Waitakere City has seen growth of more than 21 per cent year on year and the most affordable suburbs in the west continue to see homes listed for sale selling quickly and well above what they would have sold for a year ago. Hot suburbs include Glen Eden, Glendene, Kelston, West Harbour, Massey, Ranui, Laingholm and Te Atatu South.
QV stats show the average value in the former North Shore City Council areas is now over $1 million and the more affordable suburbs across the bridge have also been in high demand during winter. Values in the North Shore/Onewa suburbs of Birkdale, Glenfield, Beachhaven, Hillcrest, Northcote, Marlborough, Chatswood and Birkenhead rose by more than 20 per cent year on year but still offer the best value for money on the shore with an average value of just over $820,000. Agents recommend selling homes by auction as it has been too hard to cap price expectations in the heated market in these areas.
In the Manukau/Central area, which includes the suburbs of the Redoubt Rd precinct, Manurewa, Hill Park, The Gardens, Weymouth, Wattle Downs, Otara, East Tamaki and Wiri, values have risen more than 20 per cent year on year. However, the average home value in the Manukau/Central area is now around $555,000 which means these areas still offer some of Auckland's most affordable homes.
Further south, high demand by first-home buyers, speculators and investors has continued to drive value growth in the Papakura and Franklin Districts. Average values in these areas are now over $525,000.
Smaller properties in the more central suburbs have also been in high demand, driving up prices of entry-level homes such as two-bedroom brick-and-tile units. One such property in Meadowbank sold for in excess of $850,000 and another in Point Chevalier sold for more than $900,000.
The apartment market continues to be in high demand as apartments also offer entry-level priced homes in central city or city fringe locations, with some available for under $300,000. However, some top-end apartments now cost more than stand-alone houses and are in high demand from baby boomers downsizing.
Investors and speculators continue to be active in Auckland and are particularly interested in do-ups, home-and-income properties, or sites that offer development potential.
A recent sale of a run-down, two-bedroom cottage on a 774sqm site that can be developed into two units is a good example of what people are willing to pay for land with development potential in Auckland.
It will be interesting to see what impact the Reserve Bank and Government changes coming in on October 1 have on the market during spring.
• Andrea Rush is QV national spokesperson.
