Auckland’s new normal is, finally, a median value stand-still while the regions play catch up, new figures in the OneRoof Property Report show.
But there are still pockets of growth in the city. Lifestyle beach spot Omaha drew 11 percent to just under $1.5 million. Apart from rises in Auckland city centre (up 7 percent to $458,000 reflects better quality apartment builds) and double grammar zone Epsom (up 6 percent to nearly $1.8 million ) the growth is further and further out of town, as buyers look for affordability or brand new shiny subdivisions: Manukau and Wellsford up 6 percent growth (to $499,000 and $560,000), Whenuapai, Oteha and Gulf Harbour.
The ripple is spreading to the places on the fringe of the last five years’ big growth regions: Southland’s Te Anau up 19 percent in one quarter to $437,000, Woodville the junction town between Wairarapa and the east coast (up 17 percent to $198,500), and Turangi on the southernmost tip of Taupo (up 13 percent to $232,000).
On the downside, Waikato and environs did not move so well: Huntly is down 9 percent, Ohaupo down 8 percent (off high lifestyle block prices of $832,000). Wellington Central also cooled by nearly 9 percent, its median value sitting now at $334,500. In Auckand, Albany culled by 11 percent, Newmarket is down 10 percent and Greenlane, Royal Oak and Beachlands each off by 6 percent on a year ago (but still well over $1.1 to $1.2 million).
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So where to from here? Here are our towns to watch:
1. Whanganui
It’s still affordable - median value across the whole town is still below $400,000 - but grew a whopping 23 percent in the last year. Some suburbs like Aramoho ($237,000) have had even faster growth, as first home buyers realise how much house their money buys them. And how easy it is to live when everything is five minutes away.
Watch waterside suburb Castlecliff cast off its down-at-the-heels reputation as both locals and new arrivals marvel at house prices below $200,000 for beachside living, a rareity around the country. Even the top ends of town have gracious old houses or spacious new builds for under $600,000.
Add in culture (the Sarjeant Gallery, bi-annual writers’ festival, the craziness of Kaboodle), sports galore, stunning natural attractions, skiing at Ohakune only an hour away and the big smokes of Taupo, New Plymouth or Wellington an easy two-and-a bit hours’ drive and you’ve got yourself a town that’s worth a second look.
2. Rotorua
As prices - and traffic - climb to Auckland-silly levels in Tauranga, people are taking a second look at Rotorua.
As well as hundreds of new jobs, the booming tourism industry has brought upgrades to the town centre, kilometres of cycle paths that are as much about easy local commuting as they are for the mountain-biking hordes flooding the town and an increasingly-groovy cafe and eating scene.
Suburbs like Fairy Springs and Western Heights have grown 20 snd 24 percent in value this year, but homes are still well under $400,000; Ngongotaha has stunning lake views and an easy cycle trail into town, but still sits just above (median value $403,000). Folks priced out of Tauranga are buying here to make the less than an hour commute to work on the western fringes of Tauranga.
3. Taupo
Without State Highway One thundering between the town and lake, Taupo’s lovely nature vibe is restored. The new money is heading out of town to Maunganamu and Wharewaka (where median prices of mid-$700,000 to mid-$800,000 reflect the huge modern houses on the edge of town, with lake views, but there are still places with median values under $500,000.
4. Alexandra, Central Otago
Can’t afford the squilions of dollars, and overwhelming tourist hordes of Queenstown or Wanaka? Head out of town along the Clutha River to the pretty, old-school town of Alexandra. Alex, as the locals call it, is New Zealand’s hottest, driest and coldest spot, surrounded by craggy ranges, a busy service town.
It’s the central point for the long-established Otago Rail trail, easy access to the newer Clutha Gorge and Roxborough trails, and is the southern most growing area for Central Otago’s famed wines (Sam Neill’s Two Paddocks winery is the big name local). There’s craft beer, wine and food festivals galore and median house price that’s only just cracked $500,000 (though growing fast, up 13 percent, cheaper than Cromwell which now sits at $595,000).
