Grafton tops list of Auckland fastest rising suburbs
Grafton tops list of Auckland fastest rising suburbs says REINZ
An analysis of Auckland’s fastest rising suburbs in terms of price increases has revealed that central Auckland suburb Grafton tops the list, followed closely by Mt Eden, according to research by the Real Estate Institute of New Zealand (REINZ), source of the most complete and accurate real estate data in New Zealand.
Looking at the median price of properties for the six months ending March 2018, properties in Grafton saw a median price increase of 39.8% when compared to the same period last year, from $420,000 to $587,000 – a $167,000 increase.
Close behind was Mt Eden with the median price for the six months ending March 2018 showing an increase of 36.7% when compared to the same period last year, from $927,000 to $1,267,000 – a $340,500 increase.
In third place, was Northcote Point with the median price for the six months ending March 2018 showing an increase of 19.2% when compared to the same period last year, from $1,147,000 to $1,367,500 – a $220,500 increase.
Bindi Norwell, Chief Executive at REINZ says: “The top 5 of Auckland’s fastest rising suburbs all have a number of factors in common – they are all close to the CBD, have good motorway access and public transport links, they have a number of entertainment or dining options available to them and they also have access to green spaces.
“Time and time again, we hear from agents that proximity to the CBD is becoming increasingly important as people want to spend less time sitting in their car driving to work – this view is even more prevalent now that the Fuel Tax has been implemented. What is interesting though is that apartments are proving more popular than ever in these established areas, with people prepared to sacrifice space for the gains made in travel time,” she continues.
“However, what makes Grafton and Mt Eden clearly stand out from the other ‘top 10’ fastest rising suburbs in Auckland is the school zones they offer. Both Grafton and Mt Eden fall into Auckland’s very popular Grammar Zone. With education continuing to be a key purchasing decision, this is adding to the price that people are prepared to pay to live in these areas,” concludes Norwell.
In sharp contrast, the median for Auckland over the same period decreased by 0.9% from $863,000 to $855,000.