The homes.co.nz Monthly Property Update is generated using homes.co.nz’s March 2021 HomesEstimates, providing an up-to-date perspective on house values around New Zealand.
Sales records in over 300 suburbs smashed
Are you continually surprised by how much your neighbour’s property is being sold for? If you so, then you are not alone. The property market continues to set records right around the country – and March was no different. This month, the homes.co.nz team has looked at recent sales activity to see how many suburbs have seen new sales records being set.
There have been new sales records set in 325 suburbs across the country. In each of these, a recent sale (within the last 6 months) has been found to be the highest seen in the suburb within the last decade. Dunedin has set the most records with 11 different suburbs seeing new highest sales.
Within our other main centres, there were a further 26 suburbs with new sales records, including 212A Riverside Avenue, Point England in Auckland and 8 Wai-Iti Terrace, Burnside in Christchurch setting records with sales exceeding $3M.
The most expensive sale in the last six months was 44 Paritai Drive, Orakei in Auckland, which sold for $10.8M in Sept 2020. No records were set here, with the suburb record in Orakei being set in 2013 with the sale of 4 Huriaro Place for a whopping $38.5M.
Trends in our Main Cities
This month we observed a milestone whereby the median HomesEstimate in Wellington City has exceeded $1M for the first time. Wellington now has a median HomesEstimate of $1.003M, up 24.1% p.a, and joins Auckland as the country’s other million dollar city.
The market in Christchurch has also picked up in 2021 with the median Estimate up 15.8% p.a. to $521K, with the gap to its southern neighbour closing.
It will be interesting to see if the housing market slows in response to the Government’s increased scrutiny and LVR restrictions being reinstated. We’re not holding our breath…
NZ’s First Home Buyer 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.
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.
Established in 2013, homes.co.nz is NZ’s first free property information portal eager to share free property information to New Zealanders.
