36 TAs. The figures suggest the price gap between new-build apartments and terrace housing and existing homes is widest in Queenstown-Lakes — almost $1m – and the smallest in Timaru – just $4000. Where the price difference is of less consequence to buyers, Christchurch is the cheapest major metro in which to buy a new apartment or terrace house, with the median value of both coming in at $552,000. Dunedin and QueenstownLakes offer similar price points, but buyers in Wellington and Auckland need to be armed with budgets of around $800,000. For those who have bought a new build, the benefits stretch beyond the qualities of the property itself, with the new build median value rising 19 per cent nationwide in the last 12 months. While lower than the overall growth figure, the number does suggest that demand for new builds is strong.

New builds offer variety as well as supply Developers are providing Kiwis with more choice and bringing stock into 21st century, writes TAMBA CARLETON.

ew-build homes are adding desperately needed supply to our housing market. They are also lifting the average quality of our ageing housing stock by using modern construction materials and techniques. In Auckland, the Unitary Plan has been a game-changer in allowing more development across the city. Let’s take a closer look at the types of new housing being built. Houses: Standalone houses one or two storeys high make up the bulk of existing housing stock in Auckland, but this typology will probably be oversupplied in future. This is one reason that the year to June 2021 saw a record

low 36 per cent of dwelling consents being for houses. In today’s world, people are living longer and choosing a diﬀerent lifestyle to their parents’. There is li"le developmentready land in the existing urban area for standalone dwellings, with most on the outskirts where land values are lower and there is a lack of public transport. Terraced Housing: Terraces are sometimes referred to as ‘row houses’. End terraces tend to be more expensive as they have larger yards and windows on three sides. Terraces are slightly denser than houses but not as dense

as apartments. This makes them suitable for areas zoned as Mixed Housing Suburban and Mixed Housing Urban, which happens to be most of Auckland. They are doing the heavy lifting in adding new supply, accounting for 45 per cent of dwelling consents in the year to June 2021. Terraces suit busy couples and young families who like to live in urban locations but don’t want to deal with endless yard maintenance or cannot aﬀord houses in the area they want to be. Apartments: Apartments are a niche type of housing in Auckland with 38,400 units accounting for just seven per cent of stock. But they have grown to that from 24,500 units just 10 years ago. Most of the stock back then was CBD and/or investor-

Developers are simply unable to provide large, luxurious dwellings at cheap prices because aside from being a poor business strategy, they won’t get bank ﬁnance for a new development unless they can show that it will return a proﬁt.

focused. Not surprisingly, this wasn’t an a"ractive living option for most people, so apartments got a bad rap. With the Unitary Plan enabling the denser apartment typology in town centres and around transit hubs, developers started to produce more high-quality apartments. The benefits of an apartment lifestyle are increasingly being recognised. Efficient use of land means they tend to be the most affordable of the typologies — single-level living suits people with restricted mobility, and security aspects allow a lockup-and-leave lifestyle. The major challenge for all new-build housing is balancing quality and size with price in a location-specific context. Developers are simply unable to provide large, luxurious dwellings at cheap prices, because aside from being a poor

business strategy, they won’t get bank finance unless they can show it returns a profit. The large number of inputs in new housing development means high costs. Market prices for land, labour and construction materials are only some of the inputs; there’s also cost associated with development management, sales and marketing, consenting, regulation and compliance, legal, utilities connections, financing and more. The emergence of terraced and apartment housing enabled by the Unitary Plan has had a real impact in bringing housing stock into the 21st century. Diversity of housing typologies gives people the option to live in the areas they want to and at prices they can afford. • Tamba Carleton is associate director of research at CBRE.

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The cost of buying new The OneRoof-Valocity New Homes Index, below, shows the typical cost of buying a new-build home around New Zealand. The index is arranged by region, starting at the top of the North Island and finishing at the bottom of the South Island (with the territorial authorities within each region shown in alphabetical order).

What does the index show? The index shows for each location: The median value of all new build properties as of September 15, 2021; The 12-month change in percent; The 12-month gain (or loss) in dollars; The difference between the median value of new-builds homes and the average property value of all homes;

The median value of new-build apartments and terrace houses (1-3 bedrooms); The median value of new build standalone houses (3 bedrooms-plus); and The number new build properties as a percentage of the total housing stock. We’ve also given the above data for the 50 New Zealand suburbs that have the highest proportion of new build housing stock. For all the numbers we’ve defined a new-build home as a property that has been built in the last 24 months.

What do the numbers mean? The median value numbers for all new builds gives buyers a good indication of how much they can expect to pay for a new home. We

Current median value of all new build properties

12-month change %

12-month gain

Difference between new build value and the value of all homes

Median value of new build apartments and terrace houses – 1-3 bedrooms

Median value of new build standalone houses – 3 bedroomsplus

New build properties as % of total housing stock

$945,000

19.77%

$156,000

-$55,000

$755,000

$1,037,000

3.00%

NORTHLAND FAR NORTH KAIPARA WHANGAREI

$955,000 $861,000 $1,098,000 $955,000

25.66% 18.76% 26.21% 27.16%

$195,000 $136,000 $228,000 $204,000

$174,000 $193,000 $245,000 $118,000

$693,000 $711,000 NA $579,000

$929,000 $925,000 $1,045,000 $920,000

2.16% 1.77% 2.22% 2.40%

GREATER AUCKLAND AUCKLAND CITY FRANKLIN MANUKAU NORTH SHORE PAPAKURA RODNEY WAITAKERE

$1,073,000 $1,043,000 $991,000 $1,055,000 $1,335,000 $861,000 $1,322,000 $982,000

21.24% 27.20% 24.97% 9.90% 16.09% 13.29% 31.54% 15.53%

$188,000 $223,000 $198,000 $95,000 $185,000 $101,000 $317,000 $132,000

-$342,000 -$584,000 -$97,000 -$205,000 -$232,000 -$202,000 -$102,000 -$176,000

$785,000 $964,000 $665,000 $689,000 $853,000 $685,000 $927,000 $809,000

$1,361,000 $1,620,000 $1,010,000 $1,455,000 $1,748,000 $1,084,000 $1,354,000 $1,322,000

4.15% 3.38% 5.28% 3.93% 2.22% 11.65% 6.11% 5.15%

WAIKATO HAMILTON HAURAKI MATAMATA-PIAKO OTOROHANGA SOUTH WAIKATO TAUPO THAMES-COROMANDEL WAIKATO WAIPA WAITOMO

$915,000 $784,000 $831,000 $965,000 $720,000 $887,000 $1,035,000 $1,141,000 $935,000 $1,125,000 $740,000

27.97% 25.24% 42.54% 28.67% 37.14% 70.91% 25.61% 38.30% 24.83% 38.04% 27.59%

$200,000 $158,000 $248,000 $215,000 $195,000 $368,000 $211,000 $316,000 $186,000 $310,000 $160,000

$18,000 -$68,000 $186,000 $219,000 $62,000 $422,000 $189,000 $1,000 -$180,000 $137,000 $370,000

$670,000 $666,000 NA $684,000 NA NA $815,000 $798,000 $686,000 $676,000 NA

$962,000 $984,000 $815,000 $952,000 $584,000 $725,000 $1,033,000 $1,144,000 $896,000 $1,025,000 $677,000

3.22% 3.86% 1.25% 3.01% 1.42% 0.37% 2.52% 1.89% 6.59% 3.44% 0.55%

BAY OF PLENTY KAWERAU OPOTIKI ROTORUA TAURANGA WESTERN BAY OF PLENTY WHAKATANE

$965,000 $732,000 $963,000 $982,000 $966,000 $960,000 $965,000

28.15% 30.25% 31.92% 14.85% 29.14% 27.83% 20.63%

$212,000 $170,000 $233,000 $127,000 $218,000 $209,000 $165,000

-$8,000 $323,000 $362,000 $234,000 -$149,000 -$183,000 $204,000

$985,000 NA NA NA $985,000 NA $460,000

$965,000 $735,000 $882,000 $905,000 $976,000 $900,000 $965,000

2.50% 0.61% 1.22% 0.60% 3.34% 4.42% 0.92%

GISBORNE

$956,000

18.02%

$146,000

$288,000

$904,000

0.65%

Location

NEW ZEALAND NORTH ISLAND

have given separate figures for apartments and terrace houses and standalone houses because these typically trade at different price points, with apartments often seen as being a more affordable option for first home buyers. Where there is no available figure we have marked NA. For each location we have also compared the price of new builds to the overall average property, to give buyers an indication of the price benefits, if any, of purchasing new. The 12-month changes indicate how well new build property values are tracking in the given area. If the percentage change is upwards, then it means the market is hot and that homes are selling quickly and for more money. The gain figure shows how

much homeowners have gained (or lost) in any given area in the last 12 months. OneRoof has also calculated what percentage of total housing stock new builds represent.This should help buyers assess how much new build stock is out there. Together these figures give a good overview of what’s happening in the new build housing market.

How are the values calculated? The index takes into account recorded property attributes and historical property sales data to estimate the value of every new build property in each region and TA.The model is intended to provide an estimate of value at the date it was run.

Current median value of all new build properties

12-month change %

12-month gain

Difference between new build value and the value of all homes

Median value of new build apartments and terrace houses – 1-3 bedrooms

Median value of new build standalone houses – 3 bedroomsplus

New build properties as % of total housing stock

$1,090,000 $815,000 $1,204,000 $1,103,000 $668,000

28.99% 32.52% 33.78% 32.89% 63.73%

$245,000 $200,000 $304,000 $273,000 $260,000

$255,000 $199,000 $301,000 $232,000 $284,000

$760,000 $535,000 $727,000 $1,119,000 NA

$1,116,000 $860,000 $1,205,000 $1,112,000 $937,000

1.45% 3.22% 1.38% 1.27% 0.89%

MANAWATU-WHANGANUI HOROWHENUA MANAWATU PALMERSTON NORTH RANGITIKEI RUAPEHU TARARUA WHANGANUI

$915,000 $860,000 $963,000 $965,000 $761,000 $678,000 $611,000 $870,000

35.96% 40.98% 32.83% 40.88% 11.91% 25.79% -16.30% 30.83%

$242,000 $250,000 $238,000 $280,000 $81,000 $139,000 -$119,000 $205,000

$271,000 $192,000 $253,000 $218,000 $256,000 $250,000 $99,000 $309,000

$674,000 $521,000 $675,000 $933,000 NA NA NA $599,000

$915,000 $870,000 $935,000 $959,000 $759,000 $676,000 $777,000 $863,000

1.48% 1.99% 2.37% 1.71% 1.00% 1.01% 0.58% 0.74%

TARANAKI NEW PLYMOUTH SOUTH TARANAKI STRATFORD

$841,000 $862,000 $710,000 $770,000

16.81% 17.28% 27.93% 11.59%

$121,000 $127,000 $155,000 $80,000

$203,000 $152,000 $280,000 $251,000

$584,000 $584,000 NA NA

$836,000 $857,000 $680,000 $755,000

1.81% 2.16% 0.87% 0.96%

$1,029,000 $885,000 $1,191,000 $924,000 $925,000 $1,185,000 $1,150,000 $1,145,000 $972,000

29.76% 31.11% 23.04% 32.00% 35.04% 33.60% 20.67% 36.47% 20.15%

$236,000 $210,000 $223,000 $224,000 $240,000 $298,000 $197,000 $306,000 $163,000

-$20,000 $75,000 $193,000 -$53,000 $196,000 $190,000 $179,000 $207,000 -$235,000

$873,000 $597,000 $990,000 $875,000 $655,000 $1,064,000 NA $873,000 $865,000

$1,145,000 $887,000 $1,212,000 $995,000 $926,000 $1,260,000 $1,070,000 $1,158,000 $1,540,000

1.95% 5.18% 1.08% 1.57% 3.00% 2.52% 2.71% 2.11% 1.94%

TASMAN

$964,000

29.92%

$222,000

$42,000

$840,000

$965,000

3.66%

MARLBOROUGH

$894,000

23.31%

$169,000

$143,000

$638,000

$931,000

1.68%

$1,031,000

31.00%

$244,000

$214,000

$877,000

$1,031,000

1.07%

$551,000

28.14%

$121,000

$198,000

$670,000

0.78%

Location

HAWKE’S BAY CENTRAL HAWKE’S BAY HASTINGS NAPIER WAIROA

GREATER WELLINGTON CARTERTON KAPITI COAST LOWER HUTT MASTERTON PORIRUA SOUTH WAIRARAPA UPPER HUTT WELLINGTON

SOUTH ISLAND

NELSON WEST COAST

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Current median value of all new build properties

12-month change %

12-month gain

Difference between new build value and the value of all homes

Median value of new build apartments and terrace houses – 1-3 bedrooms

Median value of new build standalone houses – 3 bedroomsplus

New build properties as % of total housing stock

BULLER GREY WESTLAND

$493,000 $652,000 $491,000

5.57% 6.89% 29.55%

$26,000 $42,000 $112,000

$168,000 $306,000 $90,000

NA NA NA

$456,000 $740,000 $715,000

0.41% 0.67% 1.44%

CANTERBURY ASHBURTON CHRISTCHURCH HURUNUI KAIKOURA MACKENZIE SELWYN TIMARU WAIMAKARIRI WAIMATE

$748,000 $690,000 $710,000 $715,000 $818,000 $875,000 $790,000 $733,000 $741,000 $596,000

28.97% 21.69% 27.93% 17.21% 21.91% 18.89% 30.58% 11.40% 25.59% 13.96%

$168,000 $123,000 $155,000 $105,000 $147,000 $139,000 $185,000 $75,000 $151,000 $73,000

$67,000 $156,000 $23,000 $135,000 $176,000 $152,000 -$62,000 $218,000 $23,000 $170,000

$548,000 NA $552,000 NA NA NA $536,000 $511,000 $450,000 NA

$795,000 $690,000 $840,000 $728,000 $825,000 $889,000 $790,000 $739,000 $733,000 $597,000

3.54% 2.03% 2.71% 2.72% 1.83% 4.36% 12.61% 0.88% 4.91% 1.31%

$1,060,000 $960,000 $700,000 $961,000 $1,175,000 $733,000

18.44% 10.98% 6.71% 17.20% 16.34% 15.43%

$165,000 $95,000 $44,000 $141,000 $165,000 $98,000

$202,000 $177,000 $302,000 $259,000 -$423,000 $247,000

$634,000 $669,000 NA $595,000 $636,000 $235,000

$1,078,000 $924,000 $719,000 $1,015,000 $1,194,000 $747,000

2.84% 3.69% 1.06% 1.08% 7.94% 1.37%

$738,000 $922,000 $776,000 $666,000

15.31% 35.79% 5.72% 12.31%

$98,000 $243,000 $42,000 $73,000

$262,000 $506,000 $294,000 $174,000

$468,000 NA NA $468,000

$738,000 $859,000 $785,000 $657,000

1.10% 0.47% 0.84% 2.12%

$250,000 $655,000 $215,000 $823,000 $239,000 $194,000 $229,000 $337,000 $190,000 $204,000 $289,000

-$299,000 $300,000 -$104,000 -$857,000 -$280,000 NA -$660,000 -$481,000 -$763,000 -$50,000 $0

NA NA $794,000 NA $712,000 $850,000 NA $824,000 NA NA NA

$1,350,000 $3,135,000 $888,000 $892,000 $1,085,000 $1,129,000 $1,492,000 $1,260,000 $1,218,000 $973,000 $1,037,000

94.67% 92.86% 64.26% 59.70% 49.07% 42.43% 37.50% 34.63% 33.77% 32.22% 28.57%

Location

OTAGO CENTRAL OTAGO CLUTHA DUNEDIN QUEENSTOWN-LAKES WAITAKI SOUTHLAND GORE INVERCARGILL SOUTHLAND

TOP 50 SUBURBS FOR BUYING NEW WAINUI, AUCKLAND OKURA BUSH, AUCKLAND PAPAMOA, TAURANGA RAMARAMA, AUCKLAND PAERATA, AUCKLAND WESTGATE, AUCKLAND TOTARA PARK, AUCKLAND KUMEU, AUCKLAND JACKS POINT, QSTN LAKES GLENBROOK, AUCKLAND BAVERSTOCK, HAMILTON

$1,350,000 $3,135,000 $859,000 $823,000 $1,069,000 $979,000 $1,492,000 $1,247,000 $1,226,000 $949,000 $1,025,000

22.73% 26.41% 33.39% NA 28.80% 24.71% 18.13% 37.03% 18.34% 27.38% 39.27%

Location

Current median value of all new build properties

12-month change %

12-month gain

Difference between new build value and the value of all homes

Median value of new build apartments and terrace houses – 1-3 bedrooms

Median value of new build standalone houses – 3 bedroomsplus

New build properties as % of total housing stock

YALDHURST, CHRISTCHURCH LONG BAY, AUCKLAND WHENUAPAI, AUCKLAND HOBSONVILLE, AUCKLAND WAI O TAIKI BAY, AUCKLAND MARSHLAND, CHCH KARAKA, AUCKLAND TAKANINI, AUCKLAND SWANSON, AUCKLAND MANUKAU, AUCKLAND QSTN HILL, QSTN LAKES FRANKTON, QSTN LAKES ARARIMU, AUCKLAND CHRISTCHURCH CENTRAL ALFRISTON, AUCKLAND GLEN INNES, AUCKLAND HUNTINGTON PARK,AKLND WATERVIEW, AUCKLAND POIKE, TAURANGA PAPAKURA, AUCKLAND ROTOTUNA NTH, HAMILTON WHITFORD, AUCKLAND ALBANY HEIGHTS,AUCKLAND LAKE HAWEA, QSTN LAKES LUGGATE, QSTN LAKES FLAT BUSH, AUCKLAND MT CREIGHTON, QSTN LAKES FERRYMEAD, CHRISTCHURCH HALSWELL, CHRISTCHURCH HAMILTON CENTRAL WIRI, AUCKLAND BEACHLANDS, AUCKLAND ARTHURS PT, QSTN LAKES MANUREWA EAST,AUCKLAND KAUKAPAKAPA, AUCKLAND KENNEDYS BUSH, CHCH OHAUITI, TAURANGA RICHMOND HILL, CHCH CRACROFT, CHRISTCHURCH

$690,000 $1,552,000 $1,158,000 $1,124,000 $1,303,000 $868,000 $995,000 $867,000 $1,113,000 $705,000 $2,303,000 $637,000 $1,651,000 $600,000 $1,190,000 $1,197,000 $731,000 $725,000 $677,000 $815,000 $1,100,000 $1,839,000 $1,160,000 $984,000 $958,000 $1,568,000 $1,343,000 $865,000 $829,000 $775,000 $714,000 $1,526,000 $922,000 $635,000 $1,412,000 $1,714,000 $1,003,000 $1,407,000 $1,145,000

22.12% 14.88% 20.25% 16.48% 36.44% 25.80% 3.00% 7.84% 17.53% 11.02% 19.51% -48.55% 200.18% 23.71% 49.69% 39.19% NA -1.23% NA 18.98% 48.85% NA 17.17% 31.73% 33.99% 19.51% 4.11% 32.06% 28.53% 37.17% 5.78% 25.60% 3.02% 25.49% 21.72% 52.36% 29.09% 23.20% 30.11%

$125,000 $201,000 $195,000 $159,000 $348,000 $178,000 $29,000 $63,000 $166,000 $70,000 $376,000 -$601,000 $1,101,000 $115,000 $395,000 $337,000 NA -$9,000 NA $130,000 $361,000 NA $170,000 $237,000 $243,000 $256,000 $53,000 $210,000 $184,000 $210,000 $39,000 $311,000 $27,000 $129,000 $252,000 $589,000 $226,000 $265,000 $265,000

$251,000 -$216,000 -$256,000 -$87,000 -$344,000 $138,000 -$762,000 -$116,000 -$106,000 -$20,000 $1,385,000 -$2,796,000 $89,000 -$109,000 -$711,000 $27,000 -$554,000 -$455,000 -$25,000 -$91,000 $241,000 -$1,578,000 -$273,000 -$138,000 $284,000 $100,000 -$584,000 $178,000 $20,000 $26,000 -$65,000 -$134,000 -$33,000 -$274,000 -$50,000 $733,000 -$113,000 $354,000 $521,000

$539,000 $1,178,000 $834,000 $905,000 NA NA $768,000 $768,000 $814,000 $704,000 $2,360,000 $605,000 NA $597,000 NA $1,115,000 $731,000 $631,000 NA $641,000 $732,000 NA $809,000 NA NA $868,000 NA NA $740,000 $705,000 $710,000 $860,000 $702,000 $626,000 NA NA NA NA NA

$695,000 $1,977,000 $1,423,000 $1,514,000 $1,440,000 $868,000 $1,268,000 $1,065,000 $1,268,000 $1,312,000 $1,432,000 $1,425,000 $1,720,000 $950,000 $1,247,000 $1,290,000 $0 $1,258,000 $680,000 $1,067,000 $1,138,000 $1,839,000 $1,540,000 $986,000 $1,006,000 $1,597,000 $1,315,000 $865,000 $837,000 $0 $996,000 $1,625,000 $1,173,000 $1,021,000 $1,439,000 $1,714,000 $1,005,000 $1,407,000 $1,145,000

28.23% 26.17% 24.31% 22.90% 21.20% 20.32% 19.93% 19.67% 19.63% 19.55% 18.52% 17.60% 16.67% 16.02% 15.00% 14.43% 13.85% 13.33% 13.31% 12.84% 12.75% 12.66% 12.61% 12.20% 11.48% 10.90% 10.61% 10.53% 10.50% 10.33% 10.23% 10.21% 10.05% 9.91% 9.90% 9.59% 9.26% 9.09% 8.82%

Licensed REAA2008

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NEW HOMES: NEW ZEALAND GREEN BUILDING COUNCIL

Far too many Kiwi homes are cold, damp and unhealthy Green certiﬁcations such as the updated Homestar are so important for turning our properties into real homes, writes ANDREW EAGLES.

ords ma!er. The words we use provoke emotion, and instil a purpose in what we are describing or talking about. Different words can be used to name the same object, and suggest different ways in which we might feel about that object For instance, “home” and “property”. One word suggests a forever sanctuary, with memories weaved through the curtains, laughter and tears seeped into the floorboards, and promises, dreams and aroha enveloping all who live there. Property? That’s different. It’s a colder word, especially when used for a house or apartment. It’s the kind of word that belongs more on a balance sheet. Property suggests an asset. And that’s a problem, because sanctuaries are warm, safe, healthy places. Assets are valued solely on their dollar value.

