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Albany Greenhithe Market Commentary.

Albany Median Sales Price graphThe property market for the Albany District, which also incorporates Dairy Flat, Okura and Paremoremo has seen a consistent recovery since late 2009 continuing through 2013 to date, as reported in the REINZ statistics. The introduction of Loan to Value Restrictions (LVR) in late 2013 has tempered interest from some sectors of the market.

In November 2014, 81 sales were recorded, up on the previous month (75 sales) but down on the 98 sales recorded a year ago. It's now taking an average of 35 days to sell, lower than last month, reflecting a consistent turnaround of housing stock being sold as new listings become scarce underlying this region's popularity amongst buyers. Most months since March 2012 have recorded days to sell consistently below the long term average/trend signalling continued pressure on available properties for sale, falling from an average of 43 days in early 2010 to the mid/low 30's in 2012 to now being at or just above 30 days. The past four months have recorded a higher than usual result indicating some older listings now beginning to sell as the shortage in stock continues.

The median house price for November 2014 is sitting at $850,000 (REINZ data), an increase of 4.3% from the previous month ($815,000) though slightly lower when compared to a year ago ($850,500). This region has been recording a consistent climbing trend in values since the previous peak of the market in 2007, accelerating somewhat since the beginning of 2011 and continuing on through 2013 to date. Apart from a usual quiet summer seasonal period, sales volumes have recovered in February/March though with the introduction of the LVR, first home buyers have fallen in general. Across all of Auckland, the main driver continues to be a shortage of housing stock and with increased migration to this region this is likely to continue for some time. Only other economic factors such as rising interest rates, falling employment and slow economic growth will see any reversing trend in median prices emerging in the medium term. Rental for a two bedroom house in Albany ranges from $375-$412 per week, and for a three bedroom house $470-$580 per week. For Greenhithe, a two bedroom house rents for $400-$465 per week, and a three bedroom house $482-$562 per week.

Real Estate agents report that demand continues to outstrip supply, and that the market for well presented family homes in the Albany district areas is currently reasonably strong, with a good level of inquiry from genuine buyers. Drivers appear to be from families looking to establish themselves close to the coast and within good school zones and local amenities that this area offers. Albany area has been recognised as a potential large CBD hub for the North Shore, and renewed commercial developments along Oteha Valley Road, and additional amenities such as the new swimming centre adjacent to North Harbour Stadium, will add to this area's desirability.

For information about other suburbs covered by Valuation Rodney Ltd, click on the links below:

Albany Median Days to Sell graphClick to download full report including recent sales data (PDF Format)

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