Tag Archives: Auckland housing market predictions

Auckland Real Estate Market

Auckland Housing Market Continues To Grow

person By Hadar alarm 15th Feb, 2022
Auckland housing market

A recent drop in Auckland housing prices may have worked in favor of real estate brokerage agencies and private sellers. Even as the selling prices and sales volumes dropped by a margin, the trading patterns remained quite the same. Property listings in the Auckland housing market were up by 19.7% still, on a month-on-month basis; and compared to the December average selling price of $1.278 million, the January figure was a decent $1.230 million, after a 3.8% drop.

January reflects greenery for the Auckland housing market

There has been a drop of 12.1% in the month-to-month sales volumes. December clocked in at 15.2% above January 2021. December’s 911 transactions were succeeded by only 801 transactions this January. The Level-4 lockdowns make it difficult to deduce exact figures in comparison to 2019-2020.

But, strong demand for quality housing in Auckland has led to rapid price surges of properties across the city, in recent years. Outdoing, Auckland housing market predictions, 2021 witnessed a whopping 1516 $3M homes exchanging hands in Auckland in the last year alone.

Auckland traded at a surprisingly high rate in January, with 1135 new listings making it to the market. This spelled a sales rate of 15.2% higher year on year, in January. Despite January’s negligible drop in the average selling price of homes in Auckland, the market fared better than December 2021’s national median of $905,000.

According to Auckland housing market news, a top brokerage firm finished January with a total of 3827 properties on the books, a 15-month record high. Plus, Auckland’s January median selling price of $1,025,000 also chased the national median, which was  $1.028 million in January- a 27.5% year-on-year, and up% month-on-month.

Auckland housing market: 5 years ago, and now

This is a far-removed possibility from the expectations one could have of the Auckland housing market predictions of 5 years ago. A $3M house in Auckland, half a decade back, was considered a luxury buy, and usually situated in sought-after suburbs.

However, the scenario has become drastically different now, in terms of asset value growth. For example, 5 years ago, a $3M sale equaled a 5-3 bedroom water-side property maxing over 900+ sq. meters, with at least two car parks, and in a suburb like Omaha. Despite nearby sights like vineyards and golf course recreation.

Today, such a property would fetch an even prettier penny in the Auckland market; something to the tune of nearly $6M now. The same can be said for properties in Remuera, Takapuna, Queenstown, and the likes.

Admitted, $3M homes today cannot match the scale or luxury of their counterparts from 5-years ago. Today, Queenstown ranks the highest price average in NZ- $1.15M. The definition of prestige homes in 2022’s Auckland, resembles houses with smaller spreads and lifestyle features.

The trade-off is the abundance of sizeable listings in fringe suburbs like Ponsonby, where even 3-bedroom, 1-bath homes (with off-street parking to boot) are selling for $2.96M. Plus, you can unexpectedly stumble across the odd heritage property here, with modernized ‘kauri’ features. Takapuna Beach is not far behind, either, with “environmentally focussed” residential projects coming up.

Ignoring tough lending conditions, LVR ratios, and rising interest rates, Auckland housing market predictions from experts suggest another 5% growth for Auckland across the calendar year 2022.

Auckland Real Estate Market, new zealand real estate

Auckland Housing Market Average Asking Price Drops to 4-Month Low

person By Hadar alarm 15th Oct, 2021
Auckland Housing Market

COVID-19 restrictions outside the city and Level 4 restrictions inside have forced the market to drop to a 4-month low with the average asking price dropping by 2.8% to $865,348 in September, from $900,671 in August, as per industry reports. The Auckland housing market, however, remained buoyant.

Tough times for the NZ real estate market?

The housing market in New Zealand surpassed expectations of the industry and beyond amidst the pandemic. Even up until September, the nation’s property trade exhibited the highest growth since 2000- not a small feat by any means. The avg. yearly listings numbers across the NZ market as a whole, have gone down in comparison to 2020. There is a lack of open homes- which indicates homes ranging in the national avg. asking price coming into the market. and abundance of high-priced properties.

There were only13,407 homes available to buy; which is 23.7% lesser than the year-on-year. Lack of supply, coupled with pent-up demand has driven up the asking prices in some parts. But, the stringent Loan-to-Value diktats and high interest rates have also curbed some of that demand.

Experts and buyers should know, however, that while the average NZ asking price shows a stagnant market, the positive news has trickled out of other cities besides Auckland. While other localities are barely managing to hold on to their growth with Level 2, restrictions, Auckland is still racing, even with a Level 3 restriction.

Auckland housing market – still going strong?

Auckland has shown great promise in the last few months, reaching record median house price hikes in July and August. High demand coupled with FONFA (Fear Of Not Finding Anything) drove customers to purchase property at premium prices. A 5-year record-breaking 7345 properties exchanged hands across Auckland in June 2021; in comparison to June 2020.

This means the transactions had increased by 6.2% year on year. Nationally the average asking price was $893,794 and $875,197 in June and July, respectively. If Auckland housing market news and reports are to be believed, then the city’s property market is the only resilient sub-market amidst the September lockdown restrictions. Market experts and brokers remain hopeful because the month was not completely unproductive.

Additional Read:

Bet on these Auckland Housing Market Suburbs with Highest Growth since 2000

Despite the Level-4 lockdown, there have been strong reports of lucrative property deals that brought the average asking price here to $1,196,975. Some of Auckland’s suburbs depicted record highs since the 2000s. Location’s such as Point England have witnessed a cool 616% hike, Glen Innes saw a 310% hike, and Wai ō Tāiki saw a 594% increment, in the last couple of decades. Locales such as Oneroa, and Point Chevalier have also shown great performance in the last half of a decade.

However, September news suggests that the property market here is now highly reliant on one-on-one viewings. New listings in September have been down by 57.9% in Auckland. The new listings are even lower than August listings by 34%. The housing stock is also down by a worrisome 21%. But, Auckland housing market predictions from hopeful experts suggest that these numbers should start climbing again, once the restrictions are lowered to level 2 from the incumbent Level 3.

What is in store for the rest of New Zealand?

Wellington has displayed a hike in the year-on-year listings numbers, with an increment of 26.3%, year-on-year. The average asking price here remained at a respectable $958,670 in September. There was a generous increase in listings, year-on-year, by 14.5%, and even the stock went up by 21.9%. Wellington locales, such as Hawkes Bay and Central North Island depicted a 15.2%and 1.6% hike, year-on-year. Overall, Wellington closed the monthly average at $1,082,993, a monthly increase which means a month-on-month increase of 1.7 percent

Overall, the days of fretting for the NZ property market may be short-lived. The rest of NZ can follow the Auckland housing market’s example and cope with easing growth rates. At $950,229, the yearly average value is up by 27.8%, year-on-year. In the saturated Auckland property market, the final average was at $1,346,964, a month-on-month increase of 0.7%.

Brokers and sellers can certainly hope that the prices shall grow, as soon as the restrictions are lowered, should the potential number of buyers in the market hold.