Each area represents a different suburb. The area’s colour represents how quickly house values have risen over the past 20+ year. At the top end of the market, the percentage of properties sold for $1 million or more increased from 20.9% in August 2020 to 38.2% in August 2021 – the highest percentage of $1 million plus properties sold ever. Canterbury was in third place with 28.0% sold by auction – up from 13.8% in August last year. This was the highest August month auction sales for the region since records began.
This was the highest percentage of New Zealand homes sold by auction for an August month since records began. Manawatu/Wanganui had the highest annual house price growth rate with a 47.0% rise to a record index level at 5,089. Wellington came in second with a 39.0% increase, while Bay of Plenty was third with a 37.5% increase in house prices.
New Zealand, except Auckland, saw 16.7% of properties being sold by auction. This is an increase of 8.2% in August 2013. It is the highest August month record since records began. Auckland’s house prices increased by 27.9% in the past year to reach 3,985, a new record. Taranaki, Otago and Southland were the only regions to not reach a new high on the REINZ House Price Index in August. The HPI for New Zealand, Auckland excluded, showed that house prices increased 33.8% between August 2020 and 4,033 in August 2021. This is a new high on this index and the highest percentage increase in records. “The ability and confidence of people to buy and sell property within the alert level restrictions appears to differ across the country, which is reflected in the number of properties sold in each of the regions,” says Baird. Median prices for residential property across New Zealand increased by 25.5% from $677,400 in August 2020 to a record $850,000 in August 2021.
Auckland had the highest percentage of auctions across the country with 39.5% of properties selling under the hammer up from 30.3% at the same time last year. Baird states that “we would expect the median days it takes to sell a property to increase in the next month as we see roll-on effects of lockdowns and delayed sales.” This is testament to the investment made by real estate firms in technology and new ways of working in the aftermath of the 2020 outbreak. Despite Auckland’s strong performance, the median house price for New Zealand excluding Auckland still hit a new record of $700,000, up by 22.8% from $570,000 in August last year. You are a valued client and deserve transparency.
Ranui is the most affordable suburb with a median home price of $989,000. The suburb that grew the slowest over that period was Goodwood Heights, which grew at a rate of 6.70% per year. The most expensive suburb is Shamrock Park, which has a median house price of $2,262,700. Manukau is the most affordable suburb with a median home price of $614 350. Albany was the suburb that grew the least over that time, growing at a rate 6.68% per annum.
He said that the housing frenzy of recent years, fuelled both by low interest rates, and a fear of missing out among buyers, has radically altered housing market with typical prices in most metro suburbs now well over $1m. The suburb that grew the slowest over that period was Manly, which grew at a rate of 7.07% per year. The most expensive suburb is Long Bay, which has a median house price of $1,713,800. Helensville is the most affordable suburb with a median home price of $945,000. Conifer Grove was the suburb that grew the least over that time, growing at 6.87% per annum.
Auckland, unlike a city like Christchurch or Hamilton, can only expand in one direction. High commute times and traffic make inner-city properties more Tom Mc Cartney manukau attractive, which increases demand and pushes prices up. We can manage your property or help you buy and sell it. Auctions have been a popular way to sell items for a while now, and August is no exception.