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Mike Robson – Living and Selling Real Estate in Mt Eden / Epsom

Making Sense of It All

Auckland Market Aug 2017

Values have dropped in some parts of Auckland over the past three months including Rodney North down 3.2%, Papakura down 2.5%; Franklin down 2.2%; Waitakere City down 1.1% and parts of Manukau and the North Shore.  However, values rose in other parts of the city including Auckland central suburbs and also Waiheke Island which saw the highest rate of growth up 3.9% over the past three months.

 

QV Auckland Registered Valuer, James Steele said, “Strong sales for well-maintained homes in good locations are still being achieved. However, sales prices have dropped in some other areas compared to what was being achieved during 2016, particularly in outer suburbs.”

 

“Lower demand for new builds in larger subdivisions in areas such as Flat Bush and Albany has seen asking prices discounted particularly in areas where speculators were previously active.”

 

“In the first home buyer market, homes under $750K are in high demand and buyers appear not so concerned with the location of the property as long as it’s in their price range.”

 

“However, many first home buyers are still finding it challenging to get finance with many deals still falling over due to a buyers not being able to get finance approved.”

 

“There are also reports of vendors having to be more accommodating and flexible with their terms and conditions for buyers in order for sales to go through with some offering longer settlement periods or rent to buy options.”

 

“Movers are also being affected by difficulties getting finance in particular with banks being more hesitant in providing finance for renovations or bridging requirements.”