Dear Resident,
February 2015 saw a continued rise in property values in West Auckland. West Auckland in the last few months has in fact been the star performer within Auckland in terms of capital gains.
Number of sales
|
Average days to sell
|
Average selling price
| |
Feb-15
|
348
|
25
|
$ 620,000.00
|
Jan-15
|
260
|
26
|
$ 589,000.00
|
Once again the OCR remained unchanged but a strong message was given that the Reserve Bank is looking to introduce restrictions on investors in an attempt to retard price increases.
The New Zealand economy is booming as a result of a massive house building program in Christchurch and Auckland where there are continuing shortages of houses.
A huge infrastructure investment, mainly roading, has fuelled the Auckland economy all boosted by the high net migration numbers (a net gain of 5,500 in January). Nowhere in Auckland is the roading upgrades more apparent than in West Auckland.
Large developments at Westgate, Hobsonville Point and many other smaller locations means the West continues to grow. There is little likelihood of an increase in mortgage interest rates in 2015 and a modest chance of a fall in interest rates.
Capital Gains February 2010 - 2015 - Median Prices
Royal Heights 98.4%
Ranui 44.0%
Sunnyvale 60.2%
Swanson 51.2%
Do you want to know the value of your property? Its probably worth more than you think. Contact me for a free no obligation value update.
Best wishes,
John Goodrum
Licensee Agent REAA 2008
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