Andrew Eagles

When what could be a home is instead called a property, it loses something. It is no longer primarily a place to raise a family, to thrive in for years. It suggests a place that primarily exists to get bought and sold, or rented. And it’s difficult to imagine that New Zealand’s housing affordability crisis is not at least in part caused by treating too many homes as properties, as assets. This isn’t just an affordability issue, though. It’s about healthy, warm homes too – or, rather, the lack of them. If New Zealanders can’t afford to own their own home, they’ll rent. And as government statistics show, rentals are damper, and have more mould than homes lived in by their owners. Yes, there are the healthy homes standards designed to improve rentals but there are worrying reports that most rental properties don’t meet these yet. New homes are often built to a far too low standard too. The Building Code, which outlines the minimum levels needed when constructing, is woeful. On top of this, the average new house in New

Zealand emits five times too much carbon pollution. That’s coming from energy use for TVs, fridges and heating. It also includes emissions created during the manufacture of building materials. While the Government is making some progress with the likes of the Building for Climate Change programme, which is intended to slash carbon emissions and improve the Building Code, it’s more pedestrian than a Sunday afternoon sponsored walk. This is why New Zealand homes need independent, green certification schemes, right now. Certification like Homestar and HomeFit, both of which are run by the not-for profit Green Building Council. Green home certifications such as Homestar help New Zealanders see if a home is going to be built to a higher standard than the current Building Code, and if the insulation and ventilation is decent. Homestar is designed to help create warm, healthy places in which to create memories. Making New Zealand homes be!er will help us tackle climate change, and give families healthier, warmer and

drier homes. Too many Kiwi homes are cold, damp and unhealthy, they pump out too much carbon pollution in their construction and in the energy they use, and too often saddle Kiwi families with high power bills. That’s why we’ve launched a new updated Homestar, the most ambitious ever version. We’re hoping Homestar will provide healthy, cosy homes for thousands of families, and play a much-needed role in slashing climate change pollution. All Homestar-rated homes will now be able to show how they’re using sustainable materials that don’t pump out huge amounts of carbon pollution when created. This type of carbon pollution, which has been belched into the atmosphere during the production of building materials, is often called embodied carbon. And all new Homestar homes must use energyeﬃcient appliances for everyday things like heating, hot water and lighting, meaning both carbon emissions and household bills should be reduced. Carbon emissions created through

using energy to run a home are referred to as ‘operational carbon.’ Rated on a scale from six to 10, a Six Homestar home will reduce carbon through mandatory energy and operational carbon targets, unlike homes built to the current Building Code. A 10 Homestar home will have to show predicted energy consumption and carbon emissions are significantly lower than in an average home. The revamped Homestar targets a number of other key areas. These include making it easier to keep a home warm in winter and cooler in summer, well ventilated with fresh air and dry. It will keep household bills lower through energy and water efficiency, building with sustainable materials and reducing the amount of waste dumped in landfill. Green certifications like Homestar help make the places we live true homes, which are warm and dry. And where the most important part of the building is building memories. • Andrew Eagles is chief executive of the New Zealand Green Building Council

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Let’s Call a Spade a Spade Some weeks ago, I wrote about the supply shortage of building product. It’s a fact and this problem is beginning to bite, big time! With this supply shortag shortage, obviously, the cost of product is skyrocketing, if indeed you are fortunate enough to secure it. I know this firsthand as we are currently involved in a building renovation project. It’s no fun! We do however take heart that on “today’s” market the dollars spent on the project are less than the increased value of the property since we purchased several months ago. ag What’s going to happen in “tomorrow’s” market is anyone’s guess. There is lots written on the subject by people way more qualified to do so than myself. Here’s my swing on this, coming from my own summary of understanding as to where we find ourselves as a nation currently. I sell real estate for a living and have no qualifications to give any of you reading this financial advice. This is just my own personal opinion. Who buys real estate? People. What do people need in order to buy real estate? estat Money. Where does this money come from? Employment Who creates employment? Employers What happens if employers are taxed out of business or can’t conduct their business? Unemployment Let’s go back to the beginning. No job equals zippo to fund mortgage repayments. Would a bank lend you the money to purchase real estate under this scenario? No!

Look behind the “Covid” smoke screen those of you reading this. it seems to me that we have leadership who are hell bent on creating a “new” New Zealand in which we don’t call our fellow man brother, we call them comrade. Our forefathers fought and freely gave their lives, in two world wars to protect what we have in NZ. That’s Freedom. I believe it’s rapidly being taken away from us at a pace that just beggars belief! Free enterprise, enterpris wealth creation if you choose to work hard, entrepreneurs, production, employment creation and opportunities, are all healthy in a democratic society. It surely beats hands down where we are headed for. In 1988 I worked in Zimbabwe for 6 months and saw wor ﬁrst hand the utter destruction, poverty, lawlessness, hopelessness and suﬀering imposed on the people who underwent the “social changes” that in my view bear a scary resemblance to where NZ appears to be heading. It takes money to run a healthy nation. Not borrowed ta and given away by the billions but hard earned and wisely managed. I have no doubt, that sometime in the not too distant future, the value of real estate will be a victim of the Socialist agenda. In my view, it’s what they’re aiming for.

John Bellerby

loc Since the latest Covid lockdown I have been informed that the Labour government has borrowed another 41 BILLION dollars. If indeed this information is correct, then every household in NZ now owes another $18,000 on top of the already hugely burdensome debt created by a government who, if they were in private business, would be long ago broke!

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NEW HOMES: Q&A

BUILDERS WHO DON’T DELIVER QUALITY HOMES ‘SHOULD BE PENALISED’

products are standard homes but not on 800sq metres; they’re si!ing on 350/400sq m. There has been a recognition that what our parents could do, or what we could do when we ﬁrst bought houses, is no longer the expectation of what the current generation, or future generation, will be able to aﬀord. What improvements need to happen from your perspective?

STEVE EVANS, CEO of Auckland’s biggest builder, Fletcher Residential, opens up about the pressures facing his industry.

How do you go about starting a development – do you ﬁnd the land ﬁrst?

About a third of the business we develop is on land we source ourselves and we look at what value is best defined. If you look at Riverhead, in Auckland, where we bought 20ha, that’s probably five years away. When we look at where we’ve bought 120-odd ha at Taupaki that’s 10 years away, but then you look at places in Tamaki and Glen Innes, for instance, that will be land we will buy for immediate development. The next third of what we do is buy sections from developers. We say to them we can a guaranteed buyout of 80% of your development and you can make more money selling retail sections on the remaining 20% but we want 80%. In exchange for 80% we want to help you master-plan your development. We’re buying sections at reduced prices, i.e., not at retail, because we’re buying at scale and we’re adding value to their developments. The final third is the importance of relationships - with iwi, with the Government, with local government, where it gets us access to land that wouldn’t have otherwise come our way. Think about some of the iwi RFR (right of first refusal), think about some of the land that Panuku Development Auckland, Kāinga Ora and various others have. That’s about sharing success with those people. What about Ihum tao? Didn’t that backfire? You had planned to build on the sacred site in south Auckland after buying it in 2016, but it ended up being bought back by the Crown after protests.

I don’t think that backﬁred at all. There were things that everyone could have done be!er - the outcome that hopefully will be delivered on Ihumātao is housing because it’s a fantastic area of Auckland to have as housing. We were partnered with the local iwi. It’s a broader issue,

in my mind, of iwi dislocation over time and urban Māori versus traditional Māori. That reﬂects a move from 50 years ago, when 80% of iwi went to their local marae, to a position where 50% of iwi no longer have that local marae because they live in urban areas.

being done badly. We’ve got enough on our plates through the delivery of communities that we don’t need to worry about buying a 1000sq m block and turning it into ﬁve townhouses.

What is your philosophy on building?

If you provide really good public amenities, people don’t need big backyards. As a result, you can provide smaller blocks of land with welldesigned, quality houses. People get to form a community because they’re no longer necessarily playing a game of football in their backyard; they’re playing it in the park which is 50 metres away. That creates a network and then a community. And that creates a neighbourhood.

The approach we take is that we build communities. We look to buy pieces of land or buy sections at scale where it can create that community. Whether it’s at Waiata Shores, the old Manukau Golf Course, Red Beach or One Central in Christchurch, it gives you the scale to be able to concentrate on providing the amenities people want. Are all your developments master-planned?

Yes, and we have our own master-planning team. We do a lot of research in terms of what the needs of both the immediate and the broader community are. When you go into a development, particularly large-scale ones, we think about where people are going to go to school, what the local neighbours, stakeholders and iwi think about the needs for a particular area. We don’t always get their wish list completely satisﬁed but we feed that into our master plans. Do you do inﬁll housing?

No. To us, that’s housebuilding rather than community-building - you see examples of it being done well and examples of it

Why are amenities so important?

You’ve said in the past the industry is fragmented. What do you mean by that?

One of the issues this industry has is that barriers to entry are so small you can ﬁnish your carpentry apprenticeship and eﬀectively create a building company. So when you look at the big players there aren’t many of them. Many big builders are franchises. The biggest builder is GJ Gardner but actually it’s a franchise. It doesn’t have that consistency, that commonality that we have as Fletcher Living where we build all our houses. There is a commonality, down to the supervisor’s level, on what we expect from our builds. Why is that an issue?

The consenting environment in New Zealand is not that bad. People say councils are too slow

- from a builder’s point of view the quality of the response you typically get from the council is directly aligned with the quality of the documentation you provide to council, and the quality of the build. There are stories of small builders relying on Auckland Council to do their quality control for them - they go through four or ﬁve inspections of an element of a house because they don’t get the ﬁrst one right. You can’t blame council for it, you blame the builders.

Fletcher’s master-planned community in Stoneﬁelds, in Auckland, is one of the New Zealand housing market’s big success stories. Photo / Fiona Goodall

You build in Christchurch. What are you building there?

If you go for a walk along One Central (the old east frame development) you’ll see we’ve got seven-storey apartment buildings, we’ve got threestorey terraces, we’ve got unit over unit. The lowest density is a two-storey terrace, so people in Christchurch are recognising, like in Auckland, that in order to live closer to transport hubs and urban centres, density will change. The dream of the 200sq m house on a quarter acre block is in the outlying suburbs, not in the inner suburbs. What are the biggest changes you have seen over the last decade?

The dominant house type that we now deliver is a terraced home. We also do apartments but you go out to places such as Beachlands, in east Auckland, and most of the

Fletcher Residential CEO Steve Evans. Photo / Michael Craig

The council is the last one standing in terms of a consenting environment. That’s deﬁned by legislation, so when people say council takes a long time to certify consents, one of the main reasons is that the risk and liability council take is disproportionate compared to the amount of money it is paid to do so. A person can build a house, fold a business and start a new one tomorrow, and it’s inevitably going to be the council that’s responsible for the repair of that house. Councils are the gatekeepers of quality and they take that role seriously. Until we change the risk and liabilities se!ings through legislation, then we’re going to have to accept that councils will do that role. How can the consenting environment be better?

The council should not accept poor quality, and in my view it should penalise those that aren’t delivering that quality. So if someone doesn’t put in the adequate building consent paperwork they’re told, “No, ﬁx it and submit it when it’s right - and by the way, the next time the cost will go up by $100 because you just wasted $100 of my time.” It’s the same thing on quality inspections. The ﬁrst inspection in terms of the various components of the house should continue to be free, but if it’s not right why should you and I as ratepayers pay for future inspections? Why isn’t the builder who isn’t developing in accordance with the right quality not being penalised? You say councils need to “supercharge” their technology. How so?

We continue to have to deliver certain parts of the consenting process in paper form – why is that not a technology-enabled solution, for instance? If you’re doing quality inspections, can’t you send out the inspectors’ photos rather than having to wait for inspectors to come out? There’s some danger with that, but that kind of thinking and innovation need to be put into traditional concepts and traditional processes. That will help speed up the consenting environment.

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NEW HOMES: INDUSTRY VIEW

Rise in consents should alleviate housing market pressures and give buyers more choice Lack of listings has pushed up prices and kept potential vendors on the sidelines, writes JEN BAIRD.

Agents around the country say the numbers of a!endees at auctions are sufficient and that both first-home buyers and investors are still relatively active in the market. Compared to the same time last year, sales volumes ouse prices continue to rise across New Zealand, have decreased across most of New Zealand. However, with every region’s July 2020 was the first full median house price seeing a year-on-year increase from July month of real estate market activity post-lockdown and 2020. Two out of 16 regions saw an unusually high level reached record median prices, of sales. What we are seeing two equalled the records, this year is far more aligned while 20 districts reached new with the usual winter sales median highs. numbers, but in a market that The strength of the market has been reflected in the REINZ has higher demand and is House Price Index (HPI), which supply constrained. It could measures the changing value of also relate to the return of loan-to-value ratios and talk property. We saw the highest annual percentage increase ever of interest rates looking to rise in the HPI Every region reached - however, we will need a few more months of data before a new record level in July. we can see the impact of these While the last few months changes. have shown early indications The availability of properties that the rate of growth is for sale continues to constrain starting to ease, it is too early to say whether this is the usual activity, with a record low level of inventory reported easing we generally see occur in July and strong buyer in the colder months or if the demand. At the end of July, we Government’s intervention experienced the lowest level in the market and changes to of inventory ever (a total of the official cash rate (OCR) are 12,684 properties). starting to take effect.

Spring is usually the time people prepare to sell their property. There are signs of more listing activity, including from people who will take possession of a new build, a result of the record consents granted over the last year. According to Statistics New Zealand, a record 44,299 new homes were consented in the year ending June 2021. This is the fourth consecutive month of rises. In Auckland, multi-unit homes accounting for 64 per cent of new homes consented in the June 2021 year, compared to 30 per cent across the rest of the country. It is hoped this will alleviate people’s fear of not ﬁnding anything, which has seen many vendors reluctant to put their house on the market until they have secured a property elsewhere. The increase in consents and the resulting increase in building should ease the pressure of stock in the market. Several changes are expected to aﬀect the real estate market and our data in the coming months, particularly as the Government announcements

from March 23 come into force. This includes the Housing Acceleration Fund – a $3.8 billion fund aimed at speeding up the pace and scale of home building to improve supply; increasing the income caps and house price caps from April 1 for the First Home Loan and Grant; extending the brightline test from five years to 10, which took effect on March 27; and the changes to interest deductibility on residential property income. Some leading banks announced recently that they have reassessed lending requirements for smaller apartments. Apartments can be a more affordable entry into

Jen Baird

the housing market and are becoming a popular option. Interest movements are also on the rise, with the Reserve Bank raising the OCR for the first time in seven years and the major banks following suit with their rates. The level 4 and level 3 lockdowns may add some interesting alterations to the market. This time we are seeing confidence remain in the market, with many people optimistic and wanting to maintain a sense of normality it’s different to what we saw in the lockdowns of 2020. Real estate professionals have continued to work remotely. Technology is making it easier to purchase homes remotely, with agents offering 3D virtual tours and be!er photographs. Agents can also deliver remote appraisals (which must be followed up with physical appraisals as soon as alert levels allows), listings, electronic sales and purchase agreements, and online or phone auctions • Jen Baird is chief executive at the Real Estate Institute of New Zealand (REINZ)

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NEW HOMES: ADVICE

The ﬁnancial advantages of buying new Getting a mortgage when you’re a ﬁrst-home buyer can be a daunting process but there are ways to smooth the process, writes DIANA CLEMENT.

inancing your ﬁrst home purchase is a learning curve. The good news is that it’s usually easier to get a mortgage for a new home because in most cases the deposit is just 10 per cent. That’s easier to come up with than the 20 per cent you need on an existing home. The other big advantage with a new home, says John Bolton of Squirrel Mortgages, is that you’re not competing with other buyers at auction.

The basics To buy your first home you need a big enough deposit and sufficient income to pay fortnightly or monthly mortgage repayments. • Ge#ing ready. You will most likely need to learn to spend less, save more and pay down consumer debt if you have it. Also consider paying off your student loan, says Stuart Wills of Mortgage Managers. Your mortgage lender will look at how much you can afford to pay, and that’s reduced by your student loan payments. • Your savings/deposit. You can buy a new home with a 10 per cent mortgage, or even five per cent sometimes. You will, however, pay a slightly higher interest rate or a one-off “low equity fee”, says Wills. If you can, it’s best to have a 20 per cent deposit. • Kiwisaver withdrawal and

the First Home Grant. Most first-home buyers withdraw savings from Kiwisaver to buy their first home. You may also qualify for the First Home Grant, which can add up to $20,000 free for a couple buying a new build. That’s twice as much as you can get for a second-hand home. • First Home Loan (formerly Welcome Home Loan). This scheme managed by Kāinga Ora helps you buy with a five per cent deposit on a standard interest rate, by guaranteeing a portion of the mortgage. It’s a good way to start your home ownership journey if you qualify. • The bank of mum and dad. Lenders will look at you more kindly if you’ve built up good old-fashioned savings by yourself. Even so, mum and dad often gift money towards the deposit, says Wills. Some lend the deposit, although lenders aren’t always keen. Some parents co-buy a percentage of the home or they “go guarantor” (guaranteeing all or part of the mortgage). This can be risky for parents. Ready built or off-the-plan? • Ready built. Banks prefer to lend on ready-built new homes. A home is considered “new” for the purposes of ge#ing a mortgage providing you se#le within six months of receiving its code of

conditional. You’ll only get the money if both the registered valuation and the actual property are acceptable to the lender.

Houses under construction in Wellington at the end of last year. Buying new can be an easier route to home-ownership for ﬁrst-home buyers. Photo / Getty Images

compliance certificate. This is the easiest type of new home to borrow on, say Bolton. • Off-the-plan. This is a home being sold before it’s built. It’s usually an apartment or townhouse. You will pay a 10 per cent deposit from your savings to secure the contract, then the remainder when the build is complete. Banks will lend on these contracts but you need to apply again for mortgage pre-approval every three to six months until it’s completed, says Bolton. • Home and land. Large building companies sell home-and-land packages. Typically you’ll buy the land from the builder first with a deposit and then the bank releases “progress payments” as the build progresses. Banks prefer 20 per cent deposits for home-and-land packages, says Bolton. The other type

of new build is where you buy a section, have the house designed, then employ a builder. It’s rare for banks to lend to first-home buyers for this type of build, says Bolton. Getting pre-approval • Be organised. Most first-home buyers have their mortgages “pre-approved” before they go shopping for a home. You’ll need to collect bank statements and other financial paperwork to give to your independent mortgage advisor or mobile mortgage manager who works for the bank. • Start applying. You need to complete a mortgage application form. Your advisor/manager will help you with that. Once approved, you will know how much you can spend on your first home. • Be aware of the conditions. Mortgage approval is

Ready, set, go Now that you understand the process, it’s time to make it happen. You can make offers or bid at auction. • Show the contract to your lawyer. Your lawyer will check all the legal documents including the LIM report and title. Lawyers sometimes pick up issues that could result in the bank withdrawing your pre-approval. • Talk to your mortgage adviser or manager. They can help ensure there are no last-minute hiccups with the mortgage. Second time around You may find that you can’t quite qualify first time around for a mortgage. Don’t give up, says Lesley Harris, of the First Home Buyers club. Many first-home buyers find a way to buy within six months or a year. If you’ve only tried one bank, go to a mortgage adviser who can shop around banks and second-tier lenders for you, says Harris. Or go back to the drawing board. Reduce your debt and save a bigger deposit. Close any unused credit cards, hire purchase or other lending, she says. Their mere existence reduces what you can borrow. Keep up hope. Every year many thousands of young New Zealanders buy their first home. You can do it too.

Just how long does it take to build a home in NZ? By Diana Clement

uying a new home has many benefits for homeowners and investors. They take time to build, however. Many factors affect the build time. A single-level standalone home on a greenfields site is a very different build proposition to a 200 apartment complex, for example. Construction time is easy to predict, says Grant Florence, chief executive of the New Zealand Certified Builders association. The build of a standalone home on a section should take about 20 to 24 weeks. John Tookey, professor of Construction Management at AUT, concurs. Homes built that fast are mostly likely to be in suburbs where developers have a stream of consents going through council and have construction teams in and around site already, says Tookey. A terrace development should take around nine months to complete while an apartment block could

take a year or two. By way of example, Ockham Residential’s most recent development, the three-building, 95-unit Kōkihi complex in Auckland’s Waterview, broke dirt in March 2020, four days before the first lockdown, and received its code of compliance certificate in June this year - that’s 15 months later but still four months ahead of schedule. Each development has its own quirks. Kōkihi had extra engineering challenges, thanks to its proximity to the Waterview Tunnel. It’s what happens before the first spade hits the ground that can make build times drag on, says Florence. That’s largely to do with developers needing to make sufficient pre-sales to get their finance, planning and council consents. Some of the factors include: • Pre-sales: Your build may not even start until the developer has pre-sold a certain number of units. Lenders require developers to make a certain number of pre-sales before providing finance. That can take months.

