rapid price growth in prime new zealand property
News Posted On: 16 September 2011
The most sought-after suburbs in New Zealand are seeing substantial price increases, with more and more costing in excess of $1 million. One such area is the Auckland suburb of Mission Bay, where the average property now costs $1.01 million. This represents an increase of 2.4% compared to the previous quarter and an 11.2% increase over the last 2 years.
Herne Bay is the most exclusive and expensive suburb, with average prices of $1,698,333. St Mary's Bay is second with prices of $1,389,667, Parnell is third with an average price tag of $1,243,556, and Stanley Point is fourth with $1,055,667 being the average cost of a home.
A lot of estate agents have noticed the market strengthening in central suburbs, although much of the country is still seeing a weak property market. Apparently property priced at around $1 million is selling extremely well.
There are seven suburbs around Auckland with average property values of more than $1 million, but the suburb of Devonport is no longer able to claim membership of this exclusive club, as properties here have reduced by an average of 0.5% during the last quarter.
On the whole, property prices are generally stable in New Zealand, with some areas showing substantial increases.
Wellington is one exception to the rule, with worries over the restructuring of the public sector fuelling a continued decline in prices.
The stability is welcome for New Zealand, where prices fell throughout the back end of 2010, leaving the average property price at 5.2% below the peak of 2007. Meanwhile in Auckland the average property price is just 0.6% below the peak, and could reach new highs within the next couple of months according to experts.
View property for sale in New Zealand
Written by Les Calvert
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