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Property market report

All signs are for growth in the Auckland property market based on a number of changes being made by Central Government and signals given by the Reserve Bank.

Let’s break this down for you:

The median house price in Auckland is $1,050,000, however most suburbs have a volume of stock well under this figure.

Auckland’s house prices are estimated to be 8.9% below long term average value, caused by a price correction through 2022 and 2023. Over this period 22% fewer properties sold compared to the average and the average correction was down 18.1%.

Median rent values in Auckland have risen by almost 6.5% over the last 12 months, reducing the rent payment to mortgage payment gap.

Properties for sale in Auckland today are around 14,000 (average is 11,000) however we expect properties on market to drop significantly as we move into Winter and properties are sold or withdrawn, creating a smaller pool of houses for sale.  This has a stabilizing effect on the market and on property prices.

Reversal of the CCFA (labours responsible lending act) often referred to as the latte act, has been put to the sword allowing more freedom for mortgage lenders to operate and create their own risk templates in which to operate without punity from Central Government.

Reversal of the 10 year brightline test (reverting to National’s 2 year brightline policy). Suggested as labours capital gains tax, the re-alignment of the brightline test to 2 years removes much of the property trading restrictions while retaining a sensible policy for property flickers.

The Reserve Bank has softened its language around the official cash rate and is confident it has curbed market inflationary pressures including Government spending.

As we move through 2024 these changes will compound to allow the Auckland property market to move into a new phase of confidence and progress. The first signals are often the sold signs and the reduced 3 and 5 year interest rates, so lets take a peak:

ANZ Floating 8.64% 1 year 7.84% 3 year 7.25% 5 year 7.34%

ASB Floating 8.64% 1 year 7.24% 3 year 6.65% 5 year 6.39%

BNZ Floating 8.69% 1 year 7.24% 3 year 6.55% 5 year 6.55%

Kiwibank Floating 8.5% 1 year 8.25% 3 year 7.55% 5 year 7.45%

TSB Floating 9.44% 1 year 8.04% 3 year 7.45% 5 year 7.39%

Westpac Floating 8.64% 1 year 7.89% 3 year 7.25% 5 year 6.99%

What this means for property owners in Auckland is a more confident buying public that will have greater access to funding and fewer homes on market to look at, which in turn means property prices are more likely to be firm and time on market less.  All good news for sellers and the strongest signal to buyers to get in and buy before Fear Of Missing Out returns.

Let’s look at the sales:

Herald Island                           $1,120,000 to $1,420,000

Hobsonville                             $510,000 to $1,620,000

Massey                                     $521,000 to $7,005,000

Swanson                                  $740,000 to $1,530,000

Waitakere                                $776,000

West Harbour                         $790,000 to $3,850,000

Westgate                                 $685,000 to $910,000

Whenuapai                              $685,000 to $1,610,000

If you are looking to achieve a great result for the sale of your property please contact me today for a free pre-sale property checklist and appraisal that will provide a starting point in your decision-making.  After 18 years working with buyers and sellers, I have a depth of knowledge and experience to share with you. No cost, no obligation, just some honest feedback.  Call me, Graham McIntyre AREINZ directly at 0800 900 700, via text at 027 632 0421, or through email at Mike Pero Real Estate Kumeu/ Hobsonville. Licensed REAA2008.

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May 2024

the Westerly May 2024

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