Dear Resident,
The number of sales of dwellings including apartments in Waitakere City for August was 284. There were 11 sections sold. The median selling price was $762,000. The average days to sell was 37.
| Sale Prices | |||
| Suburb | Median selling price August 2017 |
Number sold | Days to sell |
| Green Bay | $910,000 | 5 | 29 |
| Titirangi | $800,000 | 18 | 30 |
| Sunnyvale | $650,000 | 7 | 45 |
| West Harbour | $1,010,900 | 18 | 49 |
| Glendene | $875,000 | 11 | 28 |
| Hobsonville | $967,000 | 14 | 24 |
| Henderson | $740,000 | 51 | 39 |
| Massey | $730,414 | 36 | 37 |
| Ranui | $675,000 | 12 | 68 |
| Royal Heights | $856,500 | 5 | 20 |
| Swanson | $888,000 | 11 | 65 |
| Te Atatu Peninsula | $770,250 | 14 | 22 |
| Te Atatu South | $787,500 | 22 | 31 |
| Glen Eden | $730,000 | 29 | 35 |
| New Lynn | $719,400 | 28 | 31 |
Capital Gains August 2012 – 2017 Median Prices
Green Bay 64.3%
New Lynn 86.7%
Royal Heights 109.2%
The number of sales of homes in Waitakere City for August was 284, this was up from last month. Prices also increased by 3.8% over July prices. These figures reflect increased prices and sales numbers across Auckland as a whole. Sellers are not willing it seems to sell below the prices they saw similar properties to theirs sell for a few months ago. There is little doubt that the shortage of houses is getting worse in Auckland as demand is exceeding the rate of building new ones.
On that basis prices would be expected to rise. Factors likely to hinder price rises however are (1) the tight lending requirements from banks mainly because of the LVR (loan to value ratio) restrictions imposed by the reserve bank. (2) A change of government as a Labour led government would:
A. Restrict immigration which would reduce demand and slow many sectors of the economy such as hospitality and horticulture which are already short of workers and rely heavily on temporary immigrants / seasonal workers.
B. It is clear that there are not enough construction trades workers and immigration restrictions would prevent more houses been built.
C. Capital gains tax rise on any rental house purchase would mean less buyers for rental properties so prices would be inclined to fall. At the same time a sever shortage of rental properties could ensue. This rental shortage would tend to drive up rents but the government could well put restrictions on rent increases.
D. It looks likely that when a deceased estate property is sold it would not then be classed as a family home and so could be subject to capital gains tax. This is what people are calling an inheritance tax. If that became the case a properties market value would be less. Nothing is certain in life and this is especially true of the 2017 general election.
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