5 October 2011
Latest research from Quotable Value has revealed that property values on a national scale have continued to increase with Auckland and Queenstown leading the way. New Zealand property investment opportunities should be taken advantage of with supply low in Auckland and Queenstown, pushing prices up in these cities.
Since January 2011 Auckland property values have increased 2.8% and are now 2.2% above the same period of last year. Auckland City has shown the fastest increase, 3.0% in the last year. Since the market peak in 2007 Auckland City has seen a 1.5% increase in values since that period. The North Shore district of Auckland has seen a 2.4% increase over the past year, and other districts such as Waitakere and Manukau just over 1%.
Properties on the Auckland market are selling fast and for a good price, in many situations selling for the upper end of the value range and as we come into spring it will not be surprising to see more properties being listed. Central Auckland properties are selling strongly, with many also selling above expectation at property auctions. This is a result of a real estate market with high demand so any property opportunity whether it is investment or lifestyle, needs be snapped up quickly. In August the average property price in Auckland was $532,296 NZD.
Property values in Queenstown have increased 3.5% since this time last year, which is also having a significant impact on New Zealand’s increase in overall property values. With the Rugby World Cup currently in New Zealand, close to 100,000 international visitors are expected to arrive for this tournament alone. This will impact the national property market with an increase in demand for residential, lifestyle and investment properties for many of these visiting tourists. Opportunities in New Zealand should be seized with a growing property market, and what appears to be an even faster growing demand for this market.