Toss-up: Soft landing or real estate hell?
Part Two
SOURCE NZ Herald
5.00AM Tuesday January 08, 2008
By Anne Gibson
“The housing market will not be immune to fallout.”
Agents take the opposite view.
Bryan Thomson, chief executive of Harcourts, said the housing sector had indeed cooled but price levels in most areas were remaining stable.
The number of properties for sale is still rising, which he reckons is good news for vendors and buyers.
Best-off are likely to be dairy farm owners, he reckons, as Fonterra’s good fortune makes country folk richer than their city cousins.
Buyers should take the leap, he advises.
“Feel the fear and do it anyway!
“The biggest risk for buyers is that they procrastinate and miss out on a great property. But if you’re clear about what you want and you do your homework you shouldn’t be disappointed.”
TRIFECTA TIPPED IN SUBURB STAKES
What are the hottest areas in Auckland? And which can we regard as the safest suburbs for buyers?
Agents picked three likely suburbs, based on characteristics like proximity to water and the CBD, affordability and having good schools and amenities.
Waiheke Island, Pakuranga and Mangere East emerged as Auckland’s hottest suburbs, with median prices of $525,000, $609,000 and $427,000, respectively, and good growth prospects, according to NZ Property Magazine. In 1993, houses in these areas cost $86,000, $161,000 and $103,000, so they have all shown good growth. These three also have attractive characteristics which could make them winners through the fluctuations in the property cycle, the agents said.
Kieran Trass of SuburbWatch picked the top suburbs as Henderson, Glen Eden, Pt Chevalier, the Eastern Bays and Mt Roskill. He also picked Birkenhead.
HOT PROPERTY
Waiheke Island
Pakuranga
Mangere East
Henderson
Glen Eden
Pt Chevalier
Eastern Bays
Mt Roskill
Birkenhead