Market Overview

Mt Albert

June 2015

The property market has remained strong during the first half
2015 with house prices continuing to escalate. High levels of
demand coupled with low levels of inventory have resulted in
significant house price growth over the last 12 months. The
median house price in Mt Albert is currently $1,102,000, up
41% from $783,000 in May 2014.
Auckland prices continue to soar with the median price
increasing 20% to $749,000 in May 2015, up from $625,000 in
May 2014. There has also been a surge in the number of sales
over $1 million, up 50% from May 2014.

21 Jesmond Tce, Mt Albert

Sold in May for $1,240,000.
CV$800,000

Whilst nationally the median sale price has increased 7% to

$460,000, up from $430,000 in May 2014, data excluding
Aucklands sales shows a slight increase of 2.6%. This
demonstrates that the Auckland market accounts for a
significant amount of house price growth and that Auckland
continues to drive the real estate market.
Sales volumes have remained consistent with previous years,
showing a slight increase of 2% year on year.

4/8 Springleigh Ave, Mt Albert

Sold in June for $766,000.
CV$490,000

Auctions have gained more popularity as the preferred method

of sale. Strong buyer demand has resulted in exceptional
prices being achieved under the hammer. Recent examples are
listed on the right. Our auctions in 2015 are proving very
successful with clearance rates at record levels of 96%.
Average days on market were at an all time low of 21, with the
majority of properties selling under the hammer following a
three week campaign; or in many instances the auction date
was brought forward due to high interest.
Various measures have been introduced by the Reserve Bank of
New Zealand to help deflate Aucklands housing bubble. A 30%
LVR for investors purchasing in Auckland commences on the 1st
of October. However this is unlikely to deter investors, whom
can easily afford the new benchmarks. Other measures include
the introduction of a new asset class which would see investors
who turn over residential property within a two year time

22B Fairleigh Ave, Mt Albert

Sold in May for $1,012,000
CV$780,000

frame subject to a capital gains tax. Overseas investors will be required to provide their IRD numbers
and bank account details. Whilst these measures are targeted at investors, Aucklands housing issues
are caused by a lack of stock rather than investors, and these issues will not be addressed in the short
term. House prices are expected to continue to rise as supply remains scarce, whilst demand is
expected to increase resulting from further population growth and demographic changes.
May
2015
$1,102,000

% Change

Mt Albert median sale price

May
2014
$783,000

Auckland median sale price

$625,000

$749,000

+ 20%

New Zealand median sale price

$430,000

$460,000

+ 7%

475

935

+ 50%

Sales over $1 million

+ 41%

Please dont hesitate to contact us if you would like an updated appraisal of what your home may be
worth in todays market, or for any of your real estate needs. Remember its our job to help.
Cheers,

Anne Duncan AREINZ

*Data was sourced from REINZ

Disclaimer: This document is intended to provide the recipient with preliminary background information about a
specific market based on the data available to Anne Duncan Real Estate at the time of preparation. Anne Duncan
Real Estate does not accept any liability for statements made in or any omission from this document.