Dear Resident,
The number of sales of dwellings including apartments in Waitakere City for April was 407. There were 11 sections sold. The median selling price in April was $753,000 up from $732,500 in March.
The average days to sell was 33. While the number of sales were down due largely to a shortage of properties for sale, the price increased by 2.8%.
| Sale Prices | |||
| Suburb | Median selling price April 2016 | No sold | Days to sell |
| Titirangi | $832,500 | 24 | 37 |
| West Harbour | $825,000 | 17 | 31 |
| Glendene | $741,500 | 12 | 33 |
| Henderson | $760,000 | 85 | 38 |
| Hobsonville | $900,000 | 7 | 31 |
| Massey | $725,000 | 53 | 29 |
| Ranui | $654,000 | 20 | 26 |
| Sunnyvale | $732,500 | 6 | 40 |
| Te Atatu Peninsula | $910,000 | 25 | 19 |
| Te Atatu South | $732,500 | 34 | 35 |
| Glen Eden | $720,000 | 35 | 38 |
| New Lynn | $733,000 | 36 | 31 |
| Swanson | $727,000 | 11 | 36 |
| Kelston | $694,500 | 8 | 36 |
| Green Bay | $812,500 | 6 | 16 |
Capital Gains April 2011 – 2016 Median Prices
Te Atatu South 66.9%
Titirangi 69.9%
Glendene 135.4%
The reserve bank left the Official Cash Rate (OCR) unchanged at 2.25 in April. It did however give indications of further cuts during 2016. To offset the likely effect of
further rises in property prices the reserve bank indicated that it was considering
imposing borrowing restrictions related to the borrowers income.
My view is that should such restriction be imposed it would have a dramatically
negative effect on first home buyers in particular and accelerate the trend of reduced home ownership in New Zealand. Unnecessarily condemning many to a life time of renting.
Lending banks already use an affordability formula along these lines. Will the OCR introduce such a restriction? Probably not. I believe there is a much greater chance of increasing the 30% deposit requirement for investors in Auckland to 40% or even 50% and extending it to the rest of New Zealand.
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