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Auckland market on the move

Terrace housing, new Viaduct Basin developments and the America's Cup are all helping to boost the country's largest real estate region.

Monday, August 23rd 1999, 12:00AM

by Paul McBeth

Terrace housing, new developments in the Viaduct Basin and positive spin-offs from the America's Cup are all helping to boost the country's biggest real estate region, Auckland.
The Real Estate Institute's latest residential property figures, for July, give a breakdown for different areas within Auckland (see Auckland: median prices). While median prices are down on June, they're still higher than last year in every area except Papakura while the number of houses sold is also on the rise.

The whole Auckland region makes up a big chunk of the New Zealand market, with total sales of 2,203 last month contributing nearly a third of the country's total. Median prices for the region are still way higher than anywhere else at $232,000 in July - number two is Wellington at $178,500, while Southland still trails the pack at $83,000.
Good Returns spoke to some Auckland agents for Bayleys Real Estate to find out what's happening locally. Their comments included:
  • Terrace housing projects (two or three-level adjoining houses) are one of the latest trends. Usually more affordable than apartments, they also offer some outdoor space for the barbie and a bit more privacy as no-one else lives above or below.
  • A series of redevelopments in the Viaduct Basin are creating virtually a whole new city, one agent says. He believes that the focus on tourism is "coming to fruition", the upcoming America's Cup is creating a positive mood (with a direct effect on the rental market)and the market is extremely buoyant.
  • While prices still haven't made it back to their highs, there are plenty of willing sellers. With fixed interest rates on the move up again, many people are keen to buy before rates increase even further.
  • The upcoming election isn't having as much impact on the market as it has in other years. "People are pretty cynical about MMP," said one agent.
  • The North Shore and areas such as Albany are charging ahead, while an inner city agent listing top properties ($1 million plus) said he was the busiest he'd been in years.

  • Auckland: median prices (residential dwellings)

      A year ago
    (July 1998)
    Previous month (June 1999) Last month
    (July 1999)
    North Shore $241,500 $255,000 $245,000
    Waitakere $199,000 $199,500 $203,000
    Auckland City $265,000 $276,750 $270,000
    Manukau $215,000 $246,500 $220,000
    Papakura $197,500 $201,000 $173,250
    Metro Auckland $230,000 $245,000 $235,000

    Source: REINZ

    Auckland: number of sales (residential dwellings)

      A year ago
    (July 1998)
    Previous month (June 1999) Last month
    (July 1999)
    North Shore 334 392 441
    Waitakere 267 279 297
    Auckland City 571 726 672
    Manukau 365 426 462
    Papakura 52 81 84
    Metro Auckland 1,589 1,904 1,956

    Source: REINZ

    Paul is a staff writer for Good Returns based in Wellington.

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    Mortgage Rates Table

    Full Rates Table | Compare Rates

    Lender Flt 1yr 2yr 3yr
    AIA - Back My Build 5.44 - - -
    AIA - Go Home Loans 7.99 5.99 5.69 5.69
    ANZ 7.89 6.59 6.29 6.29
    ANZ Blueprint to Build 7.39 - - -
    ANZ Good Energy - - - 1.00
    ANZ Special - 5.99 5.69 5.69
    ASB Bank 7.89 5.99 5.69 5.69
    ASB Better Homes Top Up - - - 1.00
    Avanti Finance 8.40 - - -
    Basecorp Finance 9.60 - - -
    BNZ - Classic - 5.99 5.69 5.69
    Lender Flt 1yr 2yr 3yr
    BNZ - Mortgage One 7.94 - - -
    BNZ - Rapid Repay 7.94 - - -
    BNZ - Std 7.94 5.99 5.69 5.69
    BNZ - TotalMoney 7.94 - - -
    CFML 321 Loans 6.20 - - -
    CFML Home Loans 6.45 - - -
    CFML Prime Loans 8.25 - - -
    CFML Standard Loans 9.20 - - -
    China Construction Bank - 7.09 6.75 6.49
    China Construction Bank Special - - - -
    Co-operative Bank - First Home Special - 5.79 - -
    Lender Flt 1yr 2yr 3yr
    Co-operative Bank - Owner Occ ▲8.15 ▲6.79 ▲6.45 ▲6.29
    Co-operative Bank - Standard 7.65 6.49 6.25 6.19
    Credit Union Auckland 7.70 - - -
    First Credit Union Special - 6.40 6.10 -
    First Credit Union Standard 8.50 7.00 6.70 -
    Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
    Heartland Bank - Reverse Mortgage - - - -
    Heretaunga Building Society 8.90 7.00 6.50 -
    ICBC 7.49 5.99 5.65 5.59
    Kainga Ora 8.39 7.05 6.59 6.49
    Kainga Ora - First Home Buyer Special - - - -
    Lender Flt 1yr 2yr 3yr
    Kiwibank 7.75 6.89 6.59 6.49
    Kiwibank - Offset 8.25 - - -
    Kiwibank Special 7.75 5.99 5.69 5.69
    Liberty 8.59 8.69 8.79 8.94
    Nelson Building Society 8.44 6.39 6.09 -
    Pepper Money Advantage 10.49 - - -
    Pepper Money Easy 8.69 - - -
    Pepper Money Essential 8.29 - - -
    SBS Bank 7.99 6.95 6.29 6.29
    SBS Bank Special - ▼6.15 5.69 5.69
    SBS Construction lending for FHB - - - -
    Lender Flt 1yr 2yr 3yr
    SBS FirstHome Combo 5.44 ▼5.15 - -
    SBS FirstHome Combo - - - -
    SBS Unwind reverse equity 9.75 - - -
    TSB Bank 8.69 6.79 6.49 6.49
    TSB Special 7.89 5.99 5.69 5.69
    Unity ▼7.64 5.99 5.69 -
    Unity First Home Buyer special - 5.49 - -
    Wairarapa Building Society ▼8.10 ▼6.19 ▼5.79 -
    Westpac 8.39 6.89 6.39 6.39
    Westpac Choices Everyday 8.49 - - -
    Westpac Offset 8.39 - - -
    Lender Flt 1yr 2yr 3yr
    Westpac Special - 6.29 5.79 5.79
    Median 7.99 6.24 6.09 5.69

    Last updated: 1 November 2024 2:24pm

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