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Revealed: Takapuna is Auckland’s fastest-growing suburb

Press Release – Real Estate Institute Of New Zealand

New data from the Real Estate Institute of New Zealand (REINZ) reveals one Auckland suburb which is bucking the trend when it comes to the price of homes. Recent statistics showed properties on the North Shore have fallen in price, but Takapuna has claimed …24 April 2019

For immediate release

Revealed: Takapuna is Auckland’s fastest-growing suburb

New data from the Real Estate Institute of New Zealand (REINZ) reveals one Auckland suburb which is bucking the trend when it comes to the price of homes. Recent statistics showed properties on the North Shore have fallen in price, but Takapuna has claimed its title as Auckland’s fastest-growing suburb when looking at median house prices.

For the six months ending March 2019, 67 houses were sold in Takapuna at a median house price of $1.3 million – 30% up on the same time last year, which saw 83 houses sold at an average price of $1 million.

The fastest-growing suburbs list included a few surprises such as Glen Innes, which saw a median house price increase of 12.9% jumping from $890,000 to just over $1 million, and Mount Albert, which dropped 31.2% from $1.17 million to $805,250 in the past twelve months.

Bindi Norwell, Chief Executive at REINZ says: “Takapuna often ranks highly in terms of popularity but, given the cooling house price growth which has been recorded on Auckland’s North Shore recently, the latest figures may come as a surprise to some.

“As for Glen Innes, the Tamaki Regeneration programme is likely to have played a part in the significant price growth there as the community continues to see a number of new houses being built and the promise of a more attractive and sustainable place to live for existing and new residents of the area,” continues Norwell.

“While not showing as significant increase as some other suburbs, Stonefields has been holding and growing its price, while others around it have been falling or growing at a much slower rate,” she continues.

Following in Takapuna’s footsteps, but not at quite the same rate, was Onehunga which saw a 19.4% increase and Morningside which saw an 18.9% increase in median house price.

Those seeing a significant drop in price included Mount Albert at -31.2%, Royal Oak at -25.4% and Long Bay at -24.8%. The popular central locations such as Parnell, Mount Eden, Herne Bay and Freemans Bay also saw significant price drops, pushing them down into the bottom suburbs for the six months ending March 2019.

“Seeing some of the central suburbs falling towards the bottom of the list doesn’t necessarily come as a surprise. Suburbs such as Mount Eden, Westmere and Herne Bay have been slowly declining in price for a while now,” concludes Norwell.

The data featured suburbs which have made a minimum of 20 sales in each given month of the year.

ENDS

Auckland’s fastest growing suburbs for the 6 months ending March 2019

Suburb Name 6ME Mar 18 Count 6ME Mar 19 Count 6ME Mar 18 Median Price ($) 6ME Mar 19 Median Price ($) %diff
Takapuna 83 67 1,000,000 1,300,000 30.0%
Onehunga 111 127 775,000 925,000 19.4%
Morningside 22 26 841,300 1,000,500 18.9%
Rosehill 30 27 619,000 710,000 14.7%
Oteha 35 35 750,000 856,000 14.1%
Milford 65 65 1,100,000 1,250,000 13.6%
Glen Innes 35 35 890,000 1,005,000 12.9%
Grafton 117 56 575,000 641,500 11.6%
Stonefields 43 32 1,165,000 1,287,500 10.5%
Half Moon Bay 50 45 991,800 1,095,000 10.4%

Auckland’s fastest declining suburbs for the 6 months ending March 2019

Suburb Name 6ME Mar 18 Count 6ME Mar 19 Count 6ME Mar 18 Median Price ($) 6ME Mar 19 Median Price ($) %diff
Mount Albert 107 112 1,170,000 805,250 -31.2%
Royal Oak 31 26 1,160,000 865,000 -25.4%
Long Bay 33 21 1,580,000 1,188,888 -24.8%
Westmere 29 27 2,090,000 1,620,000 -22.5%
Kohimarama 58 40 1,890,000 1,493,500 -21.0%
Parnell 87 79 1,090,000 863,000 -20.8%
Albany 77 108 837,000 665,500 -20.5%
Mount Eden 166 204 1,278,000 1,021,250 -20.1%
Herne Bay 30 38 2,095,000 1,734,000 -17.2%
Freemans Bay 59 44 1,395,000 1,157,500 -17.0%

Content Sourced from scoop.co.nz
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