mymarket Report How is the market?

Transcription

1 How is the market? Otago Summer 2015

2 The latest property market update for the Otago region. Helping you with your property decisions. Queenstown Lakes District values continue to grow steadily, while the surrounding districts have experienced modest growth. The Queenstown Lakes District continues to experience strong growth as it has since early 2011, growing by 8.4% over the last year. The average house value of $751k is now 9.2% above the previous peak in This average is also upwards of $200k above the national average house value. The Central Otago District, Waitaki and have seen a slower growth pattern across time. Growth has slowed since the last quarter but is still trending upwards in these regions. Waitaki District has seen the slowest annual growth at 3.0% but did recently exceed its previous peak by 1.2%. House values are being driven upward in the Queenstown Lakes area by an increase in population. There is also a shortage of both tourist accommodation and longer term rental accommodation putting pressure on the market. New subdivisions of desirable houses in areas such as Lake Hayes and Shotover Country have shifted the value bracket upwards. House Price Index New Zealand $552k +4.7% +14.0% Queenstown - Lake District $751k +4.7% +8.4% Central Otago District $337k +1.9% +4.6% Queenstown - Lake District Central Otago District City Waitaki District City $302k +1.1% +4.2% 3 Month Value Change Waitaki District $231k +1.5% +3.0% 4.7% Queenstown-Lakes 1.5% Waitaki 1.9% Central Otago 1.1% < 0 % % % % % % > 5 %

3 Market Update There are four distinctive areas in Central & North, Peninsula & Coastal, South and Taieri. Throughout there has been a steady but slow upwards growth pattern since Average values in Taieri and Central & North are both around $315k. South has seen effectively no growth over the past year, remaining at $286k. Changes in average values have been incremental in the area. Although the Peninsula & Coastal area has experienced negative growth in values over the past year (-1.6%). Market Update has the highest average value in the region at $335k. is an important service town for the Taieri Plains farming community. Growth across time in reflects trends in the other suburbs of ; however s average values remain consistently higher. is also the most heavily populated of the suburbs, with 4,729 dwellings. There were 334 property sales over the last year. The top price paid for a property in this period was $671k. A quarter of buyers paid under $254k for a property in. At an individual suburb level, Maori Hill has the highest average value at $518k, while South has the lowest average value of $192k. Central & North Peninsula & Coastal South Taieri Central & North $315k +4.5% $335k +1.9% +4.3% Peninsula & Coastal $273k +0.8% -1.6% South $286k +0.2% +0.4% Taieri $314k +7.0% +2.5%

4 Waitaki Market Update Like many other suburbs in Otago, has had relatively flat growth since the peak in Average values in the larger suburbs of Waitaki are now above their 2008 levels, with Waimate and South Hill experiencing growth of 3.6% and 5.3% in the past year. Values have risen across the board in with Holmes Hill and South Hill seeing stronger growth than in other areas. Holmes Hill currently has the highest average value in ($268k) and the lowest value is seen in Waimate ($214k). Rents are up in Waimate by 9.1% taking them to a median of $240 per week. Rent increases were less in. Central Otago Market Update Although values have risen an encouraging 6.6% over the year in, they are still just short of their pre Global Financial Crisis levels. is the furthest town from the coastline in New Zealand, and consequently experiences some of the most extreme temperatures in the country. Average values in are around $100k short of values in, where the average is $401k. The highest price reached for a home in over the year was $1.8m. In the upper quartile, a quarter of buyers paid over $459k for their homes. This suggests that the $1.8m premium was unusual. The median time it takes a house to sell in is 70 days, slightly more than in at 59 days. Median rents in the area sit at about $280, a level that has stayed the same from the previous year. Holmes Hill South Hill North Holmes Hill $268k +0.9% +4.9% $302k +0.6% +7.0% South Hill $251k +5.3% $401k +1.3% +2.1% $211k +2.3% +5.2% North $227k +4.2%

5 If you re looking to sell, buy or rent, we can connect you with your local LJ Hooker office today. Contact Us On: Central & Lakes Realty 2008 Ltd 10 Centennial Ave, P F alexandra@ljh.co.nz Far North Real Estate Ltd 8 The Mall, P F cromwell@ljh.co.nz Wayne Graham Realty Ltd 63 Musselburgh Rise, P F dunedin@ljh.co.nz Wayne Graham Realty Ltd 9 Factory Road, P F mosgiel@ljh.co.nz - Rentals North Otago Real Estate Ltd 195 Thames Street, P rentals.oamaru@ljh.co.nz Robertson Real Estate 193 Thames Street, P F oamaru@ljh.co.nz All LJ Hooker offices are Licensed REAA 2008