House prices falling in Auckland's eastern suburbs
Wednesday 7 July 2004
Looking for the home of your dreams? Now's the time to buy or rent in the eastern suburbs.
By The Landlord
House prices and sales in the east and bays are lagging behind the rest of Auckland, according to Real Estate Institute of New Zealand figures.Prices in Ellerslie, Panmure and surrounding areas dropped by 13 per cent between April and May.
The number of properties being sold fell 40 per cent between May 2003 and May 2004.
The institute says house prices in the eastern suburbs are an average 1 per cent lower than the rest of Auckland.
Crockers Property Management director Rob Macdonald says there has been a general quietening of the market.
Mr McDonald believes the market was due for a slowdown so it hasn't been a surprise.
But he is unsure of the exact reasons why prices in the eastern suburbs are falling behind the rest of Auckland.
Read More - Opens in a new window
Commenting is closed
House Prices
House price drops are short-lived - Alexander
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
Commercial
Industrial holdings leave Provincia in strong position
Tales of strife and problems abound in the commercial property world these days, but the impact of the Covid-19 pandemic has not been as devastating for all commercial players.
Mortgages
Mortgage lending slumps to record low in April
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.
