After 5 years of unprecedented boom and the worst 3 years since the Great Depression, everybody is speculating on the Auckland property market. Here is my two-penneth worth:
2011 commenced with a fragile degree of optimism in the Auckland residential property market. Interest rates are low, unemployment numbers, although not necessarily reducing is not getting worse and business confidence levels are gently on the increase.
Prices are holding and in many regions showing healthy increases – albeit at sales levels lower than in more “normal times”.
Come April, regions centred on the CBD had a mini boom with both volumes and prices showing healthy growth over any of the preceding 12 months. Causes?
Immigration figures are unchanged with a virtual zero balance in – out. So what caused the growth in the Auckland property market?
One can only assume that there was a spike in demand as people chose to leave Christchurch following major and frequently recurring earthquakes.
Why would Auckland Property have benefited as opposed to other cities or regions? I believe it was a simple pragmatic of employment opportunity – though many in the country may enjoy a love/hate relationship with Auckland, most understand that as the largest commercial and education centre, the opportunities are greater.
Wellington once held an attraction as a place to live, but with the cut backs in the government ranks it is not currently seen as presenting the same opportunity as may have been the case some years ago.
When it comes to residential Auckland property pressure, the ripple is one from the outskirts inwards, rather than from the centre out.
People purchase at the outer circles where prices are more achievable, enabling those selling to purchase towards the centre where transport costs are less and where the modern – European Lifestyle is more evident.
As developers have disappeared off the Auckland property scene those competing for property do so from existing stock rather than from the usual urban sprawl available in better times. Supply is static as demand increases.
Those wealthy or fortunate enough to own property within the city fringe are seeing their equity increasing.
The wealthy are getting wealthier.
And over the winter of 2011?
It is my view that this winter will see the lowest turnover of stock for a decade as the wave of internal migrants has most likely been satisfied.
I believe stock levels in the Auckland property market will be right down with “good” properties selling with exceptional prices, and often with multiple offers presented to the fortunate vendors.
Written by Simon Damerell, co-principal of Ray White Ponsonby Real Estate. Ray White Ponsonby – Ray White Ponsonby in Auckland, New Zealand serves popular Auckland inner-city suburbs. This small, unique and increasingly sought after geographic area offers proximity to the city centre, the harbour and the lifestyle increasingly desired by Aucklanders.autosend
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