Were The Block auction results unexpected?
The Block New Zealand 2019 wrapped up on Sunday night leaving the contestants (and most of New Zealand) wanting more at auction. However, were the sale prices less than expected?
Large apartments, such as those featured in The Block, are very rare in Auckland with the median size in Kingsland and nearby suburbs being only 69m2. The four Firehouse apartments at 120m2+, are all significantly larger. With the most expensive apartment sale in the area this year being $1.395M, the selling prices revealed last night do not come as a surprise.
Another key feature of the four Firehouse apartments is the beautiful views of Eden Park and the city landscape. It turns out that 8.9% of Kingsland properties have a city view and have a median HomesEstimate of $1.324M. Once again – the selling prices appear to be in line with property values in the area. The team at homes.co.nz has taken a look at the impact of views around New Zealand. Find your suburb below and see how your home compares.
The homes.co.nz Monthly Property Update is generated using homes.co.nz’s September 2019 HomesEstimates, providing an up-to-date perspective on house values around New Zealand.
Trends in our Main Cities
It’s a red month around the country with the median HomesEstimate decreasing slightly in all New Zealand main centres. The exception is Dunedin, which continues to be the top performer increasing by 0.9% this month.
It is too early to tell if the sluggish Auckland market is feeding through to the rest of the country, or if this is a short-term impact of winter sales activity. The plus side is that the First Home Buyers HomesEstimate has also decreased in most areas, which is keeping the property ladder in the sights of first home buyers.
NZ’s First Homes Buyers HomesEstimate
The “First Home Buyer HomesEstimate” is homes.co.nz’s estimate of what a typical first home may cost. It is calculated to be the lower quartile HomesEstimate in a town.
Established in 2013, homes.co.nz is NZ’s first free property information portal eager to share free property information to New Zealanders.
How do we calculate these figures?
The homes.co.nz Monthly Property Update is generated using homes.co.nz’s monthly HomesEstimates and provides an up-to-date perspective on house values around New Zealand. By valuing the entire housing stock, the homes.co.nz Monthly Property Update can compare median values from month to month in a consistent and reliable way. Our HomesEstimates are calculated for almost every home in New Zealand by an algorithm that identifies the relationships between sales prices and the features of a property.
The homes.co.nz Monthly Property Update is generated using homes.co.nz’s September 2019 HomesEstimates, providing an up-to-date perspective on house values around New Zealand.Follow us on social media