House values will keep rising ‘for some time’: real estate boss

by NZ Adviser07 Sep 2016
The average value for a house in Auckland is now $1,013,632, according to QV’s latest House Price Index released yesterday. 

The Auckland market has seen a 15.9% hike year on year and 6.1% over the past three months, the data shows, with values now sitting 85.5% higher than the previous peak of 2007. 

And don’t expect house prices to slow down anytime soon, says Century 21 New Zealand national manager Geoff Barnett.

“One thing’s for sure New Zealand’s housing market is set to soar for a while yet.”

Barnett says his company is looking forward to another strong summer helped by solid population growth, an ongoing shortage of homes, record low interest rates, and healthy levels of consumer and business confidence.

“I’ve long said 2016 will be another strong year in real estate and these figures just confirm it continues to be. While the Reserve Bank, Inland Revenue, and key retail banks have tightened lending up, demand for real estate up and down the country remains relentless. 

“Not only are Auckland properties still strongly rising in value, so too are our main centres, and in fact many of New Zealand’s country towns and districts are now also heating up. This is well and truly a nationwide phenomenon, not just an Auckland one.”

The company recently announced their listings had seen a 97% jump for the month of July compared to the same time last year, a contrast to other industry figures which reported a drop in nationwide property listings. 

“We’ve got a lot more stock which is a combination of many things,” said Barnett. 

“The Century 21 brand is experiencing some real momentum across New Zealand at the moment. It’s incredibly pleasing given all the effort our offices are putting in.”

The company launched a new home loans service on 1 September which he says will help cement Century 21 as a strong and growing real estate brand in New Zealand.

“We’ve been getting plenty of enquiries about our new mortgage broking service. I believe it will make a huge difference, assisting buyers and sellers to get the best available advice from leading lending experts.”
 

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