Dear Resident,
The number of sales of dwellings including apartments in Waitakere City for December was 272. There were 19 sections sold. The median selling price was $760,000. The average days to sell was 33.
| Sale Prices | |||
| Suburb | Median selling price December 2016 |
No sold | Days to sell |
| Titirangi | $801,065 | 20 | 31 |
| Laingholm | $865,000 | 7 | 43 |
| Sunnyvale | $819,000 | 8 | 29 |
| West Harbour | $936,000 | 13 | 37 |
| Hobsonville | $994,000 | 7 | 52 |
| Glendene | $710,000 | 11 | 18 |
| Henderson | $730,000 | 51 | 34 |
| Massey | $727,500 | 24 | 29 |
| Ranui | $590,000 | 9 | 29 |
| Royal Heights | $874,375 | 4 | 47 |
| Swanson | $952,500 | 8 | 30 |
| Te Atatu Peninsula | $885,000 | 13 | 42 |
| Te Atatu South | $750,000 | 19 | 35 |
| Glen Eden | $699,000 | 33 | 36 |
| New Lynn | $693,400 | 26 | 30 |
| Green Bay | $900,000 | 5 | 33 |
Capital Gains December 2011 – 2016 Median Prices
Green Bay 74.9%
Hobsonville 79.5%
Glen Eden 118.4%
Last year the median price in Waitakere City rose by 13.9% for the calendar year. What will happen to prices in 2017?
There is a lot more uncertainty this year so predictions are harder. The shortage of homes and a growing demand (increase net migration being the largest factor) would suggest continued price increases.
The reserve bank however is doing all it can to stop house price increases and prices have slowed as a result mainly because of the LVR restrictions (loan to value ratio). The median price in Waitakere fell in November and December last year.
Add to this the high probability of mortgage rate increases due to higher overseas borrowing costs and banks will pass on the price increases. Its election year and that alone adds uncertainty and will be a brake on price increases.
These things aside I believe the shortage of houses and the strong demand will still be the deciding factors. I believe prices will increase in 2017 but at a much lower rate than last year. A 5 – 7% increase for the year is my prediction with all estimates out of the window if there is a change of government.
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