Whangarei House Prices Update
In December last year, I wrote an article entitled “The Truth About House Prices” and I got such good response, I thought I should follow up with the latest information on Whangarei City House Sales.
Here are the first two paragraphs from the article.
In Whangarei City and suburbs, during the “boom” from 2003 to midway through 2007, there were, on average 1303 houses sold each year.1* with median annual sale prices each year rising from $155,417 in 2003 to $312,400 in 2007.
During 2008 the median house sale prices dipped to $304,083 and continued to slide downwards to an annual median price of $273,229 by the end of 2012.
Here is what has changed since the last report;
There has been an increase in the numbers of houses sold.
There has also been an increase in the median price of houses sold.
Neither of the above increases have been large, however it is showing a trend in the upward direction, which is supported by the latest Property Dashboard indicators from www.properazzi.co.nz showing more buyers than sellers in the market at the moment.
For those who want the numbers, in December 2013, January and February 2014 there were a total of 166 properties sold in Whangarei City compared to 152 for the same period 12 months ago. An increase of just under 10%.
Median sale prices for the same periods rose from $284,500 to $287,500. Again not a big increase, but now just under 8% below the peak prices obtained in 2007 compared to my last report which had prices at 12% below the peak.
My prediction for the next three months?
There will definitely be an increase in the median price, however that will only be in part as a result of prices rising, the majority of the increase in the median price will be due to the larger number of higher priced homes being sold, which is due to the reduction in first home buyers in the market following the LVR.
There will continue to be a slight increase of the numbers of houses sold due to the number of other buyers looking and waiting for that ‘right’ property to come on the market.
Beyond that, I am certainly not going to claim that my crystal ball is better than anyone else’s, but I will be producing updates regularly to keep you informed.
Managing Director of Maggie Dixon Real Estate Ltd.
* Statistics used here were obtained from the monthly sales reports provided by the Real estate Institute of New Zealand and relate to sales of houses within the Whangarei City boundary as reported by Real Estate Agents.