Dear Resident,
The number of sales of dwellings including apartments in Waitakere City for February was 289. There were 6 sections sold. The median selling price in February was $683,000 down a fraction from $685,000 in January. Days to sell was 32.
As prices flattened last month this gave the reserve bank confidence to cut the official cash rate by 25 basis points down now to an all time low of 2.25%. In addition the signals are that it would drop to 2.0% in the coming months.
The fall in the OCR is likely to mean further cuts in mortgage rates but perhaps not by a full 0.25% because of increasing bank borrowing costs overseas for approx. 30% of the lending NZ banks offer as mortgage finance.
This will of course make mortgages more affordable and put upward pressure on house prices in Auckland in particular where there is a big shortage of supply and growing demand.
Capital Gains February 2011 – 2016 Median Prices
Royal Heights 135.8%
Ranui 137.1%
Kelston 140.8%
Which parts of Auckland have preformed the best? Here are the last 5 years figures (since the GFC– global financial crisis)
| Location | Growth compounded 2011 – 2015 |
| Waitakere | 9.40% |
| North Shore | 9.20% |
| Auckland City | 8.10% |
| Papkura | 7.30% |
| Rodney | 7.20% |
| Manukau | 6.20% |
| Franklin | 5.50% |
And the winner is – West Auckland.
The major infrastructure improvements which include widening the N.W motorway and the Waterview tunnel which will link the NW motorway to the Airport and provide an alternative route south coupled with major developments such as Westgate all
indicate continuing good growth for West Auckland.
The West is best!
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
021945140
thelegendofthewest@gmail.com