The Auckland market has increased 9.3% year on year, 3.1% over the past three months and 37.0% since 2007. When adjusted for inflation values are up 8.2% over the past year and are 17.0% above the 2007 peak.Auckland
Home values in Auckland are continuing to accelerate and most parts of the super city saw increases over the past three months with the exception of Rodney.
Rodney District values bucked the trend decreasing by 1.5% over the past three months but values there are still up 7.1% year on year; Rodney- Hibiscus Coast values were also down 2.0% over the past three months but have increased 7.1% since November last year; and Rodney North values are also down 1.2% since August but up 7.4% since this time last year.
Auckland City – East saw values increase 4.9% since August, 10.2% year on year and values there are now 40.7% higher than the previous peak of 2007; Auckland City South is up 4.7% since August, 10.5% year on year and 49.1% since 2007; Auckland City values have increased 4.1% over the past three months, 9.2% year on year and 43.3% since 2007.
In Manukau, Manukau-Northwest was up the most over the past three months increasing 5.2% since August and 13.8% year on year. Values there are now 41.4% higher than in 2007. Franklin District is also up 2.8% over the past three months and 11.1% since this time last year. Values there are now 21.4% higher than the previous peak of 2007.
On the North Shore, North Shore Onewa saw the greatest value increases, up 5.0% over the past three months, 8.7% year on year and values there are now 43.6% higher than in 2007.
QV Auckland Registered Valuer Bruce Wiggins said, “House prices in the super city continue to rise at ‘eye-watering’ rates.”
“We are seeing examples of well presented, but not high end properties selling for much more than their original purchase price within a short space of time. While these have often been upgraded in the intervening period, the rise in sale price far exceeds the money spent.”
“One North Shore townhouse that sold in the $700,000s three months ago was renovated to a good standard internally and was under agreement in the $900,000s three months later.”
“Conditions are also favorable for investors, and in South Auckland there have been examples of investors buying multiple properties, adding fuel to the investor rule debate for investors with five or more properties that the Reserve Bank is currently looking at.”