Ray White Now New Zealand - October Edition - Page 8

House prices continue to rise across the Northland region , with QV ’ s latest figures showing a three-month average growth rate of 3.3 per cent .
The Far North has seen the biggest increase since the end of June at 4.5 per cent , down from the 7.7 per cent we reported last month . Whangarei was not far behind on 3 per cent − up 1 per cent from last month ’ s rolling threemonth average − with Kaipara posting an increase of just 1.6 per cent in three months .
Annually , the average price of a home has increased by 26.9 per cent in Whangarei to $ 762,213 . In the Far North , that figure is $ 675,691 , which is 26.7 per cent higher than the same time last year . The average price of a home in the Kaipara district is $ 795,428 − up 25.3 per cent since the same time last year .
Lockdown hasn ’ t stopped house prices in the Auckland region from climbing 1.7 per cent in September to a new average price of $ 1,391,598 .
Prices have risen 3.3 per cent this quarter − up from the 2.4 per cent rolling three-month average we reported last month , but significantly down on previous highs this year − with Franklin registering the most growth by far ( 7.6 per cent ), followed by Waitakere ( 4.1 per cent ), Rodney ( 3.9 per cent ) and Papakura ( 3.7 per cent ).
Local QV registered valuer Hugh Robson said prices remained stubbornly high throughout Auckland , despite the challenging set of circumstances the region currently found itself in , with the average price of a home in Papakura ($ 977,958 ) and Franklin ($ 936,436 ) continuing to close in on the $ 1m mark .
“ House prices continue to climb upward in the Auckland region − though at a much-reduced rate compared to earlier this year , and it ’ s likely to continue to slow further as new loan-to-value bank restrictions are introduced , reducing the number of buyers in the market .”
He said Auckland ’ s recent COVID alert level 4 lockdown and its current level 3 restrictions had seen a significant reduction in the number of listings across Auckland . “ This situation should improve as Auckland eventually moves down Alert Levels and the spring season brings improved weather , offering more choice to home buyers and investors .”
Meanwhile , he said development land sales continued to be a feature of the Auckland market . “ Large sites of 700m ² to 1500m ² are very sought after by both developers and land bankers . Well presented and renovated homes are selling well , as are properties located close to transport routes and town centres .”