House Prices

Auckland’s fastest rising suburbs

Every Auckland suburb now has an average asking price over $500,000 but the rate of growth in particular suburbs has been astronomical, new Trade Me Property data shows.

Wednesday, April 19th 2017

The latest Trade Me Property Price Index has recorded a post-Christmas bounce back in the Auckland market – with the average asking price hitting a record high of $918,600 in March.

This has prompted Trade Me’s property division to dig more deeply into three years’ worth of SuperCity asking price data.

Head of Trade Me Property Nigel Jeffries said the last three years have been a watershed for the Auckland market.

“The price increases are mind-boggling and it looks like there are more record highs around the corner, despite the recent easing.”

The three year analysis revealed that Auckland’s average asking price has jumped by 45.6% since 2014.

It also showed that every single suburb now has an average asking price of more than $500,000.

Back in 2014, there were 30 suburbs with an average asking price under that threshold.

Jeffries said that at the top end of the market they are seeing more asking prices edge over the two-million dollar mark, with Herne Bay, Dairy Flat, Omaha and Remuera all above that mark.

However, it is the number of $1 million suburbs in Auckland which has exploded in the last three years.

In March 2014, just 25 of the 160 largest suburbs had an average asking price over $1 million, and only two were above $1.5 million.

But in March 2017 there were 70 suburbs over $1 million and 17 over $1.5 million.

The top 10 fastest rising suburbs since March 2014 include three on Waiheke Island, plus Omaha and Newmarket.

Jeffries said the Auckland market’s average asking price is edging closer to the $1 million mark.

“Based on the current rate of growth, we could well see Auckland break through the one million dollar milestone within the next six months.”

Auckland’s top 10 fastest rising suburbs are:

1. Newmarket: average price $1,075,000 - up 119.6% over last three years

2. Oneroa (Waiheke): average price $1,488, 350 – up 90.8% over last three years

3. Auckland CBD: average price $541,600 – up 89.6% over last three years

4. Eden Terrace: average price $729,050 – up 85.0% over last three years

5. Omaha: average price $2,050,000 – up 80.9% over last three years

6. Surfdale (Waiheke): average price $1,011,900 – up 78.8% over last three years

7. Kelston: average price $814,700 – up 77.9% over last three years

8. Campbell’s Bay: average price $1,955,750 – up 77.1% over last three years

9. Sandringham: average price $1,118,250 – up 73.1% over last three years

10. Onetangi (Waiheke): average price $1,296,450 – up 72.1% over last three years

Meanwhile, asking prices in the rest of New Zealand continued to rise in March too.

The average asking price for the typical property outside Auckland was up by 1% to $482,000, the eighth consecutive record high.

Around the rest of the country, 12 of the 15 regions saw an increase in their average asking prices in March.

Nelson/Tasman, Wellington, Taranaki, Manawatu and Marlborough were all particularly strong performers.

Just three regions saw a drop in their average asking prices: Hawke’s Bay (down 2.7%), West Coast (down 0.5%) and Canterbury (down 0.3%).

Comments

No comments yet

Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

More Stories

Support for regulation

Monday, March 18th 2024

Support for regulation

REINZ has emphasised the need for property management regulation to Parliament’s Social Services and Community Committee.

A better investment market

Thursday, March 14th 2024

A better investment market

“Reinstatement of interest deductibility starting from the new tax year on 1 April brings property investors back in line with every other business in the country, where interest costs are a legitimate deductible expense," Tim Horsbrugh, New Zealand Property Investors Federation (NZPIF) executive committee member says.

[OPINION] Recessionary times

Thursday, March 14th 2024

[OPINION] Recessionary times

It is not the best out there for many businesses and property sector people. Sales are down across the board, our clients’ confidence is falling, and there is a lot of uncertainty.

Interest rate expectations: It’s not over yet

Thursday, March 07th 2024

Interest rate expectations: It’s not over yet

Most Kiwis think interest rate increases have peaked.