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Monthly Property Update Homes.co.nz

By Julie Halligan

Monthly Property Update – May 2019

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A cooling property market in some areas, particularly in Auckland, is good news for first home buyers. With low interest rates, and increasing restrictions on investors and foreign buyers, it is as good a time as any for first home buyers to get into the market. This is reinforced by recent research by Corelogic indicating that the proportion of property purchases by first home buyers is increasing around New Zealand.

With the “First Home Buyer HomesEstimate” ranging from near $700k in Auckland and Queenstown to more affordable figures in the regions, the question is what can first home buyers expect to buy, where can they afford and what can they expect for their money.

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  The “First Home Buyer Homes Estimate” is homes.co.nz’s estimate of what a typical first home may cost and is calculated to be the lower quartile Homes Estimate in a town.

What can First Home Buyers expect?

To determine what a typical first home buyer could expect around the country, we’ve considered all sales in the last 12 months less than the First Home Buyer HomesEstimate and highlighted features of these properties and the suburbs where they occur.

Although the price point changes around the country, the type of properties accessible to first home buyers is relatively consistent. Most could expect a small central apartment (often with less parking options) or an approx. 100m2 house in some of the cities lower value suburbs.

See a breakdown of your area below:

Auckland – Considering recent sales less than $690k. Options at these prices include small apartments in Auckland Central or Grafton, or houses in Auckland’s southern and western suburbs. For those considering apartments in Grafton, be aware that only 17.7% of these sales had parking included

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May Property Update

The homes.co.nz Monthly Property Update is generated using homes.co.nz’s May 2019 HomesEstimates, providing an up-to-date perspective on house values around New Zealand.

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Trends in our Main Cities

We are seeing some life in the Hamilton and Tauranga markets with the median HomesEstimate increasing by 1% and 0.7% this month. This is following relatively high sales prices during the back-end of summer. This contrasts with their big city neighbours where the median HomesEstimate continues to decrease in Auckland.

The property battle in the South Island continues as the median HomesEstimate in Dunedin is up 1.3% this month to $419k, only $17k behind the Christchurch’s median HomesEstimate of $436k. The gap between these cities is clearly closing and the question is whether Dunedin will catch up and surpass Christchurch before the year is out?

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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.

SOURCE; https://blog.homes.co.nz

by The Data Team – homes.co.nz (Tom Lintern – Chief Data Scientist)

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