As values struggle in the super city, variance in suburbs emerge
Recent analysis on the performance of markets across the diverse value ranges revealed that the differences were more about geography rather than value. In this week’s CoreLogic Property Pulse we’ve taken a look at the data at a suburb level to deliver the whole story on what’s really going on..
Firstly, we must acknowledge that some results vary from other recently released market analysis. Particularly, REINZ data stating 30% growth or falls in some suburbs of Auckland. (It’s important to note that the data used was based on median sales price and only represented what happened to sell over two separate periods). Today, I’m focusing on the actual change in value of all properties in each suburb.
Why is that important? A quick comparison of a real life example in Takapuna shows it quite clearly. There are a total of 2,905 residential properties in Takapuna. The median value of these 2,905 properties was $1,781,450 at the end of March 2018.
In the 6 months to the end of March 2018 there were 83 residential sales in Takapuna where an agent was involved. This represents 2.9% of all properties. The median sales price of these 83 properties was $1,000,000. Clearly, these 83 properties don’t represent the whole suburb – there were a lot more lower-value (for Takapuna) property sales over that 6 month period than higher-value.
For full commentary on the value struggle in the super city and a list of the top and bottom 50 suburbs across the country, see attached. For rankings by city, please enquire.
Pulse web link: https://tinyurl.com/yyzo3vu6