Affordability growing in West Auckland

There’s absolutely no doubt by now that the new loan to value ratio (LVR) rules introduced by banks in September 2016 are having an effect on the market.

In Auckland as a whole, although prices are still rising, that growth is levelling off with sales volume falling 30%, inventory growing, and number of days properties take to sell increasing. Plus, fewer homes are being sold at auction. Year-on-year, to May 2017, according to REINZ statistics, Auckland median prices rose by 5.0%, while nationwide the median rose by 11.3%.

But West Auckland, a large and diverse part of the country’s biggest city, has a huge amount going for it with major business and residential development taking place in suburbs such as Henderson, Massey and especially Hobsonville, where former air force land has become a new town with hundreds of new houses - plus shops and schools.

On top of that there’s a new transport hub at New Lynn and much improved access to motorways. The Westgate project was one of the country’s largest ever, while the new Waterview Tunnel will almost certainly make a huge difference to residents’ lives.