• Design complexity: A simple design will be faster to build than a complex one, says Florence. Likewise, managing the build yourself can slow things down, he says. • Availability of builders: New Zealand’s skills shortage has been exacerbated by the pandemic. The country is short of around 40,000 tradies, which means many construction companies can’t build as fast as

Everyone has heard of a build that seemed to stretch on forever. they’d like to, says Florence. • Spply chain issues: Builders often have diﬃculty buying materials. New Zealand is a long way from most of the rest of the world and is a small market. That, combined with the pandemic, has created long delays in the supply chain. • Council consent: Consenting issues often cause delays to building projects. The best- case scenario is that your consent is turned around in 20 working days, says Tookey. Make sure you dot all your Is and Ts before you lodge your initial

application. Every time there is a request for more information from the council, the clock resets. If your plans change and you need to amend the consent after it has been granted, the council can add another 20 days to the process. Since 2011 the number of housing consents has grown year on year on average by 13 per cent a year, says Tookey. Councils have not increased staﬃng to match, which means they’re trying to eke more consents out of the same number of employees. • Height of the building: It takes longer to build a 10-storey apartment building than a two- or three-storey terrace, or a standalone home on a greenﬁelds site. Apartment buildings need cranes and a huge amount of structural work. Most terrace homes are more than one-storey high and have adjoining walls with neighbouring houses. Typically, the entire block will be built at once, not just one terrace at a time. This extends the build time, says Florence. • Site preparation: Will your site need complex work on the

land, drainage, foundations, and earthworks before the build can start? Steep, awkward sites take longer to build on. If you’re rebuilding on a site where a previous house stood, expect to run into problems such as the need for additional ground reinforcing or new retaining walls, says Tookey. • Time of the year: The weather may affect your build. Ones taking place during winter usually take longer than the summer as bad weather can force tradies offsite or indoors. Even the holidays can slow the build down. Tradies take holidays too, especially over December and January. If you’re lucky, your developer and builder will be well down the track of sales, consents and even possibly construction by the time you sign the sale-and-purchase agreement. This will reduce the time until you can move in. The fastest and least complex way to buy a new home is to find a “turnkey” property that is already built that you can simply buy, turn the key in the lock and move into.

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HOUSE VALUE INDEX

CAN NZ FLATTEN THE CURVE?

Northland $781,000

+3.2%

The doubling of the national average property value in less than a decade will put further pressure on ﬁrst-home buyers and push up deposit requirements for many to $200,000 - more than three times the average annual wage. CATHERINE MASTERS looks at the state of the housing market after 12 months of record price rises.

f you want to know how much the housing market has changed in the last 12 months, then cast your eyes to Wellington. The capital, long viewed as immune to the price surges that have been a fixture of the Auckland market, is well and truly a $1 million-plus city. Wellington’s average property value sits at just over $1.2m, up 30% since September 2020 when the post-lockdown boom began to take effect. That 30% gain is the equivalent of $279,000 on top of the price of the average house in the city - and would require firsthome buyers to cough up an extra $55,000 for a typical 20% deposit. Look back five years, and Wellington’s average property value was $660,000 and Auckland’s was just over $1m. It’s when you look at value growth at a suburb level that you see the shifts in the housing market landscape. A year ago, 17 Wellington suburbs had an average property value of $1m or more, with typical house prices in the other 39 suburbs under $1m. Now, the number of $1m-plus suburbs sits at 46, and just 10 suburbs have average property values of less than $1m. For first-home buyers with tight budgets, the solution would be to head to the capital’s fringe towns and regions, but the average property value for the seven other TAs that make up the Greater Wellington region is just over $900,000. Wellington is not the only major metro to see house prices rise at record rates. New Zealand’s average property value crossed the $1m mark for the first time in August, with the typical cost of a property around the country rising nearly 27% in the year to September 15 and 4.9% in the three months to the same date. Some homeowners have done be"er than others. At a regional level, Gisborne, Manawatu-Whanganui, Greater Wellington, Hawke’s Bay and Bay of Plenty have seen value growth of more

than 30% in the last 12 months, while Bay of Plenty, Waikato and Canterbury have deﬁed slowdown pressures, recording quarterly growth of more than 5%. The acceleration in house prices has seen Wellington and Tauranga join Auckland and Queenstown-Lakes in the $1m club, with Hamilton, Napier, Hastings, Nelson and Whangarei not far behind. Auckland remains the most expensive place to buy property, with the city recording an average property value of $1.415m (up 24% on last year), while West Coast is New Zealand’s most aﬀordable housing market, with an average property value of $353,000. Surprisingly, no suburb has lost money in the post-Covid boom. Central Auckland suburbs have enjoyed the country’s biggest windfall ($313,000), while homeowners in Kaitangata, Otago, did the least well out of the market surge, with the suburb’s average property value rising just $26,000 to $240,000. That’s less than what Herne Bay, Southland the $476,000

+1.9%

country’s most expensive suburb, earned in a month, with Herne Bay’s average property value jumping $653,000 to $3.677m in the year to September 15. Of the 1000-plus suburbs that saw more than 20 sales in the last 12 months, 19 enjoyed value gains of more than half a million dollars. Not all are in Auckland. Four (Matangi, Newstead, Puketaha and

Auckland $1.415m

+3.9%

Waikato $897,000

+6.8%

Taranaki Tamahere) are in Waikato; $638,000 three (Arrowtown, Kelvin Heights and Queenstown Hill) +2.6% are in Queenstown; and one (Roseneath) is in Wellington. ManawatuThe overall figures are grim Whanganui for those who haven’t yet been $644,000 able to break into the market, +3.7% and the surge puts the squeeze Nelson on those saving for a deposit. $817,000 House-hunters are now +4.1% spending about $213,000 Wellington more than they did a Tasman Marlborough $1.49m year ago on the typical $922,000 $751,000 home, and the surge in +3.5% +3.7% prices is taking place +2.2% against a backdrop of a slump show a multi-decade path in listings. West Coast of grimness. $353,000 If house prices grew at the +2.9% historical average of 3% and incomes grew around 4%, it would take 39 years for the ratio of house prices relative to incomes to return to pre-crisis Canterbury levels, Workman says. That’s a $681,000 couple of generations. +5.3% “What it suggests to me is the tailwind in the housing market has been blowing very, very strong and it has been blowing quite strong for the last 30 years. We There are haven’t been building enough indications that prices houses – that’s the structural, will jump further once fundamental problem – and the market comes back then on top of that you get to life after more than these cyclical drivers such as a month of lockdown Otago low interest rates.” restrictions and buyers $858,000 Young people watching the try to secure a home +2% housing market often respond before interest rates rise. by saying they are giving up Miles Workman, senior on home ownership, Workman economist for the ANZ, says. “There’s also a cohort says young people coming into their 20s face carrying the biggest debt levels relative “From an to income of anyone in intergenerational living memory if they want to own a home. “From an equality perspective intergenerational equality it’s quite a sad tale, perspective it’s quite a sad tale, really,” he says. really.” If you look at house prices Miles Workman, relative to income, the pool ANZ senior economist of people who can afford to buy a house is shrinking, that just simply have to save he says. And when you put for so much longer just to get some assumptions into the that deposit together, and in picture around income growth order to do so it’s more likely and price inflation for the in this day and age to require medium term, with one of two incomes to service the those assumptions being house prices don’t fall, some scenarios debt, and they are ge"ing into

Bay of Plenty $973,000

+6.9%

Gisborne $668,000

+3.4%

Hawke’s Bay $835,000

+3.3%

What the map tells you The map shows the average property value for each region on September 15, 2021 and the three-month change in growth.

a debt position relative to their income that is much higher than anyone in living memory has really had to deal with.” Single people on a median wage will find it exceedingly tough to save to own a home, he says. In one scenario, Workman took 30% house inflation and a $1m house as his starting point. After interest costs, a homeowner made about $275,000 in unrealised capital gain but someone looking to enter the market who didn’t have the 20% deposit had to save an extra $60,000 just to stand still. “When you put it into daily numbers, the saver needed to find $165 a day and the person who owned the house was making an unrealised capital gain of $750 per day.” The ANZ is projecting house price inflation will slow markedly over the year ahead, however, and there may even be a couple of negative months as interest rates are expected to rise. But if prices did fall that would only be very small, Workman says, and not enough to take the annual pace of inflation into negative territory. While Auckland is exceptionally unaffordable for a lot of people, the regions have also become unaffordable for many. But James Wilson, head of valuation with OneRoof’s data partner Valocity, says while areas like Gisborne, Whanganui and Hawke’s Bay have seen big

OneRoof.co.nz

HOUSING MARKET’S WINNERS AND LOSERS

The table below ranks New Zealand's territorial authorities by average property value. Auckland City is the most expensive place to buy a home while Buller is the cheapest. The table also shows the average gain homeowners in each TA would have enjoyed over the past 12 months and the extra thousands of dollars ﬁrst home buyers would have to save as a result of rising house prices. The gains for homeowners range from as high as $313,000 in Auckland City to as low as $44,000 in Waitomo, while the biggest hit to ﬁrst home buyers was in Auckland City, with an extra $62,600 required for a deposit. OneRoof calculated the extra money required for a 20% deposit by using the current average property value in each TA and comparing it to the average property value 12 months ago.

Region

Current average property value

Three-month 12-month change % change %

12-month gain in $

Five-year gain in $

New Zealand

$1,000,000

4.3%

26.9%

$213,000

$361,000

Auckland

$1,415,000

3.9%

24.9%

$282,000

$380,000

Bay of Plenty

$973,000

6.9%

31.3%

$232,000

$437,000

Canterbury

$681,000

5.3%

25.6%

$139,000

$181,000

Gisborne

$668,000

3.4%

34.4%

$171,000

$393,000

Hawke's Bay

$835,000

3.3%

32.5%

$205,000

$455,000

Manawatu-Whanganui

$644,000

3.7%

33.3%

$161,000

$359,000

Marlborough

$751,000

2.2%

29.7%

$172,000

$321,000

Nelson

$817,000

4.1%

19.6%

$134,000

$330,000

Northland

$781,000

3.2%

25.0%

$156,000

$317,000

Otago

$858,000

2.0%

20.8%

$148,000

$362,000

Southland

$476,000

1.9%

19.0%

$76,000

$214,000

Taranaki

$638,000

2.6%

24.9%

$127,000

$254,000

Tasman

$922,000

3.7%

22.6%

$170,000

$367,000

Waikato

$897,000

6.8%

29.6%

$205,000

$382,000

Wellington

$1,049,000

3.5%

33.3%

$262,000

$524,000

West Coast

$353,000

2.9%

22.6%

$65,000

$107,000

growth on paper, that growth does not necessarily mean much for many buyers and sellers. He points out the price hikes seen around the country may be related to the national shortage of listings. “One of the key drivers of that right now is that even people who you might call winners on paper – so their area or property has had massive growth in value – even those people are still potentially blocked out of their next purchase. “If your value has gone up so has the value of the properties around you,” Wilson says. To buy a similar property in the same location or take the next step on the ladder means taking out a “heck of a

lot” more debt to do that. That means people are instead not moving and therefore not listing their homes. “That’s quite a new theme for New Zealand and I think it really has come about because of the rate of that growth in the last 12 months,” he says. “Where in the past people who couldn’t afford central Auckland would buy on the fringe, and if they couldn’t afford that they would buy in the regions, the rapid price growth in regional New Zealand has meant people already living in those areas are finding their local market now priced out of their reach. That becomes a very difficult pill to swallow.” Brad Olsen, principal

economist at Infometrics, says the last 12 months have been a game of two halves with investors active for the first half then owner-occupiers for the second, and first-home buyers have benefited from the lower interest rates. The difficulty for many has been the struggle around trying to weigh up the different options. Some sellers have wanted to collect some of the gains they have made on paper but they also then ran into the listings shortage. “You could well be selling at the same time as trying to buy a more expensive house so I think there’s been more hesitation on the sellers than the buyers’ side, in many respects,” Olsen says.

Auckland City Queenstown-Lakes Auckland North Shore Auckland Rodney Auckland Manukau Wellington Auckland Waitakere Western Bay of Plenty Thames-Coromandel Waikato Tauranga Auckland Franklin Auckland Papakura Kāpiti Coast Porirua Waipā Lower Hutt South Wairarapa Upper Hutt Tasman Hastings Napier Kaipara Hamilton Selwyn Taupō Whangārei Nelson Carterton Central Otago Whakatāne Marlborough Rotorua Palmerston North Matamata-Piako Masterton Mackenzie Waimakariri Manawatū New Plymouth Dunedin Christchurch Gisborne Horowhenua Far North Ōtorohanga Hauraki Kaikōura Central Hawke's Bay Ōpōtiki Hurunui Whanganui Ashburton Stratford Timaru Tararua Rangitīkei Southland Waitaki Invercargill South Waikato South Taranaki Ruapehu Waimate Gore Kawerau Westland Clutha Wairoa Waitomo Grey Buller

Current average property value

12-month gain

Extra deposit required in last 12 months

$1,627,000 $1,598,000 $1,567,000 $1,424,000 $1,260,000 $1,207,000 $1,158,000 $1,143,000 $1,140,000 $1,115,000 $1,115,000 $1,088,000 $1,063,000 $998,000 $995,000 $988,000 $977,000 $971,000 $938,000 $922,000 $903,000 $871,000 $853,000 $852,000 $852,000 $846,000 $837,000 $817,000 $810,000 $783,000 $761,000 $751,000 $748,000 $747,000 $746,000 $729,000 $723,000 $718,000 $710,000 $710,000 $702,000 $687,000 $668,000 $668,000 $668,000 $658,000 $645,000 $642,000 $616,000 $601,000 $580,000 $561,000 $534,000 $519,000 $515,000 $512,000 $505,000 $492,000 $486,000 $482,000 $465,000 $430,000 $428,000 $426,000 $416,000 $409,000 $401,000 $398,000 $384,000 $370,000 $346,000 $325,000

$313,000 $306,000 $298,000 $269,000 $263,000 $279,000 $253,000 $249,000 $268,000 $308,000 $281,000 $231,000 $234,000 $266,000 $253,000 $209,000 $256,000 $271,000 $242,000 $170,000 $225,000 $220,000 $203,000 $184,000 $179,000 $208,000 $175,000 $134,000 $232,000 $103,000 $181,000 $172,000 $158,000 $183,000 $136,000 $204,000 $93,000 $143,000 $158,000 $139,000 $117,000 $147,000 $171,000 $166,000 $108,000 $155,000 $116,000 $111,000 $120,000 $159,000 $99,000 $146,000 $82,000 $115,000 $74,000 $157,000 $137,000 $61,000 $81,000 $83,000 $91,000 $91,000 $109,000 $74,000 $73,000 $91,000 $71,000 $56,000 $67,000 $44,000 $63,000 $62,000

$62,600 $61,200 $59,600 $53,800 $52,600 $55,800 $50,600 $49,800 $53,600 $61,600 $56,200 $46,200 $46,800 $53,200 $50,600 $41,800 $51,200 $54,200 $48,400 $34,000 $45,000 $44,000 $40,600 $36,800 $35,800 $41,600 $35,000 $26,800 $46,400 $20,600 $36,200 $34,400 $31,600 $36,600 $27,200 $40,800 $18,600 $28,600 $31,600 $27,800 $23,400 $29,400 $34,200 $33,200 $21,600 $31,000 $23,200 $22,200 $24,000 $31,800 $19,800 $29,200 $16,400 $23,000 $14,800 $31,400 $27,400 $12,200 $16,200 $16,600 $18,200 $18,200 $21,800 $14,800 $14,600 $18,200 $14,200 $11,200 $13,400 $8,800 $12,600 $12,400

OneRoof.co.nz

HOUSE VALUE IND EX

How hot is your suburb? The OneRoof Property Report House Value Index, powered by OneRoof’s data partner Valocity, shows the latest average property value for every suburb* in New Zealand. The tables below are arranged by region, starting at the top of the North Island and finishing at the bottom of the South Island (with the territorial authorities and suburbs within each region shown in alphabetical order).

What do the tables show? The tables below show for each suburb, territorial authority and region: The average property value at September 15, 2021; The 3-month change in percent; The change over the previous 3-month period in percent; The 12-month change in percent; The 12-month gain (or loss) in dollars; The extra deposit ﬁrst home buyers would have needed to save in the last 12 months as a result of rising prices.

LOCATION

NEW ZEALAND

CURRENT AVERAGE PROPERTY VALUE $1,000,000

What do the numbers mean? The average property value in the index is a good indicator of house prices in an area because it is not affected by outliers.The 3-month and 12-month changes indicate how well property values are tracking in the given area. If the percentage change is upwards, then it means the market in the area may be hot and that homes there are selling quickly and for more money. If the percentage change is downwards, then it is a sign that the market in the area is soft or cold, and that properties are selling slowly and for less. The gain figure shows how much homeowners have gained (or lost) in any given area in the last 12 months. OneRoof has also calculated the extra money buyers would have had to save in the last 12

CHANGE OVER THREE- PREVIOUS 12-MONTH MONTH THREE- CHANGE % CHANGE % MONTH PERIOD 4.3%

6.8%

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE SEPTEMBER 2020

26.9%

$213,000

$42,600

NORTH ISLAND NORTHLAND

$781,000

3.2%

5.7%

25.0%

$156,000

$31,200

FAR NORTH

$668,000

2.50%

3.99%

19.30%

$108,000

$21,600

$543,000 $711,000 $734,000 $741,000 $666,000 $332,000 $379,000 $634,000 $446,000 $992,000 $688,000 $655,000 $485,000 $709,000 $636,000 $422,000 $1,284,000 $627,000 $929,000

2.3% 1.0% 1.2% 1.6% 1.2% 6.4% 3.0% 1.3% 2.3% 6.9% 2.7% 2.2% 0.2% -0.4% 1.4% 0.2% -2.2% 1.1% 0.3%

5.2% 4.1% 2.7% 4.7% 4.0% 3.0% 1.7% 3.1% 3.3% 2.7% 3.4% 5.8% 7.3% 6.3% 5.2% 3.4% 1.8% 4.9% 5.8%

17.8% 19.1% 18.6% 17.8% 16.2% 23.0% 17.0% 18.9% 25.6% 16.6% 23.5% 21.3% 28.6% 16.8% 22.5% 23.4% 19.8% 22.7% 18.6%

$82,000 $114,000 $115,000 $112,000 $93,000 $62,000 $55,000 $101,000 $91,000 $141,000 $131,000 $115,000 $108,000 $102,000 $117,000 $80,000 $212,000 $116,000 $146,000

$16,400 $22,800 $23,000 $22,400 $18,600 $12,400 $11,000 $20,200 $18,200 $28,200 $26,200 $23,000 $21,600 $20,400 $23,400 $16,000 $42,400 $23,200 $29,200

AHIPARA CABLE BAY COOPERS BEACH HARURU KAEO KAIKOHE KAITAIA KARIKARI PENINSULA KAWAKAWA KERIKERI MANGONUI OKAIHAU OPONONI PAIHIA PUKENUI RAWENE RUSSELL TAIPA WAIPAPA

months for a 20% deposit.The numbers for each region,TA and suburb are based on a comparison of the current average property value and the average property value in September 2020. Together these figures give a good overview of what’s happening in the housing market in each region,TA and suburb, and what buyers can expect to pay and sellers can expect to make.

nd out th alu off y run.You can find the value your own property - and those of your neighbours - at OneRoof.co.nz/estimate. An interactive carrying more house price data for every suburb in New Zealand can be found at OneRoof.co.nz/propertyreport. Alternatively, you can go straight to the interactive using the QR code on the right. Hold your phone camera over the code and click on the link.

How are the suburb values calculated?

