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East Coast Bays Market Commentary.

East Coast Bays Median Sales Price graphIn East Coast Bays, the residential market was relatively flat through 2010, however throughout 2011 and into 2012 the market gathered momentum with increases recorded in the number of sales and the median sales price, especially for lower first-home buyer properties which have been in high demand. The medium term trend since early 2010 has remained strongly positive, lifting from an average of just under $550,000 to now consistently exceeding $650,000 since September 2012 with solid growth continuing through 2013. The introduction of Loan to Value Restrictions (LVR) in late 2013 has tempered interest from mostly first home buyers and we have seen a fall in Auction activity and new listings as demand has fallen overall in the past six months, though with some signs of a slight recovery this spring.

In November 2014, 200 sales were recorded (REINZ data) for the East Coast Bays area, compared with 136 in the previous month and 163 sales recorded for the same month last year. Property in this area is now taking an average of 33 days to sell, slightly longer than the previous month (32 days) and slower than a year ago (30 days). The median house price is currently sitting at $850,000, a 6.3% increase on the median sales price for the previous month ($800,000), and still up on the $780,000 recorded a year ago. Reports indicate that the LVR restrictions is affecting mostly the first home buyer market which tends to be in lower price ranges, and we have seen, generally, falling house sale numbers but continued increases in median house prices as higher value homes continue to sell. 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.

Current Rentals for a Two Bedroom house ranges from $440-$520 per week, three bedroom house from $510-$650 per week.

The demand for good quality family homes in this area has always been strong with drivers appearing to be from families looking to establish themselves close to the coast and within good school zones. Like other popular areas on the North Shore, some suburbs favoured by first home buyers and investors are struggling with supply of new listings, creating additional demand and price increases. The new Long Bay residential subdivision will provide much needed supply to the market in the next few years, in a market desperate for new development.

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

Click to download full report including recent sales data (PDF Format)East Coast Bays Median Days to Sell graph

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