What is the median price of a $ 850,000 home buys in the country?
The median price of homes in New Zealand is now well over $ 800,000, but what the median price can buy varies by region and type of property.
The foreclosure did not bring prices down, with the latest figures from the Real Estate Institute showing that the national median selling price rose 25.5% year-on-year to a new high of $ 850,000 in August.
The ongoing price hikes come despite the Reserve Bank’s tightening restrictions on the value of loans, with the government introducing new tax policies to curb investors and mortgage rates starting to rise.
Real Estate Institute chief executive Jen Baird said the latest foreclosure has not dampened demand or confidence in the housing market.
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“We have heard from across the industry that the prices obtained on sales made at the start of this foreclosure continue to illustrate a continued excess of demand over supply; prices continue to rise.
The availability of properties for sale limits activity, she said. There were only 12,249 on the market in August, which was the lowest level of inventory ever.
Lack of supply is seen as one of the main drivers of high selling prices, but Baird says the industry expects more listings in the spring.
While the latest ASB housing confidence survey shows that most New Zealanders expect prices to rise in the coming year, real estate commentators predict the market will slow.
But, in the meantime, what does the current national median price of $ 850,000 mean for aspiring homebuyers?
Homes.co.nz chief data scientist Tom Lintern says it’s worth remembering that the median price is in the middle of the pack, so half of all sales are below the median.
Auckland and Wellington both have higher median prices, so if they are excluded from the numbers, the median price is lower again, he says.
“The point is, there are properties for sale all over the country for a price below the national median, and there are different options that you can buy for the national median price depending on the location.”
Here is a selection of properties from across the country that are currently listed for sale online in the price range of $ 850,000.
The Real Estate Institute estimated the Auckland region’s median price at $ 1.2 million in August. But the size of the market and its current construction boom mean that a range of properties are listed at $ 850,000.
Apartments and townhouses, many of which are new construction, are a significant part of these announcements. A good example is Ockham Residential’s latest development, Manaaki in Onehunga.
The development, which is 8 km from the CBD, has a swimming pool, gardens, residents’ lounge, home offices and an on-site cafe. It has three bedroom deals available starting at $ 845,000. But its completion is not expected until 2023.
More traditional options are also on the market, particularly in West and South Auckland. They include a two-story, three-bedroom townhouse in Ranui, west Auckland, which is listed at $ 799,000. It has a garage and outdoor space, and is close to the train station, supermarkets and Waitakere Hospital.
Another example is a two-story, four-bedroom terraced house in Otara, south Auckland. It has two bathrooms, a garage, a closed patio, a fenced garden and is close to a park, shops and bus lines. It is on the market for $ 840,000.
In the Wellington area, which had a median price of $ 875,000 in August, apartments and new construction dominate listings with a price at the national median. But there are freestanding homes available for the price.
One is a three bedroom brick house with a newly renovated interior in Naenae in Lower Hutt. It has an independent garage, a fenced garden, and is near the train station and local shops. It is listed as open for inquiries starting at $ 829,000.
With a median price of $ 650,000 in August, Christchurch remains the most affordable of the major centers. But it also has the most diverse range of properties available for the national median price.
One example is a four bedroom house on a 716 square meter section in Northwood that is listed as open for inquiries starting at $ 849,000. It has a swimming pool, spa, paved barbecue area, raised vegetable gardens, garden sheds and a double garage with laundry area.
A more unusual listing is an old parsonage, dating from the 19th century, in Burwood. The five bedroom, three living room property was completely renovated in the aftermath of the earthquakes and used as a preschool.
It sits on a 1467 square meter fully fenced section with off-street parking and views and, although it is selling in “as is, where is” condition, has the potential to be developed into a luxury home. character or hosting business. He is in the market for claims over $ 750,000.
Looking across the rest of the country, the properties available for the national median vary widely, from brand new townhouses and freestanding villas to huge lifestyle blocks.
In downtown Hamilton, there is a three-bedroom brick-and-wood house that costs $ 850,000. It is close to Melville Park, Waikato Hospital, Hamilton Lake area and the CBD, and has easy access to SH1. It also has a fenced section and a span to add value.
To the south in central Dunedin, there is a five-bedroom, Healthy Homes certified home on the market for claims over $ 849,000. It has balconies to the front and back and a private courtyard. The boutique property is located in a popular student area.
In more regional areas, the sections get bigger and the functionality more extensive for the price. An example is a property in Kaitaia in the Far North, which has two houses in a section of 2,871 square meters. He’s in the market for offers starting at $ 850,000.
The main residence is elevated with a view of Kaitaia. It has three bedrooms, two living rooms, a large terrace, a double garage and a work space. The second house is a self-contained two bedroom unit with a separate garage and access.