By ROBYN WELSH
House prices in Westmere may have increased by 14% in the past two years, but it has far from deterred interest among professional women and young couples, who make up the bulk of the new buyers in this water's edge suburb.
Real estate industry statistics for the years
2000 and 2001 show a rise of $45,000 in the median house price from $320,000 to $365,000, while the first-entry price for a Westmere property is up from $250,000 to the $300,000 mark.
Demand continues to outstrip supply in the area's buoyant market, where multiple offers are now commonplace.
Close to motorway access and the city, young professionals are specifically requesting homes with sections rather than cheek-by-jowl inner-city villas, with a view to long-term investment.
One of Auckland's earliest bungalow suburbs, Westmere has comparatively few villas. It has a wide range of Californian bungalows on 500 sq m to 1000 sq m sections, as well as its share of executive townhouses that have been built on subdivided properties.
The recent sale of a renovated bungalow on a half-site for $325,000 is one indication of the market here. The fact that only two properties have sold for more than $1 million in the past two years is not.
These properties had outstanding water views that contributed to sales of more than $1.1 million. Interestingly, they were in streets at either end of Westmere's most exclusive street, Rawene Ave, where the most prestigious homes have multi-million-dollar valuations.
The scarcity of such properties on the market sees buyers here tending to trade up to neighbouring Herne Bay, or to the eastern suburbs for the secondary school opportunities.
