Property boom slowing
Part Two
SOURCE NZ Herald
5.00AM Monday November 12, 2007
By Bernard Orsman and Anne Gibson
NATIONAL HOUSING SNAPSHOT
AUCKLAND
Average sale price: $524,180.
Rise in past year: 12.8 per cent.
With the exception of Rodney, other areas showed a general easing. Properties taking longer to sell, even in hot spots close to the city, such as Sandringham, Kingsland and Western Springs. Reports of developers moving away from infill housing.
HAMILTON
Average sale price: $368,194.
Rise in past year: 15.8 per cent.
Despite sales being down, Hamilton was the only main city to record a higher year-on-year rate of growth this month. Prices for the year to October rose 15.8 per cent (14.4 per cent in September). There were large, one-off increases in the central city, north-west and south-west areas.
TAURANGA
Average sale price: $450,122.
Rise in past year: 7.7 per cent.
The market continues to be somewhat flat. Anecdotal evidence suggests selling timeframes are longer and bargain house hunters are making low offers. Widening gap between seller expectations and offers, agents said.
WELLINGTON
Average sale price: $438,263.
Rise in past year: 15.9 per cent.
The trend towards lower price increases is more evident. The city’s western suburbs, Hutt Valley and Upper Hutt continue to perform well. Demand still strong for central locations.
Source: Quotable Value. Figures are for the year ended October.