Dear Resident,
The number of sales of dwellings including apartments in Waitakere City for September was 343. There were 13 sections sold. The median selling price in September was $760,000 down $40,000 from August. The average days to sell was 31.
| Sale Prices | |||
| Suburb | Median selling price September 2016 |
No sold | Days to sell |
| Titirangi | $887,000 | 16 | 29 |
| West Harbour | $971,000 | 25 | 30 |
| Glendene | $830,000 | 11 | 36 |
| Henderson | $746,000 | 59 | 31 |
| Massey | $700,000 | 35 | 32 |
| Ranui | $700,000 | 34 | 34 |
| Royal Heights | $904,000 | 6 | 32 |
| Sunnyvale | $699,000 | 9 | 32 |
| Swanson | $777,500 | 10 | 34 |
| Te Atatu Peninsula | $980,000 | 21 | 27 |
| Te Atatu South | $910,000 | 21 | 26 |
| Glen Eden | $720,000 | 39 | 30 |
| Kelston | $737,000 | 9 | 30 |
| New Lynn | $694,000 | 31 | 33 |
| Green Bay | $1,019,000 | 4 | 44 |
| Laingholm | $811,175 | 4 | 27 |
Capital Gains September 2011 – 2016 Median Prices
Sunnyvale 102.0%
Te Atatu South 143.0%
Titirangi 95.3%
The reserve bank unexpectedly left the official cash rate (OCR) unchanged on the 22nd of September. It did signal another rate cut however before the end of the year so there will be a cut on the last review this year which is the 10th of November.
In a government move to suppress demand and so stem house price increases there has been a cut of 5,000 in the immigrant quota for New Zealand. The figure is now 95,000 down from 100,000.The number of points required under the skill category has also been increased making it harder to qualify to migrate to N.Z.
Bill English also announced that the government will build thousands of houses for private sale on Housing New Zealand Land in Auckland. This is to ease the housing shortage which is the main driver of increasing house prices. The average house price in Auckland passed the $1M mark in September.
The median sale price has moved up or down on a monthly basis for the past 4 years but the general trend has been upwards. Earlier introductions of the LVR rules for buyers has tended to effect the price in the short term but prices then continue up after a couple of months.
The introduction of the latest 40% LVR rule for Auckland investors has temporarily slowed price rises. The shortage of houses will persist for at least a couple of years more (and probably longer) so expect continued price rises.
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