REAL ESTATE

Northland enjoys its own rise in property values

Monday 18 January 2016, 3:06PM
By Barfoot & Thompson
452 views


AUCKLAND

The increase in the average residential property price in Northland at 10 percent for the year ending December 31, 2015, was similar to that experienced in Auckland.

“The average sales price of residential properties we sold in Northland in 2015 was $414,000, a 10 percent increase on the average sales price achieved in 2014,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“In Auckland, the average sales price for the year increased by 12 percent, so in comparison price rises in the north compared to Auckland more than held their own.

“While national attention tends to fix on what is happening in Auckland, the reality is that locally property values have risen significantly over the past 12 months.

“All our salespeople commented on the increased interest shown in local property from potential out-of-region buyers, particularly from Auckland.

“A big attraction was lifestyle and value for money.

“In the main this interest focused on Bream Bay and the rural parts of Whangarei District, where the average price increases far exceeded those for Northland as a whole.

“The average price for properties sold in Bream Bay for the year was $440,000, an increase of 25 percent over that for the previous year.

“The highest average price achieved in the region was in Whangarei District, and at $671,000 this was 36 percent higher than in the previous year. It was the lifestyle, smaller holding options that really attracted those relocating north.

“The Far North also experienced a solid lift in average sales price, which at $447,000 was an increase of 17 percent.

“Average sales prices in the more established urban areas such as Whangarei, Dargaville and Kerikeri experienced little in the way of price movement.

“Rental prices also increased during the year.

“The average rental price for a 3-bedroom property across all of Northland was $324 a week, an increase of 5.5 percent.

“The rental price for a 3-bedroom property in Whangarei increased by 2 percent in the year to $314 while in Kerikeri the rental price increased by 17 percent to $363 a week.”

----------------------------------------

Barfoot & Thompson is Auckland's leading real estate company, selling 1 in every 3 Auckland homes. With a network of over 1,400 salespeople and 65+ branches throughout Auckland and Northland, Barfoot & Thompson have the scale and experience to help you.