*Only suburbs with 20 sales or more in the 12 months to September 15, 2021 have been included in the print tables below.The latest property values for every suburb can be found in the interactive at OneRoof.co.nz/ property-report. If you have a question about the data, please contact support@oneroof. co.nz

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

LOCATION

CURRENT AVERAGE PROPERTY VALUE

CHANGE OVER THREE- PREVIOUS 12-MONTH MONTH THREE- CHANGE % CHANGE % MONTH PERIOD

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE SEPTEMBER 2020

KAIPARA BAYLYS BEACH DARGAVILLE KAIWAKA MANGAWHAI MANGAWHAI HEADS MAUNGATUROTO PAPAROA RUAWAI TE KOPURU

$853,000 $610,000 $522,000 $889,000 $1,228,000 $1,285,000 $687,000 $684,000 $461,000 $474,000

5.00% 5.0% 5.7% 5.2% 6.7% 3.3% 6.7% 6.2% 3.8% 2.6%

6.84% 3.8% 9.1% 10.0% 6.3% 6.5% 5.8% 3.4% 8.8% 7.9%

31.20% 23.0% 33.2% 32.7% 33.3% 29.5% 30.1% 26.7% 38.9% 32.4%

$203,000 $114,000 $130,000 $219,000 $307,000 $293,000 $159,000 $144,000 $129,000 $116,000

$40,600 $22,800 $26,000 $43,800 $61,400 $58,600 $31,800 $28,800 $25,800 $23,200

WHANGAREI AVENUES HIKURANGI HORAHORA KAMO KAURI KENSINGTON LANGS BEACH MAUNGAKARAMEA MAUNGATAPERE MAUNU MORNINGSIDE NGUNGURU ONE TREE POINT

$837,000 $586,000 $601,000 $692,000 $763,000 $1,062,000 $636,000 $2,030,000 $865,000 $1,099,000 $975,000 $576,000 $1,034,000 $1,074,000

3.00% 2.1% 4.5% 3.0% 4.5% 3.2% 1.0% 2.5% 4.3% 4.9% 0.5% 0.9% 4.2% -0.1%

6.55% 7.9% 7.9% 6.8% 7.2% 7.0% 5.2% 5.2% 6.7% 7.5% 7.5% 6.9% 5.9% 6.4%

26.40% 30.8% 31.8% 27.7% 27.2% 24.1% 22.8% 22.9% 27.4% 25.0% 21.7% 26.0% 20.2% 25.6%

$175,000 $138,000 $145,000 $150,000 $163,000 $206,000 $118,000 $378,000 $186,000 $220,000 $174,000 $119,000 $174,000 $219,000

$35,000 $27,600 $29,000 $30,000 $32,600 $41,200 $23,600 $75,600 $37,200 $44,000 $34,800 $23,800 $34,800 $43,800

OneRoof.co.nz

LOCATION

CURRENT AVERAGE PROPERTY VALUE

CHANGE OVER THREE- PREVIOUS 12-MONTH MONTH THREE- CHANGE % CHANGE % MONTH PERIOD

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE SEPTEMBER 2020

ONERAHI OTANGAREI PARAHAKI PARUA BAY POROTI RAUMANGA REGENT RIVERSIDE RUAKAKA RUATANGATA WEST TAMATERAU TIKIPUNGA TUTUKAKA WAIPU WHANGAREI HEADS WHAREORA WHAU VALLEY WOODHILL

$658,000 $373,000 $752,000 $1,092,000 $1,014,000 $518,000 $693,000 $759,000 $901,000 $981,000 $1,108,000 $628,000 $1,219,000 $1,106,000 $1,065,000 $1,037,000 $708,000 $614,000

2.2% 3.3% 1.5% 1.4% 2.9% 2.0% 1.5% 2.7% 7.4% 2.0% 4.1% 4.5% 1.6% 1.7% 3.2% 2.2% 2.9% 4.4%

5.6% 6.2% 7.1% 4.1% 6.5% 7.4% 6.9% 3.8% 4.1% 7.4% 12.7% 7.3% 5.0% 6.0% 7.3% 8.0% 6.2% 4.3%

25.8% 32.7% 24.7% 29.5% 23.8% 29.2% 25.3% 23.6% 26.7% 28.4% 31.1% 30.3% 24.1% 25.0% 27.5% 25.7% 26.9% 26.3%

$135,000 $92,000 $149,000 $249,000 $195,000 $117,000 $140,000 $145,000 $190,000 $217,000 $263,000 $146,000 $237,000 $221,000 $230,000 $212,000 $150,000 $128,000

$27,000 $18,400 $29,800 $49,800 $39,000 $23,400 $28,000 $29,000 $38,000 $43,400 $52,600 $29,200 $47,400 $44,200 $46,000 $42,400 $30,000 $25,600

GREATER AUCKLAND

$1,415,000

3.90%

5.83%

24.90%

$282,000

$56,400

AUCKLAND CITY AUCKLAND CENTRAL AVONDALE BLOCKHOUSE BAY EDEN TERRACE ELLERSLIE EPSOM FREEMANS BAY GLEN INNES GLENDOWIE GRAFTON GREATBARRIER ISLAND (AOTEAISLD) GREENLANE GREY LYNN HERNE BAY HILLSBOROUGH KINGSLAND KOHIMARAMA LYNFIELD MEADOWBANK MISSION BAY MORNINGSIDE MOUNT ALBERT MOUNT EDEN MOUNT ROSKILL MOUNT WELLINGTON NEW WINDSOR NEWMARKET OMIHA ONE TREE HILL ONEHUNGA ONEROA ONETANGI ORAKEI OSTEND OTAHUHU PALM BEACH PANMURE PARNELL PENROSE POINT CHEVALIER POINT ENGLAND PONSONBY RAKINO ISLAND REMUERA ROYAL OAK SAINT JOHNS SAINT MARYS BAY SANDRINGHAM ST HELIERS STONEFIELDS SURFDALE THREE KINGS WAI O TAIKI BAY WAIHEKE ISLAND WATERVIEW WESLEY WESTMERE

$1,627,000 $641,000 $1,216,000 $1,357,000 $883,000 $1,451,000 $2,371,000 $1,763,000 $1,329,000 $2,462,000 $774,000 $712,000 $2,058,000 $1,993,000 $3,677,000 $1,433,000 $1,551,000 $2,383,000 $1,434,000 $1,845,000 $2,340,000 $1,431,000 $1,560,000 $1,955,000 $1,353,000 $1,118,000 $1,378,000 $1,034,000 $1,174,000 $1,476,000 $1,319,000 $2,151,000 $1,908,000 $2,527,000 $1,397,000 $881,000 $1,840,000 $1,164,000 $2,187,000 $1,224,000 $2,124,000 $1,262,000 $2,553,000 $786,000 $2,898,000 $1,514,000 $1,661,000 $2,942,000 $1,617,000 $2,469,000 $1,677,000 $1,395,000 $1,311,000 $1,647,000 $3,159,000 $1,180,000 $1,325,000 $2,616,000

3.80% -1.10% 6.90% 5.20% 2.40% 1.50% 2.20% 2.10% 3.30% 2.30% 2.70% 1.30% 1.20% 10.90% -2.20% 0.60% 0.60% 4.30% 2.90% 2.40% 1.20% 1.40% 3.20% 2.90% 9.80% 8.10% 3.60% 1.10% 5.80% 0.40% 7.70% 6.30% 6.00% 2.10% 4.60% 2.90% 1.20% 4.30% 4.80% 0.00% 3.50% 1.50% 6.10% -1.00% 4.50% 0.10% 4.10% -2.00% 7.70% 6.80% 0.50% 4.90% -0.60% -0.40% -1.00% 2.70% 1.50% 1.50%

5.52% 3.02% 9.64% 3.86% 3.23% 5.23% 5.12% 3.10% 8.79% 10.16% 4.72% 5.24% 9.54% -0.94% 6.94% 8.70% 7.83% 4.48% 5.37% 6.31% 7.13% 4.99% 10.53% 5.73% 2.33% 2.17% 4.56% 4.92% 7.04% 7.14% 2.94% 5.91% 5.70% 3.12% 7.14% 10.45% 4.00% 4.89% 2.10% 4.35% 9.61% 10.20% 10.46% 2.58% 4.84% 6.93% 5.70% 10.37% 4.67% 5.77% 10.53% 5.89% 5.35% 5.48% 10.76% 2.96% 11.62% 6.36%

23.80% 8.10% 32.60% 26.70% 14.10% 28.30% 20.50% 19.60% 30.00% 26.90% 14.20% 30.60% 27.40% 21.00% 21.60% 20.60% 23.00% 29.20% 22.50% 30.10% 21.70% 22.70% 26.80% 21.70% 27.60% 24.10% 30.60% 15.10% 30.60% 27.50% 27.30% 28.30% 24.50% 19.10% 27.00% 25.00% 24.00% 29.90% 18.20% 21.30% 26.80% 31.60% 29.50% 14.70% 27.10% 22.70% 29.40% 25.50% 33.20% 21.60% 24.70% 29.90% 20.80% 25.20% 23.50% 27.00% 30.70% 24.10%

$313,000 $48,000 $299,000 $286,000 $109,000 $320,000 $403,000 $289,000 $307,000 $522,000 $96,000 $167,000 $443,000 $346,000 $653,000 $245,000 $290,000 $538,000 $263,000 $427,000 $417,000 $265,000 $330,000 $348,000 $293,000 $217,000 $323,000 $136,000 $275,000 $318,000 $283,000 $475,000 $376,000 $406,000 $297,000 $176,000 $356,000 $268,000 $337,000 $215,000 $449,000 $303,000 $582,000 $101,000 $618,000 $280,000 $377,000 $597,000 $403,000 $439,000 $332,000 $321,000 $226,000 $332,000 $602,000 $251,000 $311,000 $508,000

$62,600 $9,600.00 $59,800.00 $57,200.00 $21,800.00 $64,000.00 $80,600.00 $57,800.00 $61,400.00 $104,400.00 $19,200.00 $33,400.00 $88,600.00 $69,200.00 $130,600.00 $49,000.00 $58,000.00 $107,600.00 $52,600.00 $85,400.00 $83,400.00 $53,000.00 $66,000.00 $69,600.00 $58,600.00 $43,400.00 $64,600.00 $27,200.00 $55,000.00 $63,600.00 $56,600.00 $95,000.00 $75,200.00 $81,200.00 $59,400.00 $35,200.00 $71,200.00 $53,600.00 $67,400.00 $43,000.00 $89,800.00 $60,600.00 $116,400.00 $20,200.00 $123,600.00 $56,000.00 $75,400.00 $119,400.00 $80,600.00 $87,800.00 $66,400.00 $64,200.00 $45,200.00 $66,400.00 $120,400.00 $50,200.00 $62,200.00 $101,600.00

CHANGE OVER THREE- PREVIOUS 12-MONTH MONTH THREE- CHANGE % CHANGE % MONTH PERIOD

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE SEPTEMBER 2020

27.00% 22.30% 21.90% 23.30% 23.30% 25.10% 24.10% 18.90% 24.70% 19.40% 21.70% 24.70% 25.40% 20.20% 30.60% 26.20% 22.50% 16.20% 26.20% 27.70%

$231,000 $285,000 $142,000 $298,000 $223,000 $242,000 $275,000 $190,000 $325,000 $151,000 $263,000 $267,000 $251,000 $165,000 $227,000 $351,000 $309,000 $277,000 $367,000 $198,000

$46,200 $57,000.00 $28,400.00 $59,600.00 $44,600.00 $48,400.00 $55,000.00 $38,000.00 $65,000.00 $30,200.00 $52,600.00 $53,400.00 $50,200.00 $33,000.00 $45,400.00 $70,200.00 $61,800.00 $55,400.00 $73,400.00 $39,600.00

5.85% 6.2% 3.6% 6.6% 9.9% 8.7% 8.9% 3.0% 6.6% 4.5% 7.0% 6.2% 6.6% 5.7% 6.4% 5.3% 8.4% 4.4% 6.6% 5.0% 9.1% 8.8% 4.6% 6.9% 5.6% 9.7% 5.0% 6.2% 6.5% 4.9% 6.3% 7.8% 7.1% 7.1% 0.8% 9.9% 4.1% 5.3% 4.3% 7.8% 6.4% 8.7% 8.0% 9.3% 7.7% 9.0%

26.40% 28.7% 23.4% 23.3% 32.0% 31.0% 24.4% 28.7% 22.3% 21.8% 21.6% 23.0% 31.0% 28.5% 25.2% 26.1% 26.6% 24.7% 25.1% 23.2% 26.9% 27.7% 23.8% 24.4% 28.3% 17.5% 34.9% 37.9% 20.8% 21.8% 24.7% 34.1% 28.9% 31.0% 26.3% 30.2% 24.5% 24.0% 25.9% 23.7% 28.0% 22.6% 29.0% 26.9% 24.7% 28.8%

$263,000 $370,000 $259,000 $333,000 $315,000 $192,000 $406,000 $205,000 $305,000 $321,000 $211,000 $347,000 $480,000 $407,000 $184,000 $304,000 $303,000 $234,000 $338,000 $235,000 $222,000 $297,000 $181,000 $260,000 $205,000 $108,000 $243,000 $250,000 $276,000 $398,000 $307,000 $214,000 $296,000 $304,000 $205,000 $198,000 $322,000 $313,000 $362,000 $259,000 $245,000 $396,000 $247,000 $186,000 $677,000 $174,000

$52,600 $74,000 $51,800 $66,600 $63,000 $38,400 $81,200 $41,000 $61,000 $64,200 $42,200 $69,400 $96,000 $81,400 $36,800 $60,800 $60,600 $46,800 $67,600 $47,000 $44,400 $59,400 $36,200 $52,000 $41,000 $21,600 $48,600 $50,000 $55,200 $79,600 $61,400 $42,800 $59,200 $60,800 $41,000 $39,600 $64,400 $62,600 $72,400 $51,800 $49,000 $79,200 $49,400 $37,200 $135,400 $34,800

4.88% 4.4% 3.8% 5.8% 7.5% 2.9% 3.1% 3.0% 4.1% 4.0% 5.7%

23.50% 22.2% 14.8% 26.6% 23.4% 26.3% 15.3% 27.4% 20.1% 25.8% 20.5%

$298,000 $218,000 $185,000 $386,000 $211,000 $249,000 $209,000 $230,000 $242,000 $273,000 $423,000

$59,600 $43,600 $37,000 $77,200 $42,200 $49,800 $41,800 $46,000 $48,400 $54,600 $84,600

LOCATION

CURRENT AVERAGE PROPERTY VALUE

AUCKLAND FRANKLIN ARARIMU AWHITU BOMBAY CLARKS BEACH GLENBROOK HUNUA KARIOITAHI KINGSEAT MANUKAU HEADS MAUKU PAERATA PATUMAHOE POLLOK PUKEKOHE PUKEKOHE EAST RAMARAMA RUNCIMAN WAIAU PA WAIUKU

$1,088,000 $1,562,000 $789,000 $1,577,000 $1,182,000 $1,206,000 $1,417,000 $1,197,000 $1,640,000 $928,000 $1,477,000 $1,349,000 $1,239,000 $983,000 $969,000 $1,691,000 $1,680,000 $1,992,000 $1,770,000 $914,000

6.10% -1.00% 0.80% 2.50% 0.60% 2.10% 0.40% -1.10% 0.90% 0.80% -0.90% 0.60% 0.90% -0.90% 11.00% 3.20% -0.20% -0.40% 0.30% 9.70%

6.66% 9.66% 10.59% 11.13% 9.20% 8.55% 11.18% 12.66% 10.46% 10.17% 12.36% 9.38% 7.81% 12.22% 3.44% 14.63% 9.57% 11.43% 10.45% 4.91%

AUCKLAND MANUKAU BEACHLANDS BOTANY DOWNS BUCKLANDS BEACH BURSWOOD CLENDON PARK CLEVEDON CLOVER PARK COCKLE BAY DANNEMORA EAST TAMAKI EAST TAMAKI HEIGHTS EASTERN BEACH FARM COVE FAVONA FLAT BUSH GOLFLANDS GOODWOOD HEIGHTS HALF MOON BAY HIGHLAND PARK HILLPARK HOWICK MANGERE MANGERE BRIDGE MANGERE EAST MANUKAU MANUREWA MANUREWA EAST MARAETAI MELLONS BAY NORTHPARK OTARA PAKURANGA PAKURANGA HEIGHTS PAPATOETOE RANDWICK PARK SHELLY PARK SOMERVILLE SUNNYHILLS THE GARDENS TOTARA HEIGHTS TOTARA PARK WATTLE DOWNS WEYMOUTH WHITFORD WIRI

$1,260,000 $1,660,000 $1,366,000 $1,764,000 $1,300,000 $811,000 $2,068,000 $919,000 $1,675,000 $1,795,000 $1,190,000 $1,856,000 $2,026,000 $1,834,000 $913,000 $1,468,000 $1,443,000 $1,183,000 $1,683,000 $1,250,000 $1,046,000 $1,371,000 $940,000 $1,326,000 $929,000 $725,000 $939,000 $909,000 $1,605,000 $2,225,000 $1,551,000 $841,000 $1,321,000 $1,285,000 $984,000 $854,000 $1,638,000 $1,619,000 $1,762,000 $1,351,000 $1,119,000 $2,152,000 $1,099,000 $878,000 $3,417,000 $779,000

4.00% 7.1% 0.4% 1.0% 1.7% 4.2% -2.4% 4.2% -0.3% 3.1% 1.5% 1.9% 2.5% 2.2% 4.1% 7.2% 1.1% 2.2% 1.7% 2.3% 3.7% 1.6% 5.3% 6.3% 3.2% 1.3% 9.2% 4.5% -0.9% 2.3% 1.2% 3.1% 5.9% 3.8% 9.6% 5.0% 1.1% 1.8% 4.3% 1.4% 1.5% -0.8% 3.8% 2.6% 1.0% 2.0%

AUCKLAND NORTH SHORE ALBANY ALBANY HEIGHTS BAYSWATER BAYVIEW BEACH HAVEN BELMONT BIRKDALE BIRKENHEAD BROWNS BAY CAMPBELLS BAY

$1,567,000 $1,200,000 $1,433,000 $1,836,000 $1,113,000 $1,196,000 $1,579,000 $1,070,000 $1,444,000 $1,331,000 $2,484,000

2.80% 6.3% 1.7% 1.8% 3.1% 3.1% -2.2% 2.8% 4.4% 2.2% 0.2%

OneRoof.co.nz

CHANGE OVER THREE- PREVIOUS 12-MONTH MONTH THREECHANGE % MONTH CHANGE % PERIOD

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE SEPTEMBER 2020

LOCATION

CURRENT AVERAGE PROPERTY VALUE

CASTOR BAY CHATSWOOD DEVONPORT FAIRVIEW HEIGHTS FORREST HILL GLENFIELD GREENHITHE HAURAKI HILLCREST LONG BAY MAIRANGI BAY MILFORD MURRAYS BAY NARROW NECK NORTHCOTE NORTHCOTE POINT NORTHCROSS OTEHA PAREMOREMO PINEHILL ROTHESAY BAY SCHNAPPER ROCK STANLEY POINT SUNNYNOOK TAKAPUNA TORBAY TOTARA VALE UNSWORTH HEIGHTS WAIAKE WINDSOR PARK

$2,076,000 $1,578,000 $2,310,000 $1,698,000 $1,585,000 $1,170,000 $1,809,000 $2,138,000 $1,397,000 $1,768,000 $1,944,000 $1,914,000 $1,891,000 $2,088,000 $1,374,000 $1,805,000 $1,411,000 $1,231,000 $1,937,000 $1,778,000 $1,781,000 $1,733,000 $2,571,000 $1,347,000 $2,346,000 $1,378,000 $1,140,000 $1,259,000 $1,707,000 $1,490,000

-2.1% -1.9% 1.9% 0.2% 5.8% 4.1% 2.3% 6.1% 8.0% 0.8% 2.9% 5.8% 2.7% -0.5% 4.1% -2.0% 2.5% 1.6% 2.3% 2.4% 2.9% 0.7% 0.3% 4.7% 1.4% 4.6% 1.6% 0.8% -0.8% 1.6%

5.9% 5.1% 3.3% 5.2% 3.9% 3.3% 5.8% 10.5% 4.3% 7.4% 6.6% 3.1% 3.8% 4.3% 2.6% 6.2% 4.9% 7.6% 14.0% 5.4% 4.5% 4.8% 4.0% 4.4% 5.4% 4.5% 6.7% 6.9% 6.3% 6.4%

22.2% 22.4% 23.2% 23.8% 26.8% 29.7% 18.5% 27.3% 22.5% 17.6% 29.2% 20.1% 20.9% 23.2% 21.6% 18.6% 26.3% 23.0% 28.4% 23.9% 22.5% 24.0% 26.4% 30.4% 19.5% 27.4% 25.6% 24.5% 21.7% 27.2%

$377,000 $289,000 $435,000 $326,000 $335,000 $268,000 $283,000 $458,000 $257,000 $264,000 $439,000 $320,000 $327,000 $393,000 $244,000 $283,000 $294,000 $230,000 $429,000 $343,000 $327,000 $335,000 $537,000 $314,000 $382,000 $296,000 $232,000 $248,000 $304,000 $319,000

$75,400 $57,800 $87,000 $65,200 $67,000 $53,600 $56,600 $91,600 $51,400 $52,800 $87,800 $64,000 $65,400 $78,600 $48,800 $56,600 $58,800 $46,000 $85,800 $68,600 $65,400 $67,000 $107,400 $62,800 $76,400 $59,200 $46,400 $49,600 $60,800 $63,800

AUCKLAND PAPAKURA CONIFER GROVE DRURY KARAKA OPAHEKE PAHUREHURE PAPAKURA RED HILL ROSEHILL TAKANINI

$1,063,000 $1,100,000 $1,281,000 $1,757,000 $1,115,000 $1,069,000 $906,000 $863,000 $932,000 $983,000

6.50% 4.1% -0.5% 8.4% 4.9% 4.2% 9.3% 3.0% 3.2% 5.6%

4.72% 5.9% 8.6% 1.0% 5.7% 6.2% 5.1% 7.2% 7.9% 4.5%

28.20% 30.3% 23.9% 25.8% 32.0% 32.0% 30.4% 31.0% 28.4% 24.9%

$234,000 $256,000 $247,000 $360,000 $270,000 $259,000 $211,000 $204,000 $206,000 $196,000

$46,800 $51,200 $49,400 $72,000 $54,000 $51,800 $42,200 $40,800 $41,200 $39,200

AUCKLAND RODNEY ALGIES BAY ARMY BAY COATESVILLE DAIRY FLAT GULF HARBOUR HELENSVILLE HUAPAI KAUKAPAKAPA KAWAU ISLAND KUMEU LEIGH MAKARAU MANLY MATAKANA MURIWAI OMAHA OREWA PARAKAI POINT WELLS PUHOI RED BEACH RIVERHEAD SILVERDALE SNELLS BEACH STANMORE BAY STILLWATER TINDALLS BEACH WAIMAUKU WAINUI WAITOKI WARKWORTH WELLSFORD

$1,424,000 $1,413,000 $1,221,000 $3,231,000 $2,314,000 $1,100,000 $1,248,000 $1,306,000 $1,462,000 $923,000 $1,728,000 $1,327,000 $1,222,000 $1,337,000 $1,773,000 $1,553,000 $2,501,000 $1,258,000 $825,000 $2,062,000 $1,491,000 $1,300,000 $1,806,000 $1,443,000 $1,120,000 $1,168,000 $1,586,000 $1,629,000 $1,648,000 $1,649,000 $2,044,000 $1,212,000 $839,000

2.70% 2.2% 0.3% 2.9% 1.7% 3.1% 4.9% 1.5% 3.9% -1.3% 6.5% -0.5% 0.3% 5.8% 2.7% 0.6% 0.6% 1.7% -2.8% 0.9% 1.2% 3.7% 2.4% 4.6% 2.9% 6.9% 3.8% -2.1% -0.8% 2.8% 0.6% 4.9% 0.8%

