Two recent newspaper articles have provided some interesting insights to the current state of the Auckland property market. The first looked at changes in house prices over the last 12 months, suburb by suburb. Nationally, 7 of the top 10 suburbs were in Auckland, 5 in the old Auckland City and 2 on the North Shore. In QV’s opinion it was first home buyers driving the price increases in a number of these Auckland suburbs.

A second article compared current selling prices with the current CV figures which dated back to July 2008. Despite the weakness of the property market over recent years, prices in some suburbs are well above their July 2008 levels. Central suburbs close to the inner city such as Ponsonby, and Mt Eden have fared the best with surprisingly strong rises of between 14% and 24%. Eastern suburbs such as Pakuranga and Botany have also done well. Suburbs in the south and west have been flatter with falls of up to 5% in some suburbs.

I think these articles reaffirm a couple of home truths:

One is that the Auckland property market is performing better than the rest of NZ. Another is that because the media mostly report averages they miss out important information on price changes between suburbs — the stats show us that the higher priced suburbs appear to have fared better recently.

The upshot?

With more and more information about house price trends easily available online, home buyers are able to do some homework before getting in the car and doing the open home circuit. I’ll admit that there is almost too much information available sometimes but in terms of whether the price you pay for a house is fair or not, getting as much info as you possible can only be a good thing.

Obtain info about the market from as many different sources as you can, and don’t just rely on advice from people with a vested interest or well meaning but poorly informed friends and family.

About Campbell Hastie

Cam is one half of Auckland based mortgage brokers, The Go 2 Guys.

He makes a living by sharing what he knows about mortgages with people, arranging mortgages for people and then insuring people.

He doesn't claim to know everything about mortgages himself which is why he teamed up with David Mercer — hence the ‘2’ in Go 2 Guys.

He writes posts regularly on his blog and has been told he has an ability to share his knowledge in a simple and sometimes memorable way.

Feel free to comment and ask any questions. Contact Campbell Hastie m: 027 697 7789.

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