10 Fastest Rising & 10 Falling NZ Suburbs
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CoreLogic has released a list of suburbs with the fastest-rising and fastest-falling house values throughout New Zealand
House values in most lower socioeconomic areas have been rising in the year to March 2019 while values in the $1m-plus on Auckland's North Shore fell the most.
Firstly, we must acknowledge that some results vary from other recently released market analysis. Particularly, REINZ data stating 30% growth or falls in some suburbs of Auckland.
Itâs important to note that the data used was based on the median sales price and only represented what happened to sell over two separate periods. Today, Iâm focusing on the actual change in the value of all properties in each suburb.
Why is that important? A quick comparison of a real-life example in Takapuna shows it quite clearly. There are a total of 2,905 residential properties in Takapuna. The median value of these 2,905 properties was $1,781,450 at the end of March 2018.
In the 6 months to the end of March 2018, there were 83 residential sales in Takapuna where an agent was involved. This represents only 2.9% of all properties. The median sales price of these 83 properties was $1,000,000. Clearly, these 83 properties donât represent the whole suburb â there were a lot more lower-value (for Takapuna) property sales over that 6 month period than higher-value.
Fast forward a year (to the end of March 2019) and the median value of all those 2,905 properties is now $1,713,400 â a drop of 3.8%. This is relatively indicative of a weakening market, as is the case across the city with fewer buyers and more properties for sale.
However, the median sales price for the 6 months to the end of March 2019 was $1,300,000; a whopping 30% increase. This is from just 67 residential property sales (by agents), or 2.3% of all properties. So while there are fewer sales overall, a greater share of them are in higher value bands this year than last.
Why? It could be anything â from certain agents or agencies dominating one year to the next, to buyersâ confidence shifting in a changing market. We donât really know.
One thing is for sure, the change in a median sales price tells you nothing about the performance of the overall property market in that area.
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Poll: đď¸ Would you be keen to switch to a fortnightly rubbish collection, or do you prefer things as they are?
Aucklanders, our weekly rubbish collections are staying after councillors voted to scrap a proposed trial of fortnightly pick-ups.
We want to hear from you: would you be keen to switch to a fortnightly rubbish collection, or do you prefer things as they are?
Keen for the details? Read up about the scrapped collection trial here.
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83.6% Same!
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16.4% Would have liked to try something different
By-election for Otara-Papatoetoe area
Just to let everyone know that we have another by-election happening, and here is the reason why. Below are details and dates, so keep an eye on your letter boxes.
The Manukau Courtâs Ruling
The Manukau District Court determined that the Papatoetoe subdivision result of the ĹtaraâPapatoetoe Local Board election was invalid, ruling that the outcome had been âmaterially affectedâ by voting irregularities. Judge Richard McIlraith found that the scale and nature of the irregularities met the legal threshold required to void an election under New Zealandâs local electoral laws.
In his decision, Judge McIlraith stated that the evidence presented â including reports of stolen voting papers, fraudulent use of ballots, and other procedural irregularities â was sufficient to conclude that the integrity of the election had been compromised. The court noted that at least 79 voting papers were identified as having been cast without the rightful voterâs knowledge during a judicially supervised examination of ballot boxes.
While the judge acknowledged that the election had been administered âproperly and in accordance with all requirementsâ by Independent Election Services and the electoral officer, he concluded that the fraudulent activity originated outside the official process and nonetheless impacted the final result to a degree that required the election to be voided.
As a result of the ruling, the court ordered that a new election must be held, with Auckland Council confirming that the fresh poll must be completed by 9 April 2026
Todayâs Mind-Bender is the Last of the Year! Can You Guess It Before Everyone Else? đđđ˛
I dance in the sky with green and gold, a spectacle few are lucky to behold; Iâm best seen in the south, a celestial sightâwhat am I, lighting up the New Zealand night?
Do you think you know the answer? Simply 'Like' this post and we'll post the answer in the comments below at 2pm on the day!
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