8.27% 8.6% 6.5% 4.7% 13.1% 6.8% 11.1% 9.2% 11.9% 8.7% 7.3% 5.0% 15.5% 5.3% 9.1% 9.1% 4.0% 8.0% 7.3% 8.4% 14.6% 7.9% 10.0% 7.0% 9.6% 8.7% 7.2% 4.4% 9.4% 10.3% 7.8% 10.7% 8.6%

23.30% 25.0% 24.1% 14.4% 16.9% 24.9% 23.8% 28.4% 23.0% 24.2% 28.3% 18.0% 24.6% 29.3% 26.2% 25.5% 27.4% 22.3% 24.2% 24.9% 22.8% 24.5% 27.5% 22.0% 28.3% 27.8% 19.6% 17.6% 18.1% 21.2% 12.4% 24.1% 20.7%

$269,000 $283,000 $237,000 $406,000 $335,000 $219,000 $240,000 $289,000 $273,000 $180,000 $381,000 $202,000 $241,000 $303,000 $368,000 $316,000 $538,000 $229,000 $161,000 $411,000 $277,000 $256,000 $390,000 $260,000 $247,000 $254,000 $260,000 $244,000 $252,000 $288,000 $226,000 $235,000 $144,000

$53,800 $56,600 $47,400 $81,200 $67,000 $43,800 $48,000 $57,800 $54,600 $36,000 $76,200 $40,400 $48,200 $60,600 $73,600 $63,200 $107,600 $45,800 $32,200 $82,200 $55,400 $51,200 $78,000 $52,000 $49,400 $50,800 $52,000 $48,800 $50,400 $57,600 $45,200 $47,000 $28,800

AUCKLAND WAITAKERE GLEN EDEN GLENDENE

$1,158,000 $999,000 $1,053,000

5.50% 5.5% 3.7%

6.50% 8.0% 8.1%

28.00% 27.1% 27.5%

$253,000 $213,000 $227,000

$50,600 $42,600 $45,400

LOCATION

CURRENT AVERAGE PROPERTY VALUE

CHANGE OVER THREE- PREVIOUS 12-MONTH MONTH THREECHANGE % MONTH CHANGE % PERIOD

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE SEPTEMBER 2020

GREEN BAY HENDERSON HENDERSON VALLEY HOBSONVILLE KELSTON LAINGHOLM MASSEY NEW LYNN ORATIA PIHA RANUI SUNNYVALE SWANSON TE ATATU PENINSULA TE ATATU SOUTH TITIRANGI WAIATARUA WAITAKERE WEST HARBOUR WESTGATE WHENUAPAI

$1,300,000 $1,096,000 $1,373,000 $1,211,000 $997,000 $1,118,000 $1,104,000 $1,017,000 $1,616,000 $1,283,000 $980,000 $999,000 $1,219,000 $1,410,000 $1,131,000 $1,355,000 $1,341,000 $1,401,000 $1,391,000 $1,080,000 $1,414,000

1.8% 6.0% 4.9% 5.7% 3.2% -0.2% 6.6% 6.9% 1.1% 0.2% 5.8% 4.8% 4.3% 9.9% 6.2% 5.0% 1.9% 0.3% 5.3% 2.5% 5.8%

7.9% 7.3% 11.6% 5.0% 8.2% 7.6% 7.8% 1.0% 9.8% 6.0% 4.0% 6.8% 11.1% 7.4% 3.6% 5.1% 12.7% 10.1% 7.8% 10.7% 7.4%

32.4% 29.6% 29.2% 22.9% 29.0% 22.1% 30.3% 21.8% 32.4% 16.5% 22.3% 26.1% 24.9% 32.9% 32.7% 32.8% 30.1% 26.7% 27.7% 23.3% 28.7%

$318,000 $250,000 $310,000 $226,000 $224,000 $202,000 $257,000 $182,000 $395,000 $182,000 $179,000 $207,000 $243,000 $349,000 $279,000 $335,000 $310,000 $295,000 $302,000 $204,000 $315,000

$63,600 $50,000 $62,000 $45,200 $44,800 $40,400 $51,400 $36,400 $79,000 $36,400 $35,800 $41,400 $48,600 $69,800 $55,800 $67,000 $62,000 $59,000 $60,400 $40,800 $63,000

WAIKATO

$897,000

6.8%

7.7%

29.6%

$205,000

$41,000

HAMILTON BADER BEERESCOURT CHARTWELL CHEDWORTH CLAUDELANDS DEANWELL DINSDALE ENDERLEY FAIRFIELD FAIRVIEW DOWNS FITZROY FLAGSTAFF FOREST LAKE FRANKTON GLENVIEW GRANDVIEW HEIGHTS HAMILTON CENTRAL HAMILTON EAST HAMILTON LAKE HILLCREST HUNTINGTON MAEROA MELVILLE NAWTON PUKETE QUEENWOOD ROTOTUNA ROTOTUNA NORTH SAINT ANDREWS SILVERDALE WESTERN HEIGHTS WHITIORA

$852,000 $636,000 $984,000 $860,000 $921,000 $797,000 $690,000 $751,000 $642,000 $805,000 $752,000 $808,000 $1,166,000 $749,000 $704,000 $795,000 $913,000 $803,000 $762,000 $997,000 $833,000 $1,102,000 $749,000 $675,000 $690,000 $859,000 $1,007,000 $1,028,000 $1,123,000 $865,000 $766,000 $983,000 $669,000

5.60% 3.9% 3.5% 7.2% 2.0% 4.0% 4.1% 6.2% 6.3% 5.4% 2.9% 2.8% 8.1% 0.9% 11.6% 3.9% 0.6% 4.8% 7.5% 2.9% 5.3% 8.0% 4.8% 2.3% 6.5% 5.1% 3.8% 3.7% 4.5% 3.7% 3.2% 2.0% 3.2%

6.18% 8.5% 5.9% 6.1% 6.1% 8.8% 9.6% 4.0% 1.7% 10.4% 8.9% 8.6% 8.7% 9.1% 2.3% 6.0% 8.0% 7.3% 4.0% 9.4% 4.1% 6.0% 7.7% 1.4% 4.2% 7.6% 6.0% 8.8% 5.0% 8.3% 6.5% 7.5% 6.6%

27.50% 38.6% 27.8% 28.6% 25.1% 26.9% 32.7% 23.5% 31.6% 33.3% 28.1% 25.1% 29.7% 26.1% 24.8% 25.4% 23.4% 24.7% 25.5% 27.8% 27.0% 30.9% 30.7% 25.9% 25.7% 29.4% 29.4% 26.9% 25.8% 29.5% 26.0% 25.7% 26.2%

$184,000 $177,000 $214,000 $191,000 $185,000 $169,000 $170,000 $143,000 $154,000 $201,000 $165,000 $162,000 $267,000 $155,000 $140,000 $161,000 $173,000 $159,000 $155,000 $217,000 $177,000 $260,000 $176,000 $139,000 $141,000 $195,000 $229,000 $218,000 $230,000 $197,000 $158,000 $201,000 $139,000

$36,800 $35,400 $42,800 $38,200 $37,000 $33,800 $34,000 $28,600 $30,800 $40,200 $33,000 $32,400 $53,400 $31,000 $28,000 $32,200 $34,600 $31,800 $31,000 $43,400 $35,400 $52,000 $35,200 $27,800 $28,200 $39,000 $45,800 $43,600 $46,000 $39,400 $31,600 $40,200 $27,800

HAURAKI NGATEA PAEROA WAIHI WHIRITOA

$645,000 $658,000 $526,000 $642,000 $853,000

8.40% 5.8% 7.3% 13.0% 8.8%

0.85% 1.0% 1.0% 2.0% 1.3%

21.90% 22.1% 23.2% 23.0% 24.2%

$116,000 $119,000 $99,000 $120,000 $166,000

$23,200 $23,800 $19,800 $24,000 $33,200

MATAMATA-PIAKO MATAMATA MORRINSVILLE TE AROHA

$746,000 $793,000 $768,000 $618,000

8.30% 11.8% 8.8% 3.0%

2.84% 2.9% 2.6% 3.6%

22.30% 26.3% 25.3% 16.2%

$136,000 $165,000 $155,000 $86,000

$27,200 $33,000 $31,000 $17,200

OTOROHANGA KAWHIA OTOROHANGA

$658,000 $579,000 $636,000

6.50% 6.2% 6.4%

6.19% 8.4% 5.1%

30.80% 35.6% 29.5%

$155,000 $152,000 $145,000

$31,000 $30,400 $29,000

SOUTH WAIKATO PUTARURU TIRAU TOKOROA

$465,000 $507,000 $649,000 $382,000

2.60% 2.8% 2.4% 2.7%

6.84% 5.3% 8.9% 5.7%

24.30% 28.7% 26.0% 20.1%

$91,000 $113,000 $134,000 $64,000

$18,200 $22,600 $26,800 $12,800

$846,000 $1,239,000

5.50% 2.7%

11.39% 10.1%

32.60% 26.0%

$208,000 $256,000

$41,600 $51,200

TAUPO ACACIA BAY

OneRoof.co.nz

LOCATION

CURRENT AVERAGE PROPERTY VALUE

CHANGE OVER THREE- PREVIOUS 12-MONTH MONTH THREE- CHANGE % CHANGE % MONTH PERIOD

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE SEPTEMBER 2020

HILLTOP KINLOCH KURATAU MANGAKINO MOTUOAPA NUKUHAU RANGATIRA PARK RICHMOND HEIGHTS TAUHARA TAUPO TURANGI TWO MILE BAY WAIPAHIHI WAIRAKEI WHAREWAKA

$858,000 $1,186,000 $811,000 $451,000 $742,000 $848,000 $944,000 $764,000 $581,000 $718,000 $473,000 $903,000 $1,029,000 $971,000 $1,250,000

5.8% 4.0% 6.0% 4.2% 7.2% 6.8% 5.4% 6.6% 7.0% 6.5% 5.8% 5.6% 4.4% 6.0% 5.9%

8.6% 11.9% 10.1% 10.7% 11.6% 12.6% 12.3% 12.0% 10.6% 11.8% 11.5% 10.0% 12.3% 10.8% 10.0%

33.6% 30.6% 33.0% 39.6% 34.4% 33.8% 31.5% 35.0% 36.7% 31.3% 35.1% 34.4% 33.1% 33.4% 31.6%

$216,000 $278,000 $201,000 $128,000 $190,000 $214,000 $226,000 $198,000 $156,000 $171,000 $123,000 $231,000 $256,000 $243,000 $300,000

$43,200 $55,600 $40,200 $25,600 $38,000 $42,800 $45,200 $39,600 $31,200 $34,200 $24,600 $46,200 $51,200 $48,600 $60,000

THAMES-COROMANDEL COOKS BEACH COROMANDEL HAHEI MATARANGI ONEMANA OPITO BAY PAUANUI TAIRUA THAMES WHANGAMATA WHAREKAHO WHITIANGA

$1,140,000 $1,353,000 $829,000 $1,562,000 $1,086,000 $1,184,000 $1,625,000 $1,384,000 $1,096,000 $729,000 $1,387,000 $1,530,000 $1,004,000

5.50% 5.6% 3.9% 5.6% 3.1% 3.5% 4.2% 5.2% 6.6% 4.4% 6.3% 3.3% 7.0%

5.67% 7.4% 7.7% 3.5% 8.4% 4.5% 3.7% 7.4% 8.3% 11.2% 1.5% 6.6% 4.3%

30.70% 38.3% 22.5% 23.3% 31.8% 33.2% 21.7% 30.6% 29.7% 29.3% 41.4% 39.5% 28.7%

$268,000 $375,000 $152,000 $295,000 $262,000 $295,000 $290,000 $324,000 $251,000 $165,000 $406,000 $433,000 $224,000

$53,600 $75,000 $30,400 $59,000 $52,400 $59,000 $58,000 $64,800 $50,200 $33,000 $81,200 $86,600 $44,800

WAIKATO BUCKLAND HOROTIU HUNTLY MANGATAWHIRI MATANGI MEREMERE NEWSTEAD NGARUAWAHIA ONEWHERO POKENO PORT WAIKATO PUKEKAWA PUKETAHA RAGLAN RANGIRIRI TAMAHERE TAUPIRI TE KAUWHATA TE KOWHAI TUAKAU WHATAWHATA

$1,115,000 $1,356,000 $1,078,000 $580,000 $1,304,000 $1,743,000 $528,000 $1,725,000 $797,000 $1,074,000 $1,076,000 $706,000 $1,183,000 $1,595,000 $1,211,000 $1,169,000 $2,025,000 $1,135,000 $869,000 $1,387,000 $864,000 $1,305,000

10.50% 2.8% 12.8% 13.1% 5.4% 11.3% 2.5% 10.7% 10.4% 7.8% 8.4% 12.1% 5.6% 10.5% 16.4% 8.3% 10.8% 10.0% 8.1% 13.4% 7.9% 11.3%

14.14% 12.2% 14.2% 11.0% 16.0% 16.0% 15.5% 15.9% 14.1% 16.1% 13.4% 13.7% 16.8% 17.7% 9.4% 12.8% 14.8% 16.4% 17.2% 12.2% 13.1% 15.1%

38.20% 30.0% 49.5% 35.2% 27.8% 40.9% 36.4% 49.1% 37.9% 35.6% 32.2% 39.5% 34.9% 49.2% 42.3% 39.7% 37.8% 45.0% 37.5% 39.3% 30.9% 39.1%

$308,000 $313,000 $357,000 $151,000 $284,000 $506,000 $141,000 $568,000 $219,000 $282,000 $262,000 $200,000 $306,000 $526,000 $360,000 $332,000 $555,000 $352,000 $237,000 $391,000 $204,000 $367,000

$61,600 $62,600 $71,400 $30,200 $56,800 $101,200 $28,200 $113,600 $43,800 $56,400 $52,400 $40,000 $61,200 $105,200 $72,000 $66,400 $111,000 $70,400 $47,400 $78,200 $40,800 $73,400

WAIPA CAMBRIDGE KIHIKIHI LEAMINGTON NGAHINAPOURI OHAUPO PIRONGIA ROTOORANGI RUKUHIA TE AWAMUTU

$988,000 $1,187,000 $737,000 $938,000 $1,266,000 $1,190,000 $993,000 $1,186,000 $1,327,000 $751,000

7.30% 10.4% 4.7% 8.9% 7.8% 6.4% 4.3% 5.2% 5.9% 4.2%

6.97% 7.7% 7.0% 7.6% 4.2% 8.9% 8.3% 11.0% 10.4% 4.5%

26.80% 32.8% 25.6% 26.9% 24.0% 25.7% 26.7% 26.8% 30.1% 20.9%

$209,000 $293,000 $150,000 $199,000 $245,000 $243,000 $209,000 $251,000 $307,000 $130,000

$41,800 $58,600 $30,000 $39,800 $49,000 $48,600 $41,800 $50,200 $61,400 $26,000

$370,000 $381,000

4.80% 7.9%

5.69% 3.8%

13.50% 14.8%

$44,000 $49,000

$8,800 $9,800

WAITOMO TE KUITI

BAY OF PLENTY

$973,000

6.9%

7.4%

31.3%

$232,000

$46,400

KAWERAU

$409,000

4.9%

7.7%

28.6%

$91,000

$18,200

OPOTIKI OPOTIKI WAIOTAHE

$601,000 $464,000 $986,000

4.20% 1.8% 6.0%

14.26% 13.4% 14.5%

36.00% 34.9% 35.8%

$159,000 $120,000 $260,000

$31,800 $24,000 $52,000

ROTORUA FAIRY SPRINGS GLENHOLME

$748,000 $592,000 $694,000

2.00% 3.3% 3.4%

8.11% 9.1% 7.0%

26.80% 30.1% 25.0%

$158,000 $137,000 $139,000

$31,600 $27,400 $27,800

LOCATION

CURRENT AVERAGE PROPERTY VALUE

CHANGE OVER THREE- PREVIOUS 12-MONTH MONTH THREE- CHANGE % CHANGE % MONTH PERIOD

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE SEPTEMBER 2020

HAMURANA HILLCREST KAWAHA POINT KOUTU LYNMORE MANGAKAKAHI MATIPO HEIGHTS NGONGOTAHA OWHATA POMARE PUKEHANGI ROTORUA SPRINGFIELD SUNNYBROOK UTUHINA VICTORIA WESTERN HEIGHTS

$1,198,000 $634,000 $805,000 $545,000 $922,000 $557,000 $1,060,000 $705,000 $676,000 $756,000 $656,000 $601,000 $830,000 $737,000 $623,000 $569,000 $553,000

3.7% 2.4% 0.2% 0.9% -0.4% 3.5% 0.3% 2.3% 2.0% 2.2% 3.0% 1.3% 2.0% 1.8% 3.7% 3.3% 3.8%

10.1% 8.4% 3.9% 5.9% 4.8% 9.6% 3.2% 6.8% 10.7% 8.2% 7.6% 11.5% 7.4% 11.6% 7.5% 8.3% 10.8%

28.1% 29.1% 24.4% 20.6% 24.3% 26.6% 20.2% 24.1% 25.4% 25.0% 27.9% 25.2% 33.9% 30.9% 30.1% 28.4% 26.8%

$263,000 $143,000 $158,000 $93,000 $180,000 $117,000 $178,000 $137,000 $137,000 $151,000 $143,000 $121,000 $210,000 $174,000 $144,000 $126,000 $117,000

$52,600 $28,600 $31,600 $18,600 $36,000 $23,400 $35,600 $27,400 $27,400 $30,200 $28,600 $24,200 $42,000 $34,800 $28,800 $25,200 $23,400

TAURANGA BELLEVUE BETHLEHEM BROOKFIELD GATE PA GREERTON HAIRINI JUDEA MATUA MAUNGATAPU MOUNT MAUNGANUI OHAUITI OTUMOETAI PAPAMOA PAPAMOA BEACH PARKVALE POIKE PYES PA TAURANGA TAURANGA SOUTH TAURIKO WELCOME BAY

$1,115,000 $824,000 $1,157,000 $826,000 $695,000 $744,000 $810,000 $775,000 $1,223,000 $941,000 $1,532,000 $1,116,000 $1,108,000 $963,000 $1,148,000 $684,000 $702,000 $1,157,000 $1,062,000 $916,000 $1,844,000 $898,000

9.50% 4.7% 9.4% 4.0% 5.3% 2.9% 4.0% 5.3% 6.3% 4.0% 16.2% 3.8% 8.4% 3.3% 11.3% 3.8% 2.0% 8.5% 5.7% 7.8% 6.2% 5.0%

6.26% 6.8% 8.1% 8.2% 8.6% 7.3% 7.3% 6.4% 7.5% 9.3% 3.9% 8.3% 6.0% 8.0% 6.0% 8.9% 6.8% 7.1% 4.6% 7.3% 7.6% 6.3%

33.70% 28.8% 28.7% 29.3% 30.1% 27.0% 29.8% 32.7% 28.2% 28.7% 42.5% 27.5% 29.0% 31.7% 38.3% 33.3% 29.0% 32.4% 27.5% 28.1% 25.7% 25.1%

$281,000 $184,000 $258,000 $187,000 $161,000 $158,000 $186,000 $191,000 $269,000 $210,000 $457,000 $241,000 $249,000 $232,000 $318,000 $171,000 $158,000 $283,000 $229,000 $201,000 $377,000 $180,000

$56,200 $36,800 $51,600 $37,400 $32,200 $31,600 $37,200 $38,200 $53,800 $42,000 $91,400 $48,200 $49,800 $46,400 $63,600 $34,200 $31,600 $56,600 $45,800 $40,200 $75,400 $36,000

WESTERN BAY OF PLENTY AONGATETE ATHENREE BOWENTOWN KATIKATI MINDEN OMANAWA OMOKOROA OROPI PAENGAROA PUKEHINA TAHAWAI TE PUKE TE PUNA WAIHI BEACH WHAKAMARAMA

$1,143,000 $1,237,000 $1,039,000 $1,234,000 $786,000 $1,575,000 $1,358,000 $1,133,000 $1,485,000 $1,010,000 $1,122,000 $1,215,000 $798,000 $1,809,000 $1,378,000 $1,556,000

6.20% 4.7% 3.7% 6.8% 6.6% 4.6% 3.7% 9.9% 3.8% 3.1% 6.3% 5.7% 6.1% 4.7% 8.8% 8.9%

7.60% 8.2% 8.0% 9.3% 7.8% 5.8% 9.7% 7.5% 8.4% 8.8% 6.8% 9.6% 7.7% 7.3% 6.9% 6.4%

27.90% 19.1% 23.8% 35.3% 28.4% 24.7% 25.3% 32.1% 23.4% 25.5% 28.2% 23.2% 29.3% 26.4% 34.2% 29.7%

$249,000 $198,000 $200,000 $322,000 $174,000 $312,000 $274,000 $275,000 $282,000 $205,000 $247,000 $229,000 $181,000 $378,000 $351,000 $356,000

$49,800 $39,600 $40,000 $64,400 $34,800 $62,400 $54,800 $55,000 $56,400 $41,000 $49,400 $45,800 $36,200 $75,600 $70,200 $71,200

