Auckland Housing Market Heats Ups

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Latest Quotable Value sales figures confirm a resurgent Auckland housing market, with values in some areas rising five per cent in the past three months.

Nationally, the QV residential price movement index shows property values have increased 0.7 per cent in the past three months, or 5.1 per cent over the past year.

The figures follow a similar finding by Auckland real estate firm Barfoot & Thompson this week, with both the median and average price of homes it sold hitting an all-time high last month along with a boost in the number of sales.

QV said the Auckland market had increased 9.3 per cent year on year and is now up 37 per cent since 2007, before the global financial crisis.

QV national spokeswoman Andrea Rush said there had been a re-acceleration of values in Auckland while residential property values in the other main centres including Hamilton, Tauranga, Wellington, Christchurch and Dunedin also showed moderate increases.

“Nationwide there has been an influx of new listings to the market, which is usual for this time of year and this has resulted in an increased number of sales and home loan approvals,” she said.

QV registered valuer Bruce Wiggins said he was seeing examples of well presented but not high end properties in Auckland selling for much more than their original purchase price within a short space of time, without a significant amount being spent on upgrading them.

“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.”

The only area in Auckland to buck the upward trend was Rodney District, where values decreased 1.5 per cent in the past three months, though they’re still up 7.1 per cent year on year. The biggest rises have been in south Auckland, where values have risen 5.2 per cent since August and 13.8 per cent year on year.

Home values in Christchurch have increased one per cent over the past three months and 3.7 per cent year on year while prices were stable in the Wellington region with a 0.1 per cent rise in the past three months and 0.5 per cent year on year.


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