New Report on Auckland Property Market
New Report on Auckland Property Market Gives Investors Understanding Of the Market
Opes Partners have just released a new report on the Auckland Property Market.
Rather than looking at niche data or metrics that other companies haven't explored, the report aims to give a basic overview of the market in Auckland – all in one place.
Managing Partner, Andrew Nicol, says "it's important that we give homeowners and investors an understanding of the fundamentals of the Auckland property market".
"While many other companies and writers have created content about what's happening at one point in time, the report aims to give a comprehensive 'always up to date' understanding of Auckland."
One statistic that may surprise some Aucklanders is that the median house price in New Zealand has increased by 6.3% year-on-year over the last decade – that's despite that the market has been relatively flat during the previous 3 years.
The fastest-growing suburbs are Point Chevalier, Oneroa, Westmere, Ponsonby and Orakei whereas the slowest growing suburbs were Auckland Central, Grafton, Conifer Grove, Pahurihuri and Warkworth.
The rental market has also been kinder to 2 bedroom flats than to 3 bedroom houses over the last three years. Between October 2016 and 2019, the median rent on a three-bedroom house increased from $620 to $630 (0.5% per year) whereas the rent on a two-bedroom flat went up from $450 to $495 (3.2% per year).
"This isn't necessarily attention-grabbing, big-headline sort of stuff. It's the basics that people need to know to get to grips with the Auckland property market" Nicol says.
"At the end of the day, we want this report to be always up to date so it can be a reference point for investors and homeowners about the long term fundamentals about the housing market.