WHAKATANE COASTLANDS EDGECUMBE MATATA OHOPE WHAKATANE

$761,000 $993,000 $626,000 $831,000 $1,219,000 $669,000

3.40% 4.6% 2.8% 5.7% 2.2% 3.4%

11.18% 15.7% 13.8% 14.2% 16.1% 5.2%

31.20% 36.4% 28.0% 34.9% 34.0% 29.2%

$181,000 $265,000 $137,000 $215,000 $309,000 $151,000

$36,200 $53,000 $27,400 $43,000 $61,800 $30,200

GISBORNE

$668,000

3.4%

6.4%

34.4%

$171,000

$34,200

ELGIN GISBORNE INNER KAITI KAITI LYTTON WEST MANGAPAPA OUTER KAITI RIVERDALE TE HAPARA WAINUI WHATAUPOKO

$494,000 $572,000 $740,000 $486,000 $913,000 $640,000 $468,000 $808,000 $585,000 $1,498,000 $870,000

1.2% 2.5% 6.6% 5.4% 3.9% 3.2% 1.7% 4.7% 4.5% 7.1% 4.1%

3.4% 6.1% 5.8% 5.0% 5.4% 7.1% 4.1% 5.9% 6.1% 4.3% 9.6%

44.9% 31.5% 41.8% 41.7% 35.3% 37.6% 36.4% 39.1% 40.6% 33.0% 40.8%

$153,000 $137,000 $218,000 $143,000 $238,000 $175,000 $125,000 $227,000 $169,000 $372,000 $252,000

$30,600 $27,400 $43,600 $28,600 $47,600 $35,000 $25,000 $45,400 $33,800 $74,400 $50,400

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LOCATION

CURRENT AVERAGE PROPERTY VALUE

CHANGE OVER THREE- PREVIOUS 12-MONTH MONTH THREE- CHANGE % CHANGE % MONTH PERIOD

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE SEPTEMBER 2020

HAWKE'S BAY

$835,000

3.3%

9.3%

32.5%

$205,000

$41,000

CENTRAL HAWKE’S BAY OTANE WAIPAWA WAIPUKURAU

$616,000 $735,000 $598,000 $593,000

0.80% 2.2% 1.5% -0.2%

8.14% 7.6% 7.5% 8.6%

24.20% 24.8% 25.1% 21.5%

$120,000 $146,000 $120,000 $105,000

$24,000 $29,200 $24,000 $21,000

HASTINGS AKINA CAMBERLEY CLIVE ESKDALE FLAXMERE FRIMLEY HASTINGS HAUMOANA HAVELOCK NORTH MAHORA MARAEKAKAHO MAYFAIR PARKVALE RAUREKA SAINT LEONARDS WAIMARAMA

$903,000 $675,000 $580,000 $930,000 $1,325,000 $495,000 $909,000 $643,000 $1,129,000 $1,256,000 $777,000 $1,200,000 $663,000 $734,000 $695,000 $689,000 $1,468,000

3.90% 2.9% 3.6% 3.1% 1.9% 3.3% 1.2% 1.7% 3.2% 7.6% 3.9% 2.5% 3.3% 1.5% 4.0% 1.9% 1.6%

10.00% 9.3% 8.5% 9.7% 10.3% 5.0% 6.2% 8.8% 10.2% 10.4% 10.7% 11.7% 8.5% 12.1% 7.9% 12.3% 8.8%

33.20% 32.9% 34.3% 32.3% 30.4% 32.4% 33.7% 30.7% 36.2% 34.6% 34.7% 28.3% 33.9% 34.7% 35.2% 35.4% 28.3%

$225,000 $167,000 $148,000 $227,000 $309,000 $121,000 $229,000 $151,000 $300,000 $323,000 $200,000 $265,000 $168,000 $189,000 $181,000 $180,000 $324,000

$45,000 $33,400 $29,600 $45,400 $61,800 $24,200 $45,800 $30,200 $60,000 $64,600 $40,000 $53,000 $33,600 $37,800 $36,200 $36,000 $64,800

NAPIER AHURIRI AWATOTO BAY VIEW BLUFF HILL GREENMEADOWS HOSPITAL HILL MARAENUI MAREWA NAPIER SOUTH ONEKAWA PIRIMAI PORAITI TAMATEA TARADALE WESTSHORE

$871,000 $1,100,000 $973,000 $1,115,000 $1,121,000 $883,000 $1,064,000 $585,000 $670,000 $755,000 $687,000 $712,000 $1,270,000 $706,000 $920,000 $1,175,000

3.00% 1.6% 2.6% 3.7% 1.9% 1.5% 0.3% 5.2% 2.6% 2.2% 2.4% 1.1% 2.2% 0.3% 7.2% 1.9%

9.02% 8.3% 9.0% 9.9% 10.8% 12.0% 10.0% 8.2% 10.9% 10.0% 9.5% 10.9% 10.1% 11.8% 4.1% 8.2%

33.80% 17.5% 26.9% 32.0% 28.7% 33.6% 28.2% 66.2% 39.9% 33.4% 39.1% 34.8% 30.0% 31.0% 35.9% 33.1%

$220,000 $164,000 $206,000 $270,000 $250,000 $222,000 $234,000 $233,000 $191,000 $189,000 $193,000 $184,000 $293,000 $167,000 $243,000 $292,000

$44,000 $32,800 $41,200 $54,000 $50,000 $44,400 $46,800 $46,600 $38,200 $37,800 $38,600 $36,800 $58,600 $33,400 $48,600 $58,400

WAIROA MAHIA WAIROA

$384,000 $759,000 $270,000

6.40% 8.9% 5.1%

7.44% 24.5% -2.7%

21.10% 25.7% 20.5%

$67,000 $155,000 $46,000

$13,400 $31,000 $9,200

MANAWATU-WHANGANUI

$644,000

3.7%

9.3%

33.3%

$161,000

$32,200

HOROWHENUA FOXTON FOXTON BEACH LEVIN MANAKAU OHAU SHANNON WAITARERE WAITARERE BEACH

$668,000 $545,000 $661,000 $653,000 $947,000 $961,000 $538,000 $950,000 $700,000

4.40% 4.6% 4.1% 5.3% 2.9% 2.1% 4.3% 2.8% 2.0%

8.66% 7.9% 7.8% 8.0% 10.2% 9.0% 11.0% 10.0% 9.6%

33.10% 35.2% 31.9% 34.1% 30.1% 29.5% 36.5% 28.6% 33.8%

$166,000 $142,000 $160,000 $166,000 $219,000 $219,000 $144,000 $211,000 $177,000

$33,200 $28,400 $32,000 $33,200 $43,800 $43,800 $28,800 $42,200 $35,400

MANAWATU FEILDING HIMATANGI BEACH RONGOTEA SANSON

$710,000 $705,000 $540,000 $703,000 $677,000

4.00% 4.6% 2.9% 4.5% 3.2%

7.56% 8.7% 7.1% 6.2% 6.3%

28.60% 30.1% 29.2% 29.0% 29.2%

$158,000 $163,000 $122,000 $158,000 $153,000

$31,600 $32,600 $24,400 $31,600 $30,600

$747,000 $1,121,000 $761,000 $699,000 $895,000 $637,000 $1,035,000 $588,000 $885,000 $874,000 $697,000 $690,000 $616,000 $620,000 $707,000

3.00% 3.5% 3.5% 2.6% 1.7% 2.1% 2.3% 1.9% 9.4% 1.6% 2.8% 2.5% 1.5% 1.8% 1.6%

9.02% 7.4% 9.1% 10.6% 8.5% 8.2% 12.1% 11.4% 5.8% 10.8% 7.6% 9.3% 10.4% 9.1% 7.7%

32.40% 27.2% 30.8% 31.9% 24.3% 36.4% 34.1% 33.0% 32.3% 33.2% 35.1% 30.9% 34.2% 33.9% 30.9%

$183,000 $240,000 $179,000 $169,000 $175,000 $170,000 $263,000 $146,000 $216,000 $218,000 $181,000 $163,000 $157,000 $157,000 $167,000

$36,600 $48,000 $35,800 $33,800 $35,000 $34,000 $52,600 $29,200 $43,200 $43,600 $36,200 $32,600 $31,400 $31,400 $33,400

PALMERSTON NORTH AOKAUTERE ASHHURST AWAPUNI BUNNYTHORPE CLOVERLEA FITZHERBERT HIGHBURY HOKOWHITU KELVIN GROVE MILSON PALMERSTON NORTH ROSLYN TAKARO TERRACE END

LOCATION

CURRENT AVERAGE PROPERTY VALUE

CHANGE OVER THREE- PREVIOUS 12-MONTH MONTH THREE- CHANGE % CHANGE % MONTH PERIOD

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE SEPTEMBER 2020

WEST END WESTBROOK

$679,000 $623,000

2.7% 0.0%

9.6% 8.9%

34.7% 35.1%

$175,000 $162,000

$35,000 $32,400

RANGITIKEI BULLS HUNTERVILLE MARTON TAIHAPE

$505,000 $563,000 $470,000 $542,000 $394,000

6.10% 5.4% 5.6% 6.3% 6.2%

8.18% 7.0% 10.4% 8.5% 8.5%

37.20% 34.0% 41.6% 38.3% 39.2%

$137,000 $143,000 $138,000 $150,000 $111,000

$27,400 $28,600 $27,600 $30,000 $22,200

RUAPEHU MANUNUI OHAKUNE OWHANGO TAUMARUNUI

$428,000 $376,000 $536,000 $471,000 $354,000

5.20% 5.3% 5.7% 4.7% 5.4%

9.41% 13.3% 6.1% 11.7% 10.5%

34.20% 43.0% 25.5% 38.1% 43.9%

$109,000 $113,000 $109,000 $130,000 $108,000

$21,800 $22,600 $21,800 $26,000 $21,600

TARARUA DANNEVIRKE EKETAHUNA PAHIATUA WOODVILLE

$512,000 $503,000 $464,000 $535,000 $483,000

8.20% 7.2% 10.5% 8.1% 9.3%

13.16% 11.7% 16.0% 12.2% 13.3%

44.20% 40.5% 47.3% 45.8% 50.5%

$157,000 $145,000 $149,000 $168,000 $162,000

$31,400 $29,000 $29,800 $33,600 $32,400

WHANGANUI ARAMOHO CASTLECLIFF COLLEGE ESTATE DURIE HILL GONVILLE OTAMATEA SAINT JOHNS HILL SPRINGVALE TAWHERO WHANGANUI WHANGANUI EAST

$561,000 $475,000 $431,000 $645,000 $624,000 $445,000 $897,000 $715,000 $602,000 $557,000 $429,000 $478,000

2.60% 3.3% 2.6% 1.1% 1.0% 2.5% 3.1% 3.9% 2.9% 1.5% 3.6% 1.1%

10.73% 7.7% 12.0% 10.8% 10.4% 12.7% 9.3% 9.0% 9.1% 11.1% 9.0% 13.4%

35.20% 36.1% 36.0% 34.9% 34.8% 34.8% 36.9% 38.6% 35.6% 32.6% 32.8% 35.8%

$146,000 $126,000 $114,000 $167,000 $161,000 $115,000 $242,000 $199,000 $158,000 $137,000 $106,000 $126,000

$29,200 $25,200 $22,800 $33,400 $32,200 $23,000 $48,400 $39,800 $31,600 $27,400 $21,200 $25,200

TARANAKI

$638,000

2.6%

7.8%

24.9%

$127,000

$25,400

NEW PLYMOUTH BELL BLOCK BLAGDON FITZROY FRANKLEIGH PARK GLEN AVON HIGHLANDS PARK HURDON HURWORTH INGLEWOOD LEPPERTON LOWER VOGELTOWN LYNMOUTH MARFELL MERRILANDS MOTUROA NEW PLYMOUTH OAKURA OKATO SPOTSWOOD STRANDON UPPER VOGELTOWN VOGELTOWN WAITARA WAIWHAKAIHO WELBOURN WESTOWN WHALERS GATE

$710,000 $679,000 $555,000 $868,000 $658,000 $707,000 $846,000 $738,000 $1,032,000 $599,000 $914,000 $665,000 $647,000 $422,000 $734,000 $688,000 $809,000 $1,148,000 $608,000 $529,000 $895,000 $641,000 $598,000 $471,000 $988,000 $680,000 $612,000 $698,000

2.20% 1.8% 3.4% -0.1% 1.2% 0.3% 0.0% 1.4% -0.2% 3.5% 1.3% 1.8% 0.6% -3.4% 0.5% 2.1% 7.4% -1.9% 4.6% 4.5% -1.3% 0.9% 3.8% 4.4% -1.0% 1.9% 4.3% 0.6%

7.59% 9.5% 7.4% 10.7% 6.9% 8.5% 5.4% 7.9% 7.7% 8.4% 9.3% 6.2% 5.9% 11.2% 7.8% 7.7% 2.0% 6.2% 6.4% 8.1% 6.3% 8.0% 6.9% 7.9% 5.2% 9.9% 9.5% 7.8%

24.30% 21.7% 27.0% 25.1% 26.5% 24.5% 21.6% 25.3% 22.6% 26.4% 23.5% 25.5% 23.0% 13.4% 23.4% 25.1% 23.1% 23.8% 26.1% 29.3% 21.1% 27.7% 28.3% 27.6% 19.3% 27.3% 27.8% 22.7%

$139,000 $121,000 $118,000 $174,000 $138,000 $139,000 $150,000 $149,000 $190,000 $125,000 $174,000 $135,000 $121,000 $50,000 $139,000 $138,000 $152,000 $221,000 $126,000 $120,000 $156,000 $139,000 $132,000 $102,000 $160,000 $146,000 $133,000 $129,000

$27,800 $24,200 $23,600 $34,800 $27,600 $27,800 $30,000 $29,800 $38,000 $25,000 $34,800 $27,000 $24,200 $10,000 $27,800 $27,600 $30,400 $44,200 $25,200 $24,000 $31,200 $27,800 $26,400 $20,400 $32,000 $29,200 $26,600 $25,800

SOUTH TARANAKI ELTHAM HAWERA MANAIA NORMANBY OPUNAKE PATEA WAVERLEY

$430,000 $390,000 $488,000 $318,000 $444,000 $431,000 $273,000 $348,000

2.40% 4.6% 2.1% 3.2% 1.8% 2.9% 7.1% 4.5%

10.53% 15.1% 6.9% 13.2% 11.5% 15.1% 20.3% 14.8%

26.80% 36.8% 21.4% 37.1% 32.5% 32.2% 49.2% 36.5%

$91,000 $105,000 $86,000 $86,000 $109,000 $105,000 $90,000 $93,000

$18,200 $21,000 $17,200 $17,200 $21,800 $21,000 $18,000 $18,600

STRATFORD

$497,000

6.9%

6.2%

30.1%

$115,000

$23,000

GREATER WELLINGTON CARTERTON

$1,049,000

3.5%

8.3%

33.3%

$262,000

$52,400

$810,000

3.10%

12.29%

40.10%

$232,000

$46,400

OneRoof.co.nz

LOCATION

CARTERTON FLAT POINT

CURRENT AVERAGE PROPERTY VALUE

CHANGE OVER THREE- PREVIOUS 12-MONTH MONTH THREE- CHANGE % CHANGE % MONTH PERIOD

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE SEPTEMBER 2020

$716,000 $846,000

3.0% 6.0%

11.0% 4.6%

39.3% 28.2%

$202,000 $186,000

$40,400 $37,200

KAPITI COAST OTAKI OTAKI BEACH PAEKAKARIKI PARAPARAUMU PARAPARAUMU BEACH RAUMATI BEACH RAUMATI SOUTH TE HORO WAIKANAE WAIKANAE BEACH

$998,000 $799,000 $734,000 $1,106,000 $925,000 $989,000 $1,003,000 $1,025,000 $1,349,000 $1,021,000 $1,117,000

4.20% 4.7% 3.5% 4.8% 3.7% 6.5% 2.6% 4.0% 2.5% 3.8% 4.2%

9.11% 8.2% 7.8% 8.7% 9.2% 8.3% 8.7% 9.9% 14.7% 9.2% 7.9%

36.30% 39.4% 38.8% 47.9% 37.9% 35.3% 30.3% 35.4% 37.5% 34.2% 39.6%

$266,000 $226,000 $205,000 $358,000 $254,000 $258,000 $233,000 $268,000 $368,000 $260,000 $317,000

$53,200 $45,200 $41,000 $71,600 $50,800 $51,600 $46,600 $53,600 $73,600 $52,000 $63,400

LOWER HUTT ALICETOWN AVALON BELMONT BOULCOTT EASTBOURNE EPUNI FAIRFIELD HUTT CENTRAL KELSON KOROKORO MAUNGARAKI MOERA NAENAE NORMANDALE PETONE STOKES VALLEY TAITA WAINUIOMATA WAIWHETU WATERLOO WOBURN

$977,000 $1,027,000 $898,000 $1,105,000 $1,117,000 $1,332,000 $1,010,000 $983,000 $1,300,000 $1,002,000 $1,177,000 $1,067,000 $766,000 $787,000 $1,073,000 $1,072,000 $792,000 $770,000 $793,000 $964,000 $1,074,000 $1,435,000

4.30% 2.4% 3.1% 3.1% 4.6% 3.2% 4.7% 5.0% 4.9% 2.6% 1.5% 3.6% 3.0% 4.5% 3.8% 6.5% 4.9% 1.6% 5.0% 4.3% 5.8% 4.6%

8.70% 12.1% 9.7% 11.2% 6.5% 6.6% 10.9% 9.5% 9.0% 9.3% 10.3% 11.6% 12.4% 9.1% 8.7% 7.9% 8.6% 13.3% 6.0% 9.7% 9.3% 7.9%

35.50% 40.9% 34.0% 34.1% 33.3% 31.4% 40.1% 37.3% 36.7% 31.2% 33.8% 35.8% 34.9% 38.3% 31.2% 35.0% 32.4% 36.8% 37.2% 38.3% 37.9% 37.3%

$256,000 $298,000 $228,000 $281,000 $279,000 $318,000 $289,000 $267,000 $349,000 $238,000 $297,000 $281,000 $198,000 $218,000 $255,000 $278,000 $194,000 $207,000 $215,000 $267,000 $295,000 $390,000

$51,200 $59,600 $45,600 $56,200 $55,800 $63,600 $57,800 $53,400 $69,800 $47,600 $59,400 $56,200 $39,600 $43,600 $51,000 $55,600 $38,800 $41,400 $43,000 $53,400 $59,000 $78,000

MASTERTON KURIPUNI LANSDOWNE MASTERTON RIVERSDALE BEACH SOLWAY UPPER PLAIN

$729,000 $615,000 $701,000 $627,000 $964,000 $672,000 $1,186,000

5.70% 4.4% 4.2% 8.5% 3.9% 4.8% 4.5%

9.00% 5.2% 8.2% 9.9% 7.7% 6.8% 13.1%

38.90% 41.1% 36.1% 39.0% 43.2% 35.8% 45.7%

$204,000 $179,000 $186,000 $176,000 $291,000 $177,000 $372,000

$40,800 $35,800 $37,200 $35,200 $58,200 $35,400 $74,400

PORIRUA AOTEA ASCOT PARK CAMBORNE CANNONS CREEK PAPAKOWHAI

$995,000 $1,385,000 $797,000 $1,062,000 $632,000 $1,071,000

2.10% 1.5% 3.1% 1.7% -1.9% 0.7%

7.97% 10.6% 8.1% 6.1% 5.1% 8.7%

34.10% 35.8% 38.9% 34.6% 26.4% 33.9%

$253,000 $365,000 $223,000 $273,000 $132,000 $271,000

$50,600 $73,000 $44,600 $54,600 $26,400 $54,200

PAREMATA PLIMMERTON PUKERUA BAY RANUI TITAHI BAY WAITANGIRUA WHITBY

$1,122,000 $1,172,000 $1,057,000 $735,000 $889,000 $622,000 $1,122,000

1.7% -0.6% 2.2% 0.5% 5.3% 1.1% 2.5%

6.9% 6.8% 9.1% 7.3% 8.3% 6.6% 7.5%

34.5% 29.5% 34.8% 32.9% 40.9% 32.9% 31.8%

$288,000 $267,000 $273,000 $182,000 $258,000 $154,000 $271,000

$57,600 $53,400 $54,600 $36,400 $51,600 $30,800 $54,200

SOUTH WAIRARAPA FEATHERSTON GREYTOWN MARTINBOROUGH

$971,000 $705,000 $1,037,000 $1,108,000

6.20% 7.6% 5.3% 6.4%

7.66% 6.0% 7.8% 7.2%

38.70% 44.2% 29.8% 40.8%

$271,000 $216,000 $238,000 $321,000

$54,200 $43,200 $47,600 $64,200

UPPER HUTT BIRCHVILLE BROWN OWL CLOUSTON PARK EBDENTOWN ELDERSLEA HERETAUNGA MAORIBANK PINEHAVEN RIVERSTONE TERRACES SILVERSTREAM TIMBERLEA TOTARA PARK TRENTHAM

$938,000 $862,000 $947,000 $836,000 $843,000 $892,000 $1,148,000 $781,000 $912,000 $1,187,000 $1,033,000 $931,000 $832,000 $833,000

2.00% 1.2% 1.6% 2.0% 1.2% 0.3% 2.5% 0.9% 1.2% 1.9% 3.4% 2.0% 0.4% 3.2%

10.98% 10.8% 13.8% 12.0% 12.0% 12.7% 13.6% 10.1% 10.6% 11.6% 9.5% 9.3% 10.1% 8.6%

34.80% 34.7% 35.7% 36.2% 36.6% 35.4% 39.5% 35.6% 32.9% 35.7% 34.5% 36.1% 32.3% 33.9%

$242,000 $222,000 $249,000 $222,000 $226,000 $233,000 $325,000 $205,000 $226,000 $312,000 $265,000 $247,000 $203,000 $211,000

$48,400 $44,400 $49,800 $44,400 $45,200 $46,600 $65,000 $41,000 $45,200 $62,400 $53,000 $49,400 $40,600 $42,200

