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Property market report
Property values are gradually on the rise across several regions, with Auckland experiencing the most significant increase. In the three months leading up to the end of October, the average value of homes in New Zealand witnessed a notable uptick, surging by more than $18,000.
According to the QV House Price Index, the average value of New Zealand homes reached $907,387 during the aforementioned three-month period, reflecting a rise of $18,388 (+2.1%) compared to the period ending in July. Most regions observed an increase in average values, with Auckland leading the way with a 2.7% gain, closely followed by the Wellington Region at 2.5%. Hastings and Invercargill also demonstrated substantial quarterly gains of 2.4%.
While the housing market displays signs of recovery, it is set against a backdrop of low sales activity and challenging economic conditions. Projections indicate that the market is likely to remain "flat to gently rising" in the foreseeable future. The influence of interest rates and credit constraints continues to serve as a limiting factor, although there are emerging indications that buyers are increasingly motivated to seize opportunities in the realm of good value properties.
Let’s look at the recent sales:
Hobsonville $610,000 to $2,438,000
Massey $389,000 to $1,250,000
Swanson $925,000 to $1,500,000
West Harbour $801,000 to $1,700,000
Whenuapai $741,000 to $1,100,000
Ready to take advantage of this regenerating market? For a complimentary market appraisal and the latest market updates, reach out to Graham McIntyre AREINZ directly at 0800 900 700, via text at 027 632 0421, or through email at graham.mcintyre@mikepero.com. Mike Pero Real Estate Kumeu/ Hobsonville. Licensed REAA2008
Don't miss your chance to be a part of Auckland's reviving real estate scene. The future is bright, and the opportunities are positive!
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