Posted on Tuesday, 12th July 2011 by Stella Ransom
House values in central Auckland have topped the previous peak in 2007 because of strong demand for character homes and properties in good school zones.
Auckland is also deemed a safe place to invest.
The figures are so high they have pushed the national average up, despite values dropping throughout the rest of the country.
Figures issued yesterday by Quotable Value showed central Auckland’s property values surpassing the 2007 peak as buyers scrambled for scarce homes in prime neighbourhoods.
Auckland City values are now 0.7 per cent above the previous market peak in October 2007 – but experts warn the increase is unlikely to last.
QV’s residential price index is calculated from sales figures but it is not the same as the average price, which fluctuates with the mix of houses in upper and lower price brackets.
QV research director Jonno Ingerson said there was a strong demand for homes in established character locations and good school zones.
An Epsom house valued at $1 million had sold for $1.73 million because it was in the zone for Auckland Grammar and Epsom Girls’ Grammar.
Mr Ingerson said nationwide values increased in June to just 5.2 per cent below the 2007 peak.
“Much of the gain in nationwide values can be attributed to increases in the Auckland area. Apart fro
Full story…
Tags: House Values, Values
Comments (0)