LOCATION

WALLACEVILLE

CURRENT AVERAGE PROPERTY VALUE

CHANGE OVER THREE- PREVIOUS 12-MONTH MONTH THREE- CHANGE % CHANGE % MONTH PERIOD

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE SEPTEMBER 2020

$914,000

3.5%

10.9%

36.6%

$245,000

$49,000

$1,207,000 $1,196,000 $1,051,000 $1,065,000 $1,256,000 $1,265,000 $1,204,000 $1,183,000 $1,395,000 $1,344,000 $1,010,000 $1,348,000 $1,758,000 $1,552,000 $1,094,000 $1,179,000 $1,087,000 $1,197,000 $976,000 $1,491,000 $996,000 $1,155,000 $1,264,000 $1,323,000 $2,731,000 $997,000 $1,947,000 $1,991,000 $1,177,000 $1,018,000 $819,000 $1,195,000 $1,548,000 $631,000 $1,112,000 $1,103,000

3.30% 0.9% 0.0% 2.6% 2.8% 4.4% 2.7% 3.5% 1.5% 3.5% 8.5% 6.6% 1.5% 5.1% 1.4% 4.2% 0.8% 5.0% 2.5% 0.9% 5.5% 1.2% 2.1% 1.6% 0.8% 1.5% 0.7% 3.3% 3.6% 6.0% 1.6% 2.8% 1.4% -0.8% 0.6% 2.6%

7.35% 10.5% 10.2% 11.3% 7.9% 7.4% 9.7% 8.3% 8.8% 6.6% 5.7% 8.3% 4.9% 10.6% 10.4% 10.0% 9.2% 5.0% 6.4% 5.6% 6.9% 6.1% 8.4% 8.1% 7.88% 9.1% 9.5% 5.2% 6.8% 5.3% 4.1% 7.8% 7.2% 3.6% 8.1% 9.6%

30.10% 30.3% 35.1% 34.8% 28.3% 34.4% 29.5% 35.8% 31.5% 30.0% 36.7% 29.6% 25.5% 31.9% 32.8% 33.1% 26.4% 32.9% 26.9% 20.7% 33.0% 30.2% 34.0% 33.6% 26.1% 30.7% 35.8% 28.8% 31.5% 34.3% 19.0% 29.0% 29.6% 13.9% 30.7% 31.6%

$279,000 $278,000 $273,000 $275,000 $277,000 $324,000 $274,000 $312,000 $334,000 $310,000 $271,000 $308,000 $357,000 $375,000 $270,000 $293,000 $227,000 $296,000 $207,000 $256,000 $247,000 $268,000 $321,000 $333,000 $565,000 $234,000 $513,000 $445,000 $282,000 $260,000 $131,000 $269,000 $354,000 $77,000 $261,000 $265,000

$55,800 $55,600 $54,600 $55,000 $55,400 $64,800 $54,800 $62,400 $66,800 $62,000 $54,200 $61,600 $71,400 $75,000 $54,000 $58,600 $45,400 $59,200 $41,400 $51,200 $49,400 $53,600 $64,200 $66,600 $113,000 $46,800 $102,600 $89,000 $56,400 $52,000 $26,200 $53,800 $70,800 $15,400 $52,200 $53,000

TASMAN

$922,000

3.7%

6.9%

22.6%

$170,000

$34,000

APPLEBY BRIGHTWATER HOPE KAITERITERI MAPUA MOTUEKA POHARA REDWOOD VALLEY RICHMOND RUBY BAY TAKAKA TASMAN UPPER MOUTERE WAKEFIELD

$1,218,000 $936,000 $1,214,000 $1,321,000 $1,045,000 $758,000 $881,000 $1,452,000 $867,000 $1,399,000 $682,000 $1,424,000 $1,200,000 $881,000

0.7% 3.1% 3.2% 4.3% 2.1% 4.0% 3.2% 2.3% 4.3% 3.6% 4.6% 2.7% 3.5% 3.3%

6.2% 6.2% 4.7% 4.5% 6.3% 9.1% 7.7% 6.1% 6.0% 4.0% 9.4% 6.4% 5.4% 7.3%

20.8% 22.0% 21.3% 11.9% 22.5% 22.9% 30.1% 23.4% 20.9% 20.4% 29.7% 21.8% 22.0% 24.1%

$210,000 $169,000 $213,000 $141,000 $192,000 $141,000 $204,000 $275,000 $150,000 $237,000 $156,000 $255,000 $216,000 $171,000

$42,000 $33,800 $42,600 $28,200 $38,400 $28,200 $40,800 $55,000 $30,000 $47,400 $31,200 $51,000 $43,200 $34,200

MARLBOROUGH

$751,000

2.2%

9.9%

29.7%

$172,000

$34,400

BLENHEIM HAVELOCK KAIUMA BAY MAYFIELD PICTON REDWOODTOWN RENWICK RIVERSDALE SPRINGLANDS WAIKAWA WITHERLEA

$623,000 $631,000 $744,000 $610,000 $643,000 $610,000 $759,000 $592,000 $808,000 $875,000 $756,000

2.1% 4.6% 3.8% 3.7% 2.7% 2.0% 3.7% 3.9% 0.1% -2.0% 3.4%

10.7% 8.7% 7.5% 9.5% 9.3% 9.1% 10.2% 10.7% 12.6% 8.4% 7.8%

34.0% 29.8% 24.6% 38.0% 31.8% 31.2% 32.2% 39.6% 26.6% 22.5% 31.3%

$158,000 $145,000 $147,000 $168,000 $155,000 $145,000 $185,000 $168,000 $170,000 $161,000 $180,000

$31,600 $29,000 $29,400 $33,600 $31,000 $29,000 $37,000 $33,600 $34,000 $32,200 $36,000

NELSON

$817,000

4.1%

4.8%

19.6%

$134,000

$26,800

ANNESBROOK ATAWHAI BISHOPDALE BRITANNIA HEIGHTS ENNER GLYNN MONACO

$682,000 $939,000 $741,000 $1,468,000 $867,000 $714,000

2.7% 2.7% 2.3% 4.0% 2.5% 2.6%

5.6% 5.3% 5.2% 3.9% 5.6% 4.8%

21.4% 18.1% 19.3% 18.8% 19.9% 18.8%

$120,000 $144,000 $120,000 $232,000 $144,000 $113,000

$24,000 $28,800 $24,000 $46,400 $28,800 $22,600

WELLINGTON ARO VALLEY BERHAMPORE BROADMEADOWS BROOKLYN CHURTON PARK CROFTON DOWNS GRENADA VILLAGE HATAITAI ISLAND BAY JOHNSONVILLE KARORI KELBURN KHANDALLAH KILBIRNIE LYALL BAY MAUPUIA MIRAMAR MOUNT COOK MOUNT VICTORIA NEWLANDS NEWTOWN NGAIO NORTHLAND ORIENTALBAY PAPARANGI ROSENEATH SEATOUN STRATHMORE PARK TAWA TE ARO THORNDON WADESTOWN WELLINGTON CENTRAL WILTON WOODRIDGE

SOUTH ISLAND

OneRoof.co.nz

CHANGE OVER THREE- PREVIOUS 12-MONTH MONTH THREE- CHANGE % CHANGE % MONTH PERIOD

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE SEPTEMBER 2020

20.2% 20.1% 20.8% 19.1% 20.8% 17.9% 21.2% 19.9% 20.3% 22.0%

$186,000 $130,000 $213,000 $122,000 $118,000 $108,000 $143,000 $94,000 $122,000 $118,000

$37,200 $26,000 $42,600 $24,400 $23,600 $21,600 $28,600 $18,800 $24,400 $23,600

8.2%

22.6%

$65,000

$13,000

3.20% 2.2% 3.1% 4.6% 6.3% 2.2%

6.42% 9.8% 8.1% 5.8% 7.7% 4.6%

23.60% 24.5% 28.0% 24.7% 25.2% 21.4%

$62,000 $81,000 $87,000 $68,000 $54,000 $58,000

$12,400 $16,200 $17,400 $13,600 $10,800 $11,600

$346,000 $237,000 $222,000 $337,000 $452,000 $537,000 $541,000 $201,000

2.40% 6.3% 4.7% 1.2% 2.7% 0.8% 0.6% 3.6%

11.18% 12.6% 16.5% 10.6% 8.1% 10.4% 9.1% 14.1%

22.30% 27.4% 29.8% 23.4% 23.8% 16.5% 20.2% 21.8%

$63,000 $51,000 $51,000 $64,000 $87,000 $76,000 $91,000 $36,000

$12,600 $10,200 $10,200 $12,800 $17,400 $15,200 $18,200 $7,200

WESTLAND ARAHURA VALLEY HOKITIKA RUATAPU

$401,000 $555,000 $369,000 $483,000

3.40% 2.6% 5.7% 2.8%

6.30% 6.7% 6.4% 6.6%

21.50% 25.0% 24.7% 19.9%

$71,000 $111,000 $73,000 $80,000

$14,200 $22,200 $14,600 $16,000

CANTERBURY

$681,000

5.3%

7.7%

25.6%

$139,000

$27,800

ASHBURTON ALLENTON ASHBURTON ELGIN HAMPSTEAD HUNTINGDON METHVEN NETHERBY RAKAIA TINWALD

$534,000 $541,000 $447,000 $939,000 $380,000 $948,000 $586,000 $472,000 $477,000 $533,000

3.10% 4.6% 1.4% 2.6% 1.6% 3.9% 0.3% 3.7% 1.3% 3.9%

6.37% 6.4% 9.4% 6.6% 6.6% 6.3% 3.6% 6.3% 7.3% 5.1%

18.10% 17.9% 20.8% 14.7% 17.3% 22.0% 17.0% 19.8% 14.9% 18.4%

$82,000 $82,000 $77,000 $120,000 $56,000 $171,000 $85,000 $78,000 $62,000 $83,000

$16,400 $16,400 $15,400 $24,000 $11,200 $34,200 $17,000 $15,600 $12,400 $16,600

$687,000 $486,000 $816,000 $879,000 $409,000 $463,000 $737,000 $468,000 $753,000 $617,000 $602,000 $445,000 $625,000 $715,000 $806,000 $587,000 $709,000 $955,000 $624,000 $516,000 $687,000 $489,000 $1,637,000 $790,000 $948,000 $703,000 $528,000 $600,000 $688,000 $600,000 $526,000 $981,000

5.50% 6.1% 5.6% 3.2% 5.7% 2.7% 5.0% 2.2% 4.0% 6.2% 5.2% 6.2% 3.8% 5.1% 6.8% 7.9% 2.5% 2.6% 2.6% 3.8% 3.2% 5.6% 9.9% 10.8% 3.2% 3.4% 5.2% 4.0% 3.5% 11.1% 10.0% 3.6%

8.14% 8.8% 9.2% 8.5% 9.9% 8.7% 7.3% 6.8% 9.0% 9.2% 4.4% 5.3% 10.5% 9.3% 6.9% 7.3% 6.6% 5.0% 10.8% 8.8% 10.1% 6.7% 6.2% 8.0% 6.1% 9.9% 7.0% 8.5% 9.2% 6.9% 5.3% 9.4%

27.20% 27.2% 29.1% 26.7% 35.9% 29.7% 24.1% 27.9% 31.9% 29.1% 27.0% 29.7% 25.3% 29.1% 30.0% 27.9% 22.5% 21.7% 16.9% 28.4% 28.2% 24.7% 34.6% 32.6% 24.9% 24.6% 27.5% 26.6% 24.6% 30.2% 29.2% 26.3%

$147,000 $104,000 $184,000 $185,000 $108,000 $106,000 $143,000 $102,000 $182,000 $139,000 $128,000 $102,000 $126,000 $161,000 $186,000 $128,000 $130,000 $170,000 $90,000 $114,000 $151,000 $97,000 $421,000 $194,000 $189,000 $139,000 $114,000 $126,000 $136,000 $139,000 $119,000 $204,000

$29,400 $20,800 $36,800 $37,000 $21,600 $21,200 $28,600 $20,400 $36,400 $27,800 $25,600 $20,400 $25,200 $32,200 $37,200 $25,600 $26,000 $34,000 $18,000 $22,800 $30,200 $19,400 $84,200 $38,800 $37,800 $27,800 $22,800 $25,200 $27,200 $27,800 $23,800 $40,800

LOCATION

CURRENT AVERAGE PROPERTY VALUE

NELSON NELSON SOUTH STEPNEYVILLE STOKE TAHUNANUI THE BROOK THE WOOD TOI TOI WAKATU WASHINGTON VALLEY

$1,109,000 $778,000 $1,239,000 $760,000 $685,000 $710,000 $818,000 $566,000 $723,000 $655,000

4.8% 4.3% 3.9% 6.1% 3.9% 2.2% 2.9% 0.7% 2.8% 3.5%

3.9% 5.5% 5.8% 3.6% 4.9% 5.1% 5.9% 6.6% 4.8% 5.3%

WEST COAST

$353,000

2.9%

BULLER CARTERS BEACH CHARLESTON KARAMEA REEFTON WESTPORT

$325,000 $412,000 $398,000 $343,000 $268,000 $329,000

GREY BLAKETOWN COBDEN GREYMOUTH KARORO MOANA PAROA RUNANGA

CHRISTCHURCH ADDINGTON AIDANFIELD AKAROA ARANUI AVONDALE AVONHEAD AVONSIDE BECKENHAM BELFAST BISHOPDALE BROMLEY BROOMFIELD BRYNDWR BURNSIDE BURWOOD CASEBROOK CASHMERE CHRISTCHURCH CENTRAL DALLINGTON DIAMOND HARBOUR EDGEWARE FENDALTON HALSWELL HAREWOOD HEATHCOTE VALLEY HEI HEI HILLMORTON HILLSBOROUGH HOON HAY HORNBY HUNTSBURY

LOCATION

ILAM ISLINGTON KENNEDYS BUSH LINWOOD LYTTELTON MAIREHAU MARSHLAND MERIVALE MONCKS BAY MOUNT PLEASANT NEW BRIGHTON NORTH NEW BRIGHTON NORTHCOTE NORTHWOOD OPAWA PAPANUI PARKLANDS PHILLIPSTOWN REDCLIFFS REDWOOD RICCARTON RICHMOND RUSSLEY SAINT MARTINS SHIRLEY SOCKBURN SOMERFIELD SOUTH NEW BRIGHTON SOUTHSHORE SPREYDON ST ALBANS STROWAN SUMNER SYDENHAM TEMPLETON UPPER RICCARTON WAIMAIRI BEACH WAINONI WALTHAM WESTMORLAND WIGRAM WOOLSTON YALDHURST

CURRENT AVERAGE PROPERTY VALUE

CHANGE OVER THREE- PREVIOUS 12-MONTH MONTH THREE- CHANGE % CHANGE % MONTH PERIOD

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE SEPTEMBER 2020

$878,000 $500,000 $1,547,000 $424,000 $653,000 $570,000 $900,000 $1,399,000 $986,000 $976,000 $464,000 $484,000 $525,000 $958,000 $678,000 $696,000 $668,000 $398,000 $1,053,000 $585,000 $662,000 $485,000 $640,000 $640,000 $572,000 $579,000 $658,000 $514,000 $593,000 $585,000 $794,000 $1,078,000 $1,001,000 $515,000 $703,000 $604,000 $824,000 $437,000 $439,000 $971,000 $761,000 $473,000 $926,000

7.9% 2.7% 3.8% 5.2% 3.0% 8.0% 3.3% 5.2% 1.4% 9.7% 2.7% 4.3% 4.4% 3.2% 2.7% 5.6% 8.4% 6.4% 4.9% 6.0% 1.7% 4.1% 2.9% 4.1% 5.0% 7.2% 5.6% 4.7% 3.5% 8.1% 6.7% 1.8% 3.0% 7.1% 4.6% -0.2% 2.7% 3.1% 5.0% 6.0% 7.6% 3.7% 4.5%

6.5% 8.2% 10.9% 8.9% 7.3% 8.0% 7.3% 11.1% 9.0% 7.5% 11.9% 8.7% 7.0% 10.5% 10.4% 7.2% 10.4% 8.1% 10.2% 8.2% 7.2% 8.6% 11.1% 7.3% 6.0% 8.0% 8.5% 8.9% 9.4% 8.0% 8.6% 10.1% 10.0% 8.3% 10.0% 8.8% 9.3% 8.4% 5.3% 8.0% 6.0% 7.0% 8.7%

27.8% 27.6% 29.2% 26.9% 22.3% 30.4% 22.1% 27.5% 24.5% 29.8% 29.6% 26.0% 30.3% 23.9% 26.3% 30.3% 33.3% 28.0% 31.8% 25.0% 17.2% 24.4% 27.7% 25.0% 27.1% 30.1% 31.6% 29.5% 28.4% 31.5% 28.5% 24.3% 31.5% 31.4% 26.0% 20.6% 25.4% 30.4% 27.2% 26.1% 27.0% 28.5% 22.8%

$191,000 $108,000 $350,000 $90,000 $119,000 $133,000 $163,000 $302,000 $194,000 $224,000 $106,000 $100,000 $122,000 $185,000 $141,000 $162,000 $167,000 $87,000 $254,000 $117,000 $97,000 $95,000 $139,000 $128,000 $122,000 $134,000 $158,000 $117,000 $131,000 $140,000 $176,000 $211,000 $240,000 $123,000 $145,000 $103,000 $167,000 $102,000 $94,000 $201,000 $162,000 $105,000 $172,000

$38,200 $21,600 $70,000 $18,000 $23,800 $26,600 $32,600 $60,400 $38,800 $44,800 $21,200 $20,000 $24,400 $37,000 $28,200 $32,400 $33,400 $17,400 $50,800 $23,400 $19,400 $19,000 $27,800 $25,600 $24,400 $26,800 $31,600 $23,400 $26,200 $28,000 $35,200 $42,200 $48,000 $24,600 $29,000 $20,600 $33,400 $20,400 $18,800 $40,200 $32,400 $21,000 $34,400

HURUNUI AMBERLEY CHEVIOT HANMER SPRINGS LEITHFIELD

$580,000 $612,000 $402,000 $675,000 $567,000

2.70% 3.2% 2.0% 3.1% 2.5%

8.24% 8.4% 12.9% 7.6% 7.8%

20.60% 22.6% 19.3% 20.5% 20.9%

$99,000 $113,000 $65,000 $115,000 $98,000

$19,800 $22,600 $13,000 $23,000 $19,600

KAIKOURA KAIKOURA KAIKOURA FLAT SOUTH BAY

$642,000 $596,000 $723,000 $672,000

3.70% 4.9% 0.1% 2.8%

8.98% 7.8% 11.3% 8.5%

20.90% 19.2% 20.3% 20.9%

$111,000 $96,000 $122,000 $116,000

$22,200 $19,200 $24,400 $23,200

MACKENZIE FAIRLIE LAKE TEKAPO TWIZEL

$723,000 $480,000 $1,055,000 $675,000

1.00% -1.8% 1.1% 1.8%

7.99% 10.9% 9.8% 6.1%

14.80% 15.9% 10.6% 15.8%

$93,000 $66,000 $101,000 $92,000

$18,600 $13,200 $20,200 $18,400

SELWYN DARFIELD DUNSANDEL KIRWEE LEESTON LINCOLN PREBBLETON ROLLESTON SOUTHBRIDGE TAI TAPU WEST MELTON WINDWHISTLE

$852,000 $713,000 $716,000 $849,000 $662,000 $882,000 $1,103,000 $820,000 $561,000 $1,226,000 $1,155,000 $571,000

7.40% 6.4% 3.5% 4.6% 4.4% 5.9% 6.3% 11.9% 2.6% 3.8% 5.8% -6.9%

7.45% 6.9% 8.5% 8.0% 8.6% 6.5% 6.9% 7.2% 9.4% 5.9% 8.9% 9.5%

26.60% 22.7% 22.2% 20.8% 22.4% 22.2% 26.6% 33.3% 23.0% 22.8% 23.4% 11.5%

$179,000 $132,000 $130,000 $146,000 $121,000 $160,000 $232,000 $205,000 $105,000 $228,000 $219,000 $59,000

$35,800 $26,400 $26,000 $29,200 $24,200 $32,000 $46,400 $41,000 $21,000 $45,600 $43,800 $11,800

TIMARU GERALDINE GLENITI GLENWOOD HIGHFIELD KENSINGTON

$515,000 $512,000 $713,000 $486,000 $529,000 $404,000

1.40% 0.6% 1.4% 0.0% 1.3% 1.5%

3.89% 5.0% 2.8% 3.6% 1.2% 4.5%

16.80% 16.4% 14.6% 20.0% 15.8% 17.4%

$74,000 $72,000 $91,000 $81,000 $72,000 $60,000

$14,800 $14,400 $18,200 $16,200 $14,400 $12,000

OneRoof.co.nz

LOCATION

CURRENT AVERAGE PROPERTY VALUE

CHANGE OVER THREE- PREVIOUS 12-MONTH MONTH THREE- CHANGE % CHANGE % MONTH PERIOD

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE SEPTEMBER 2020

MAORI HILL MARCHWIEL OCEANVIEW PARKSIDE PLEASANT POINT SEAVIEW TEMUKA WAIMATAITAI WATLINGTON WEST END

$531,000 $467,000 $552,000 $410,000 $512,000 $428,000 $444,000 $447,000 $423,000 $440,000

1.0% 3.3% -0.5% 1.2% 1.6% 1.4% 3.7% -0.4% 1.7% 0.5%

4.2% 5.4% 3.4% 5.7% 5.7% 5.2% 1.9% 5.4% 4.3% 4.3%

20.7% 19.1% 11.3% 20.9% 16.4% 18.2% 15.3% 20.5% 19.8% 18.3%

$91,000 $75,000 $56,000 $71,000 $72,000 $66,000 $59,000 $76,000 $70,000 $68,000

$18,200 $15,000 $11,200 $14,200 $14,400 $13,200 $11,800 $15,200 $14,000 $13,600

WAIMAKARIRI CUST EYREWELL FERNSIDE KAIAPOI LOBURN OHOKA OXFORD PEGASUS RANGIORA SEFTON SWANNANOA WAIKUKU BEACH WOODEND

$718,000 $911,000 $859,000 $1,092,000 $610,000 $924,000 $1,207,000 $595,000 $722,000 $628,000 $830,000 $1,044,000 $575,000 $651,000

