Dear Resident,
The number of sales in Waitakere City in October was 309 (figure excludes sections) a significant drop from 424 in September. The median selling price was down $22,000 to $705,000 and the average days to sell was 32, up from 28 in September. Using average figures the trend is the same.
Clearly the government's and the reserve bank’s new rules on investors in Auckland is having an effect although this is likely to be temporary. The two main drivers of house prices in Auckland are the shortage of houses estimated at 15,000 and the record net migration figures of 61,234 for the year to September.
With a rise in the number of unemployed the reserve bank is likely to lower the OCR by 0.25% in December. My prediction is for price increases next year but not at 20%+ figures experienced this year.
Capital Gains October 2010 – 2015 – Median Prices
Swanson 75.5%
New Lynn 91.6%
Titirangi 73.6%
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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