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House price data reveals ‘fragmented' Auckland market

Auckland house price rises continued to climb above the nationwide average in March, up 5% against a 1% nationwide rise, according to the latest Crockers Auckland sales price table.

Monday, April 23rd 2012, 12:00AM

by The Landlord

However, figures for individual suburbs revealed a more mixed picture, with some areas recording double-digit rises against price falls in some locations, reflecting what Crockers sales manager Peter Holmes described as Auckland's "fragmented" market.

"We have pockets doing extremely well, whereas other parts are flat like the rest of the country," he said.

"We've seen some of the central city suburbs [and] anything that flanks the CBD doing extremely well over the past few months, but the further you go away from the central city it becomes flatter."

The largest year-on-year rise was recorded in Onehunga/Penrose, up 25% from $355,000 to $445,000.

The largest price fall was seen in the Waitakeres, down 19% from $515,000 to $415,000.

Of the 27 Auckland suburbs included in the table, 17 saw prices above March 2011 levels, with six suburbs seeing double-digit price growth.

The Crockers data also reflected the shortage of available property in the Auckland region, with year-on-year sales rising 17% against a 25% nationwide rise.

Realestate.co.nz chief executive Alistair Helm agreed the disparity was partly down to a lack of inventory.

"Listings are still not coming through quite as much as the industry would like, we're seeing continued tightness," he said.

"Looking at the number of listings on our site they have been slipping for the past four weeks in absolute numbers, so it's clear there's not enough replenishment of stock."

The largest increase in sales was seen in Papakura, up 63% from 46 in March 2011 to 75.

Albany saw the biggest drop off in sales, down 24% from 95 to 72 sales.

Of the 27 locations, 22 saw a rise in sales - 21 of which recorded double-digit growth - while four locations saw sales down on the year.

 

« House price rises stall in March, says QV"Chronic shortage" pushes Auckland house prices to new high »

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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 - - -
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ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
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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 - - -
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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 7.65 5.99 5.75 5.69
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 - - -
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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 - -
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Westpac Special - 6.29 5.79 5.79
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