Press Release – myvalocity
myvalocity property trend reports for a 24 month period up until the end of May 2016
Tauranga – The Big Picture
Tauranga has experienced strong growth over the past year with an increase in median sales price of 28.5%. A number of factors would seem to be helping drive this increase including confidence in low interest rates, a lack of supply (even though new building consents are up 9%) and the flow on effect from the strong Auckland property market.
Tauranga is seen as a more affordable place to purchase property with an average sale price of $550,000. Demand is strong for properties under $400,000 however the greatest volume of sales are of properties ranging in price from $400,000 to $900,000 which accounts for nearly 75% of the market.
Hamilton – The Big Picture
Hamilton has seen very similar growth as Auckland over the past two years with an increase in Median Sale Price of approximately 30%. The Median Sale Price of $480,000 as at May 2016 sits just below the National Median of $485,500. Like Tauranga, the Hamilton property market is also being driven by its proximity to Auckland with changes in Loan to Value Ratio’s forcing investors to look elsewhere with many purportedly buying up in Hamilton as properties are seen as being more affordable and are able to produce greater returns.
Wellington – The Big Picture
Wellington appears to be following the nationwide trend with relatively steady growth. The Median sales price has seen some fluctuation but is trending upward. In 2016 that the Median Sales Price in Wellington of $487,000 moved ahead of the National Median Sales Price of $485,500.
Demand is highest for homes under $600,000 with a lack of supply in the $300,000 to $500,000 price bracket which is likely to be a contributing factor in pushing prices upward. The housing stock appears to be sufficient across most of the other price brackets. New building consents are down indicating a lack of demand for new homes.
Christchurch – The Big Picture
The Christchurch Property Market has been relatively stable although has had a slight increase in the Median Sales Price of 5.2%.
The percentage of housing stock per value band appears to be sufficient to cope with demand across most of the price bands except for homes in the under $300,000 price band. New building consents has also slowed supporting indications that market growth in Christchurch is easing.
The Median Sales Price in Christchurch now sits at $457,500 which is 5.8% below the National Median Sales Price.
Dunedin – The Big Picture
With the Median Sales Price in Dunedin sitting at $300,000 as at May 2016, well below the National Median Sales Price of $485,500, Dunedin could represent itself as an affordable city to live. The Property Market in Dunedin has been relatively steady over the past two years with year on year change of 5.3% in the Median Sales Price.
Demand is well supported by supply, with a greater percentage of housing stock available across most of the price bands other than for homes under $200,000. This finding is also further supported by the 0% change in new building consents.
1. The property information (including data) contained within reports issued by Valocity is not intended or designed to replace a full market valuation. If you need a property valuation for lending, tax or other purposes then you should seek a full market valuation from a registered valuer.
2. Valocity will use its reasonable endeavors to check the accuracy of the information contained in any report. However, the accuracy of such information (including the estimated value and estimate of selling range) is not guaranteed by Valocity.
3. Valocity will use its reasonable endeavors to check that the property statistics contained within reports are substantially complete and free of errors or defects. However, you acknowledge that from time to time, errors may occur.
4. The information supplied by Valocity as part of the Services:
(a) is not a certified copy of any district valuation roll entry;
(b) is drawn from third party sources which are independent of and outside the control of Valocity;
(c) is not warranted for lending purposes; and
(d) is not a registered valuer’s report for the purposes of the Trustee Act 1956.