6.10% 5.6% 4.8% 5.1% 8.5% 4.4% 4.5% 4.0% 9.2% 6.3% 5.6% 4.4% 2.5% 5.5%

7.29% 7.3% 7.8% 10.3% 6.2% 8.5% 7.0% 6.7% 5.4% 6.9% 6.9% 9.8% 7.9% 9.2%

24.90% 20.5% 23.8% 24.4% 25.5% 22.5% 24.2% 25.8% 27.6% 26.1% 20.5% 24.0% 26.1% 25.9%

$143,000 $155,000 $165,000 $214,000 $124,000 $170,000 $235,000 $122,000 $156,000 $130,000 $141,000 $202,000 $119,000 $134,000

$28,600 $31,000 $33,000 $42,800 $24,800 $34,000 $47,000 $24,400 $31,200 $26,000 $28,200 $40,400 $23,800 $26,800

WAIMATE

$414,000

1.7%

7.1%

22.1%

$75,000

$15,000

OTAGO

$858,000

2.0%

6.1%

20.8%

$148,000

$29,600

CENTRAL OTAGO ALEXANDRA BRIDGE HILL CLYDE CROMWELL MOUNT PISA RANFURLY ROXBURGH SPRINGVALE

$783,000 $690,000 $806,000 $784,000 $841,000 $1,093,000 $373,000 $425,000 $1,106,000

2.60% 4.1% -0.2% 0.4% 3.1% 1.1% 8.1% 4.2% 2.1%

7.01% 5.7% 7.9% 7.7% 5.2% 4.6% 7.5% 9.1% 12.3%

15.10% 18.2% 13.7% 13.5% 10.9% 13.0% 26.4% 21.1% 19.6%

$103,000 $106,000 $97,000 $93,000 $83,000 $126,000 $78,000 $74,000 $181,000

$20,600 $21,200 $19,400 $18,600 $16,600 $25,200 $15,600 $14,800 $36,200

$398,000 $409,000 $240,000 $420,000 $310,000

2.60% 3.3% -3.2% 5.5% 0.6%

1.57% 2.6% -3.1% 4.5% -1.3%

16.40% 17.9% 12.1% 27.7% 11.9%

$56,000 $62,000 $26,000 $91,000 $33,000

$11,200 $12,400 $5,200 $18,200 $6,600

$702,000 $672,000 $734,000 $655,000 $826,000 $764,000 $545,000 $511,000 $495,000 $514,000 $624,000 $626,000 $738,000 $773,000 $499,000 $642,000 $663,000 $630,000 $652,000 $659,000 $695,000 $810,000 $1,058,000 $630,000 $756,000 $683,000 $807,000 $584,000 $721,000 $801,000 $557,000 $920,000

1.90% 1.4% 2.4% 1.6% 2.2% 2.1% 2.4% 1.0% 3.1% 1.6% 1.1% 1.6% 1.5% 0.4% -0.6% 1.7% 0.6% 1.3% 0.5% 1.4% 1.2% 3.1% 3.1% 1.9% 3.4% 0.0% 3.1% 2.3% 0.4% 0.3% 1.3% 1.4%

5.35% 5.6% 6.5% 5.4% 3.7% 6.1% 3.9% 5.6% 5.0% 5.9% 7.3% 4.1% 0.6% 5.9% 5.0% 7.1% 5.4% 5.3% 5.0% 7.1% 5.2% 6.1% 1.9% 6.7% 5.2% 5.9% 4.3% 5.0% 5.3% 4.3% 5.2% 4.3%

20.00% 20.6% 20.5% 20.2% 19.7% 20.3% 20.3% 20.8% 20.7% 21.2% 21.9% 18.6% 15.1% 17.8% 19.7% 20.0% 18.6% 20.0% 12.6% 20.5% 18.6% 24.6% 18.3% 22.1% 20.6% 17.4% 19.4% 18.9% 19.0% 18.0% 18.5% 20.3%

$117,000 $115,000 $125,000 $110,000 $136,000 $129,000 $92,000 $88,000 $85,000 $90,000 $112,000 $98,000 $97,000 $117,000 $82,000 $107,000 $104,000 $105,000 $73,000 $112,000 $109,000 $160,000 $164,000 $114,000 $129,000 $101,000 $131,000 $93,000 $115,000 $122,000 $87,000 $155,000

$23,400 $23,000 $25,000 $22,000 $27,200 $25,800 $18,400 $17,600 $17,000 $18,000 $22,400 $19,600 $19,400 $23,400 $16,400 $21,400 $20,800 $21,000 $14,600 $22,400 $21,800 $32,000 $32,800 $22,800 $25,800 $20,200 $26,200 $18,600 $23,000 $24,400 $17,400 $31,000

CLUTHA BALCLUTHA KAITANGATA MILTON TAPANUI DUNEDIN ABBOTSFORD ANDERSONS BAY BALACLAVA BELLEKNOWES BRIGHTON BROCKVILLE CALTON HILL CAVERSHAM CLYDE HILL CONCORD CORSTORPHINE DUNEDIN CENTRAL FAIRFIELD FORBURY GREEN ISLAND HALFWAY BUSH KAIKORAI KARITANE KENMURE KEW MACANDREW BAY MAORI HILL MORNINGTON MOSGIEL MUSSELBURGH NORTH DUNEDIN NORTH EAST VALLEY OPOHO OUTRAM RAVENSBOURNE ROSLYN

LOCATION

SAINT CLAIR SAINT KILDA SAWYERS BAY SOUTH DUNEDIN TAINUI WAIKOUAITI WAKARI WAVERLEY

CURRENT AVERAGE PROPERTY VALUE

CHANGE OVER THREE- PREVIOUS 12-MONTH MONTH THREE- CHANGE % CHANGE % MONTH PERIOD

12-MONTH GAIN IN $

EXTRA DEPOSIT REQUIRED SINCE SEPTEMBER 2020

$914,000 $541,000 $653,000 $447,000 $654,000 $515,000 $648,000 $839,000

2.4% 2.9% 0.8% 0.4% 1.4% 2.8% 0.9% 1.1%

5.7% 5.0% 6.1% 5.2% 5.2% 5.9% 5.8% 7.4%

20.3% 22.1% 18.9% 18.6% 19.3% 25.9% 20.0% 21.2%

$154,000 $98,000 $104,000 $70,000 $106,000 $106,000 $108,000 $147,000

$30,800 $19,600 $20,800 $14,000 $21,200 $21,200 $21,600 $29,400

$1,598,000 $1,241,000 $1,982,000 $1,416,000 $1,182,000 $1,093,000 $1,124,000 $1,580,000 $2,249,000 $674,000 $948,000 $1,927,000 $1,373,000 $918,000 $1,813,000 $1,476,000 $2,620,000 $1,726,000

2.40% 5.6% 6.9% 2.8% 1.7% -0.4% 2.1% 1.9% 2.8% 2.4% 2.0% 0.5% 0.1% 3.8% 0.4% 2.4% 2.5% 1.9%

7.51% 2.4% 5.8% 3.8% 6.6% 9.4% 9.1% 7.0% 8.5% 3.3% 5.1% 6.6% 8.2% 4.4% 11.0% 7.5% 10.0% 8.6%

23.70% 25.0% 34.5% 24.5% 24.2% 17.8% 16.1% 22.4% 33.7% 17.8% 16.3% 22.7% 19.3% 23.2% 24.4% 20.0% 28.6% 22.3%

$306,000 $248,000 $508,000 $279,000 $230,000 $165,000 $156,000 $289,000 $567,000 $102,000 $133,000 $357,000 $222,000 $173,000 $356,000 $246,000 $583,000 $315,000

$61,200 $49,600 $101,600 $55,800 $46,000 $33,000 $31,200 $57,800 $113,400 $20,400 $26,600 $71,400 $44,400 $34,600 $71,200 $49,200 $116,600 $63,000

WAITAKI HOLMES HILL KUROW OAMARU OAMARU NORTH OTEMATATA PALMERSTON SOUTH HILL WESTON

$486,000 $521,000 $432,000 $406,000 $442,000 $509,000 $395,000 $472,000 $603,000

1.00% 1.6% 0.5% 1.2% 2.1% 0.8% 2.9% -0.4% 0.5%

4.11% 4.1% 4.6% 4.7% 2.9% 1.6% 4.1% 3.0% 4.9%

20.00% 20.9% 20.7% 21.2% 20.4% 36.8% 35.3% 16.8% 13.8%

$81,000 $90,000 $74,000 $71,000 $75,000 $137,000 $103,000 $68,000 $73,000

$16,200 $18,000 $14,800 $14,200 $15,000 $27,400 $20,600 $13,600 $14,600

SOUTHLAND

$476,000

1.9%

5.9%

19.0%

$76,000

$15,200

GORE EAST GORE GORE MATAURA

$416,000 $334,000 $439,000 $224,000

3.50% 1.8% 4.8% 3.2%

6.63% 6.8% 5.5% 7.4%

21.30% 21.9% 23.0% 18.5%

$73,000 $60,000 $82,000 $35,000

$14,600 $12,000 $16,400 $7,000

INVERCARGILL APPLEBY AVENAL BLUFF CLIFTON GEORGETOWN GLADSTONE GLENGARRY GRASMERE HARGEST HAWTHORNDALE HEIDELBERG KINGSWELL NEWFIELD OTATARA RICHMOND ROCKDALE ROSEDALE SEAWARD BUSH STRATHERN TURNBULL THOMSON PARK WAIKIWI WAVERLEY WINDSOR

$482,000 $321,000 $468,000 $315,000 $365,000 $362,000 $585,000 $417,000 $451,000 $491,000 $459,000 $388,000 $380,000 $429,000 $690,000 $469,000 $421,000 $654,000 $852,000 $360,000 $373,000 $573,000 $529,000 $557,000

1.90% 3.5% 0.6% 1.9% 2.0% 3.7% 0.9% 2.7% 2.5% 1.7% 2.2% 2.1% 1.9% 2.9% 0.6% 2.6% 3.2% 0.3% 1.8% 2.6% 2.8% 2.0% 1.9% 1.8%

6.05% 5.1% 4.7% 8.0% 7.2% 6.4% 4.5% 9.7% 6.0% 4.1% 3.9% 4.7% 6.0% 5.3% 5.9% 4.3% 6.5% 4.0% 7.3% 7.3% 7.1% 4.5% 4.9% 5.0%

20.80% 28.4% 17.6% 18.9% 23.3% 26.6% 17.9% 21.2% 23.2% 19.2% 22.1% 23.2% 23.0% 24.7% 18.4% 21.2% 22.4% 10.5% 18.0% 25.0% 20.7% 21.1% 21.3% 20.3%

$83,000 $71,000 $70,000 $50,000 $69,000 $76,000 $89,000 $73,000 $85,000 $79,000 $83,000 $73,000 $71,000 $85,000 $107,000 $82,000 $77,000 $62,000 $130,000 $72,000 $64,000 $100,000 $93,000 $94,000

$16,600 $14,200 $14,000 $10,000 $13,800 $15,200 $17,800 $14,600 $17,000 $15,800 $16,600 $14,600 $14,200 $17,000 $21,400 $16,400 $15,400 $12,400 $26,000 $14,400 $12,800 $20,000 $18,600 $18,800

SOUTHLAND EDENDALE MAKAREWA OTAUTAU RIVERSDALE RIVERTON TE ANAU WINTON

$492,000 $424,000 $662,000 $320,000 $428,000 $561,000 $642,000 $531,000

1.20% 3.4% 2.5% 4.2% 2.6% 3.1% -1.4% 2.1%

5.19% 8.8% 8.0% 5.9% 8.3% 1.9% 5.2% 5.5%

14.20% 22.5% 13.9% 19.9% 19.9% 19.1% 9.0% 15.4%

$61,000 $78,000 $81,000 $53,000 $71,000 $90,000 $53,000 $71,000

$12,200 $15,600 $16,200 $10,600 $14,200 $18,000 $10,600 $14,200

QUEENSTOWN-LAKES ALBERTTOWN ARROWTOWN ARTHURS POINT FERNHILL FRANKTON GLENORCHY JACKS POINT KELVIN HEIGHTS KINGSTON LAKE HAWEA LAKE HAYES LOWER SHOTOVER LUGGATE MOUNT CREIGHTON QUEENSTOWN QUEENSTOWN HILL WANAKA

OneRoof.co.nz

SURGE IN THE REGIONS

The boom towns taking on Auckland and Wellington Napier is the perfect example of what’s happened to many regional cities over the past three decades, writes ASHLEY CHURCH.

ne of the interesting features of the current, hot, property market is the extent to which house prices are holding up in the regions. While Auckland prices are following the general trend of the past four decades, we’re at a point in the cycle where we might expect regional prices to have ﬂa!ened oﬀ. No doubt some of that is related to the weird environment created by the Reserve Bank response to Covid – but perhaps there’s also a change taking place in the regions themselves as part of a fundamental realignment in the demographics of our nation. For many, it’s now possible to live in a provincial city or town while operating a business in Auckland or Wellington – and that’s a decision which I made toward the end of last year when I moved back to my hometown of Napier after over 20 years of living away.

Ashley Church

In many respects, Napier is the perfect example of what’s happened to many regional cities over the past three decades – and that change didn’t happen by accident. Back in the early 90s the city was facing a formidable challenge. It was losing its young people to universities and careers in bigger cities (or overseas) and wasn’t replacing them. To be fair, under the leadership of then Mayor Alan Dick, the city had already recognised the issue and was in the process of making changes which included embarking on a programme to upgrade its amenities. But it wasn’t enough to stem the tide and a report, commissioned in 1991, warned that the city’s population could drop by as many as 10,000 people over

the following decade. As a young, newly elected councillor with a background in marketing, I was able to convince the council that its investment was going to be wasted if it wasn’t coupled with a promotional programme to showcase Napier as a tourist and lifestyle destination. That initiative, which I had the great privilege of leading, became the NapierLife programme and, over the next few years, it boldly promoted Napier to (mostly) Aucklanders. It built on the city’s Art Deco credentials and the fledgling Mission Concert and leveraged the regional wine industry to create an image of a confident city, on the move, and proud of its traditions. Thirty years on, and with the advantages of good transport links and the levelling effect of ultrafast broadband, Napier is now a vibrant, growing city. In addition to being a popular tourist destination, it is also a magnet for entrepreneurs, families and professionals looking for a be!er quality of life without having to sacrifice the style and appeal of bigger cities. It would be arrogant, of course, to suggest that those early promotional efforts were singlehandedly responsible

for Napier’s change of fortunes over that time. Since the 90s the city has leveraged its well-planned cityscape, stable workforce, and the surrounding regional economy to turn itself into an extraordinarily a!ractive place in which to live. But it’s worth noting that Napier has also developed a distinct image in a way that other regional New Zealand cities, which faced similar issues in the 90s, have been unable to do – and the seeds of that lie in the branding and promotional work that we did almost 30 years ago. But what does it all mean for house prices in the Bay in 2021? Is Napier going through the same evolution that Tauranga once went through and which led to that city becoming a hub for “Back in the industry, families and retirees early 90s seeking a be!er way of life? Napier was The answer is almost certainly facing a yes, although the tyranny of formidable distance means that the speed challenge. It of that change will be slower was losing its for Napier. young people According to the latest to universities Oneroof-Valocity House Value and careers Index ﬁgures, Napier’s average in bigger cities property value has risen 33% and wasn’t in the last 12 months, from replacing $651,000 to $871,000 - a gain them.” of $220,000. Prices in the city

vary dramatically. Eight of the city’s 18 suburbs have average property values of more than $1m but it’s still possible to buy for much less than that, with Maraenui, the city’s most affordable suburb, sporting an average property value of $585,000. Since the end of the first national lockdown property values in Napier have grown at a similar rate to those in Tauranga, whose average property value has stretched to $1.115m. The fact that Napier’s average property value sits below the $1m mark and is significantly below the $1.415m average property value in Auckland makes Napier a particularly a!ractive destination for Aucklanders. And Napier isn’t alone in that regard. New Plymouth, Timaru, Nelson, Palmerston North, the Wairarapa and other towns are all seeing sustained growth in their house prices as professionals, retirees and businesses are seeing the huge lifestyle and cost advantages of being based in our thriving regional cities. What this ultimately means for the property market, only time will tell. • Ashley Church is a property commentator for OneRoof.co.nz. Email him at ashley@nzemail.com

OneRoof.co.nz

SPONSORED An artist impression of the luxury Catalina Bay development in the west Auckland suburb of Hobsonville Point. Photo / Supplied

WHY NEW HOME PRICES NEED TO MAKE SENSE Barfoot & Thompson’s head of projects says new developments need to give homeowners and renters good quality housing.

lose to five years after it came into effect, Auckland Council’s Unitary Plan - which allows density around town centres and transport hubs - is finally delivering new housing the city needs. But Ma" Baird, Barfoot & Thompson’s head of projects, warns that not all new townhouses, terraces and apartments are created equal. Good projects need to give homeowners and renter quality housing at prices that make sense compared to the traditional Kiwi box on a big plot of land. “It still stands today that if pricing is similar, buyers would buy a house over a terrace or an apartment,” Baird says. “In neighbourhoods where houses are $1 million-plus, a terrace can’t be priced at $950,000. “But now that developers are paying big money for old homes on sections to put on multiple townhouses, those townhouse prices now compare favourably to standalone home prices. “That means we’ll see more density in places like West Auckland, South Auckland, Takanini, Manukau, Flat Bush and Mount Wellington.” He points to McLennan, a 550-home development in South Auckland’s Takanini, which is nearing completion after six years. The communityoriented neighbourhood is built near public parks and transport,

with a range of affordable homes, shared public areas around pocket parks and a philosophy of sustainability and neighbourhood interaction. “The last homes are finishing next year and they have a real standout design so there’s differentiation and quality,” Baird says. “Prices have gone up for first home buyers in six years, from $600,000 at the start to $800,000 now. In one of our last releases in July, 18 homes sold out on the first weekend, at $750,000 to $790,000 for three bedrooms with courtyards and qualit finishes. “We could sell that development three times over.” Baird says that Barfoot & Thompson’s projects division, established seven years ago to sell new neighbourhoods, is picky about the developments it takes on. “It’s all about quality control. Building to the building code is an absolute minimum, but we’re working with all Homestar 6 and 7 [Green Building Council ratings]. That should become the norm. “We’re really careful that the product and the developer we’re representing will be up to standard. We want to be associated with good quality, and no risk. “We don’t want to sell the Mercedes and a Skoda turns up.” In the past seven years, Barfoot & Thompson has marketed thousands of homes

245 Kepa, a terrace house development in Auckland’s Mission Bay, is 50% sold. Photo / Supplied

in 30 to 40 projects. The company currently has nine projects on the market, ranging from 61 town houses at Rosier Park, in Glen Eden, with prices starting from $520,000 for a one-bedroom to one of the city’s biggest upscale projects, 30 Madden in fashionable Wynyard Quarter. The 150 apartments sold out before completion in August, for prices between $650,000 and millions of dollars for the penthouses. Baird says the apartment

per sqm. It’s award-winning architecture, award-winning developers.” And Auckland’s lockdown has not slowed things down, Baird adds. “Enquiries during lockdown were at record numbers and level 3 demand has been just as strong. We sold a lot through lockdown for properties between $880,000 and $2m.” As in Australia, the USA and Europe, Kiwi buyers are ge"ing more discerning, Baird says. While developers are

buyer has come a long way – literally and ﬁguratively – from the city shoe-box towers of 20 years ago. In waterside Hobsonville Point, 54 of the 82 luxury apartments at Catalina Bay have sold unconditionally since the launch of marketing in late February, with just 26 left to sell. “The demand has been phenomenal and we sold a couple of penthouses just before lockdown. Penthouse apartments like these sell for over $25,000 per sqm, in the city sometimes over $30,000

understandably wary, postCovid, of adding mixed-use shops and restaurants to their mix they are meeting buyer demand for things like common green areas, with barbecues, and areas where neighbours can bump into each other. Some add amenities like gyms, pools or shared meeting facilities for the ﬂexible and evolving workfrom-home crowd. “Being close to transport and shops has always been a key driver for a developer, as well as being near employment. The new generation of terraces or

townhouses now has added amenity in the development itself. “The demand is there for the right product at the right price point.” Baird’s team also vet a developer’s ability to go the distance as building and compliance costs escalate, and post-Covid supply issues delay completion. Barfoot & Thompson Dannemora branch manager Jon Simpson, who marketed the 12 terrace homes and 48 apartments of Ormiston Central in south east Auckland, says that meeting the pricing sweet spot – under $1m for a three-bedroom terrace home and under $700,000 for a twobedroom apartment – meets the needs of families who prefer homes and starter buyers and investors. “Choosing the right developer should never be underestimated. This gives buyers immense conﬁdence, knowing that they are dealing with a reputable developer,” he says. Sales person Ying Li Howe, who marketed Rosier Park, has found that buyers are far more accepting of terrace homes than they were a few years ago. “They’ve shifted their mindset, realising this is a great way to get on the property ladder, using the banks’ incentives and more favourable lending criteria,” she says. “We are also seeing more and more investors leaning towards buying new builds.” Baird adds: “If we wouldn’t buy it ourselves, then we wouldn’t sell it. In fact, a lot of our salespeople have bought in our own projects.”

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