mymarket Report How is the market? Lower North Island Spring 2016
The latest property market update for the Lower North Island region. Helping you with your property decisions. mymarket Report The Lower North Island property market remains relatively flat still behind the national average. Average values in the Lower North Island have been flat since 2010. While all districts have experienced some increase in values in the past 12 months, this ranges from as little as 2.7% in the Wanganui district to the highest of 16.5% in the Kapiti Coast District. House prices in Kapiti are still the fastest growing in the region, increasing by 16.5% in the past year with an average value of $448k. The neighbouring Horowhenua District, a little further north, has also seen good growth since 2012 with values increasing 5.8% in the last 3 months, and 14.9% in the last year, second to Kapiti. Masterton and Carterton have bounced back since the last quarter with a 5.9% and 6.5% change respectively. Wanganui values have been decreasing slightly since 2013 but have picked up recently, with an increase of 2.7% in the past three months and average values sitting at $202k, which is above the lowest valued area, South Taranaki at $195k. House Price Index New Zealand $620k +4.9% +14.3% Masterton District $261k -5.9% +11.6% Carterton District $300k -6.5% +12.0% New Zealand Masterton District Carterton District South Wairarapa District Palmerston North City Kapiti Coast District Horowhenua District South Wairarapa District $341k +3.8% +9.0% Wanganui District South Taranaki District 3 Month Value Change Palmerston North City $332k +5.0% +12.0% Kapiti Coast District $448k +6.3% +16.5% 3.4% South Taranaki 2.7% Wanganui Horowhenua District $240k +5.8% +14.9% 5.8% Horowhenua 6.3% Kapiti Coast 3.8% South Wairarapa 6.5% Carterton 5.9% Masterton < 0 % 0-0.9 % 1-1.9 % 2-2.9 % 3-3.9 % 4-4.9 % Wanganui District $203k South Taranaki District $196k +2.7% +3.4% +12.1% +4.2% > 5 %
Masterton Market Update Masterton has a total number of 3,323 dwellings with many of its residents commuting to Wellington for business during the week, enjoying the laid-back relaxation of country life in Masterton as well as the perks of inner-city work in Wellington. Average values across all of Masterton s main suburbs have been flat since 2011. Average values in Masterton are now at $244k seeing a slight 3.7% change over the last 3 months and 8.2% change on last year. In the suburb of Masterton itself, there were 204 sales in the last year with a average days on market of 99 showing that properties are turning over slightly slower than this time last year. Median rent across Masterton is $260 per week, bringing in gross rental yields of 5.5%. Wairarapa Market Update The Carterton District covers the area in the Wairarapa between Greytown and Masterton, bounded by the Waiohine River to the south, the Waingawa River to the north, and the Tararua Ranges to the west and the Pacific Ocean to the east. With a population hovering around the 5,000 mark, Carterton has enjoyed relatively good growth in values since late 2012. Average prices in Carterton are now 7.6% above the previous 2008 market peak at $300k. Values have been steadily climbing since the start of the year and are only up 12.0% over the past 12 months. Martinborough is a boutique wine producing town north of Wellington. With a population of around 1,500 people it makes up around 0.3% of the entire Wellington region population. Properties in Martinborough have an average value of $379k, 4.5% up since the previous peak. Values in Martinborough have seen a slight 0.7% increase in the last quarter and up 6.4% on the last year. Masterton Kuripuni Lansdowne Solway Carterton Martinborough Masterton $244k +3.7% +8.2% Carterton $296k +2.7% +11.3% Kuripuni $234k +4.2% +8.6% Martinborough $379k +0.7% +6.4% Lansdowne $273k +2.4% +8.4% Solway $260k -4.2% +8.6%
Horowhenua/Kapiti Market Update The coastal region of Horowhenua and Northern Kapiti has two main towns, and. is located east of the Horowhenua River and average values had remained flat since 2011, following a decline from their peak in 2008, but have since increased slightly. Average property values in are now at $242k, seeing an 18.5% increase in values since this time last year and 1.6% higher than the 2008 peak. Further south in, average values are $292k and the market has seen better growth over recent years than. In the past three months, properties in sold for an average of 21% above their CV, but in the CV to sale price ratio has dropped to -1.5% for the last 3 months. has seen annual growth in property values of 13.1%. Palmerston North Market Update Palmerston North City has grown massively throughout the years, changing from a dominantly rural area to a governmental sector, tertiary institution provider and research hub. Many residents also work and commute to Wellington, a two hour drive away. The suburbs Hokowhitu and Kelvin Grove have both experienced decent growth since 2011. Hokowhitu has the highest property values of the four suburbs listed, with an average value of $426k. Kelvin Grove, a relatively new subdivision in the area, is sitting at $393k, up 11.1% in the last 12 months. Awapuni, which is well known for its race-course and event centre, has also seen strong annual growth of 12.6% with property values climbing to $315k. Median rents across all suburbs in Palmerston North range from $270 to $330 per week, and while weekly rent has generally increased across the city over the past year, in Palmerston North suburb they have increased by 18.3% in the last 12 months. The suburbs seeing the highest average weekly rent are Aokautere and Ashurst at $330 per week, an increase of both 19.1% on last year. Awapuni Palmerston North Kelvin Grove Hokowhitu $292k +3.8% +13.1% Awapuni $315k +5.2% +12.6% $242k +5.8% +18.5% Palmerston North $321k +2.7% +9.3% Kelvin Grove $393k +3.3% +11.1% Hokowhitu $426k +1.5% +7.3%
Wanganui Market Update The river city of Wanganui has a decent population of around 43,000 and consists of more than 13 suburbs and is based two and a half hours from Wellington city. Average property values across Wanganui had been trending downward since the Global Financial Crisis in 2008. After some modest gains between 2011 and 2014, Wanganui saw a slight dip in 2015 but values have been increasing again recently. Over the past year, Springvale, Gonville and Castlecliff have experienced growth between 11.5% and 18.1%. The highest average property value is in Springvale at $252k. The highest price paid for a property was in Tawhero in the last 12 months with a sale price of $650k. The average sale price to CV ratio in this suburb is 7.0% and an average property value of $221k. Hawera Market Update Hawera is the second-largest town in the Taranaki region, with a population of 11,750 and nearly 3,600 properties. Average values in Hawera have remained relatively flat over the past seven years, going through mini growth spurts only to follow them with a similar period of decline. The average value of $241k has now just surpassed its market peak of $240k. There were 69 properties sold in Hawera in the past 3 months with the highest price paid for a property $615k. Often properties don t sell in a hurry with the average days on the market here 133 over the course of a year, however this seems to correlate to the average hold period of 10 years for Hawera properties which is above the national average of approximately 8 years. In the past three months, properties have sold an average of 2.2% above their CV, an increase on the last 3 months. Hawera Castlecliff Wanganui East Springvale Gonville Castlecliff $132k +5.7% +18.1% Hawera $241k +0.6% +1.7% Wanganui East $170k +0.2% +8.3% Springvale $252k +0.9% +11.5% Gonville $153k +4.0% +11.8%
If you re looking to sell, buy or rent, we can connect you with your local Harveys office today. mymarket Report Contact Us On: North Island Realty Ltd 78 Oxford Street, P 06 368 2866 F 06 368 9900 levin@ North Island Realty Ltd 254 Main Highway, P 06 364 6560 F 06 364 6625 otaki@ Paraparaumu Beach North Island Realty Ltd 17 MacLean Street, Paraparaumu Beach, Paraparaumu P 04 904 4444 F 04 904 4483 paraparaumu@ All Harveys offices are Licensed REAA 2008