Manawatu Property Investors' Association

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22-08-2012

Westie property market springs into life

Landlords.co.nz

The former Waitakere City was a standout for property sales in July, according to Realestate.co.nz

Its latest Property Pulse factsheet for the region showed there were 329 sales for the month – just under June’s total. That was a 39% increase on July 2011.

The median Waitakere sales price was $416,000, up 7% on a year ago.

The report said: “The data indicates that the Waitakere region of Auckland continues to show strong demand which has been the case for over 18 months and especially in the past seven months; this matched to low inventory and strong selling price appreciation places the market firmly to the advantage of sellers who are able to influence the market direction through supply management.”

There was also good activity through the rest of Auckland.

In the former Auckland City, there were 741 sales for the month, 22% more than in July 2011. The median sales price was $566,000, up 9% on July last year.

There were 398 sales in the former Manukau City for the month, up 28% on July the year before. The median sales price of $493,000 was 11% up on July last year.

On the North Shore, there were 460 sales in July - the same number as in June. Compared to July 2011, sales were up 26%. The median sales price was $615,000, up 12% on a year ago.

Across the Auckland region, there were 2264 sales for the month, a rise on a seasonally-adjusted basis.  The median house price of $532,100 was 9% up on the same time a year ago and a new high.

The inventory of unsold homes across the Auckland region would take 18.9 weeks to clear – significantly below the long-term average of 32 weeks.

Tags: waitakere

Source: Landlords.co.nz

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