Although the market in Auckland is traditionally quieter during this time, sales have still been ticking along.

The latest sales statistics from QV show that the Auckland values rose up to 4.2% at the end of this year, in the last 3 months alone. Nationwide property values increased 4.9% annually, and 1.5% over the past three months. This puts nationwide values 17.9% higher than the previous market peak reached in late 2007.Auckland values rose at almost twice the rate of the rest of New Zealand, up 9.8% (by $68,309) in the last year, and are being picked to shoot up even further this year.

Jonno Ingerson, director of CoreLogic, said the outlook for this year was for values to continue up. Jonno predicts that the sales turnover will remain healthy and steady, but the constraint of new listings will be the factor in rising values.   “Given strong migration, continuing low interest rates, a shortage of housing and good consumer confidence, values are likely to keep increasing in Auckland throughout this year...”

Given that during the last three months of 2014, Auckland values rose faster than they did during the 2003 to 2007 boom, the Reserve Bank says it is prepared to introduce further measures to slow down the market if necessary.

This would most likely include lending restraints as the interest rates are unlikely to rise until later on in the year.  

Manukau City values rose 9.5% on year and 3.3% since October '14 Waitakere City homes values rose 10.7% on year and 4.4% since October '14 North Shore City values rose 8.9% year on year and 3.3% since October '14 Papakura District values were up 10.6% and 5.6% since October '14

www.qv.co.nz

It is getting to that time of year again when the market quietens down briefly for the Christmas–New Year holiday season. In my opinion, the last date to auction a home would be the 13th of December. Otherwise, it is just cutting it too fine and you don’t want a home sitting around over the holiday period. I am talking to many people who are opting to take advantage of this time to do some renovations, then bring their home to market in the new year. The market bounces back around mid-January, which is a prime time to list before the rush of other listings come on in February and March.

Pictured below are the happy vendors of one of my November auctions on Wilmay Avenue, Papatoetoe — they were rapt with the sale price they achieved at auction. You can view highlights of this auction on my YouTube channel. We are seeing some really great prices for homes, so the market is still abundant with buyers.

The latest property market summary from QV is summed up as follows:

The Auckland market has increased 9.2% from this time last year, 2.5% over the past three months and a massive 35.1% since 2007. Manukau Central values increased 4.1% over the past three months — which is the highest rate seen since earlier in the year. Manukau Central values are up 12.2% year on year and 26.2% since 2007.

By the way, have you received your new rating billing yet? Forrest Hill and Mangere Bridge have increased up to 55%. Papatoetoe is up 35%, Goodwood Heights up 25% and Totara Heights up 23%. The latest valuations won’t be used for rating purposes until July next year, but councillor Cameron Brewer said many of those suburbs that have inflated substantially over the past three years could now expect their rates increase next year to be well above Mayor Len Brown’s proposed average increase of 2.5%