Valuation Rodney Ltd

Remove Doubt - Create Certainty on your Next Property Decision

Office (09) 427-6020
Mobile (021) 055-3485

Property News

Takapuna, Milford & Devonport Market Commentary.

Takapuna, Milford & Devonport Median Sales Price graphIn the Milford, Takapuna and Devonport areas during 2010 the market remained relatively flat with a slight increase in activity recorded in the mid-to-later part of that year. Early 2011 sales were relatively quiet, however the market recovered and surged throughout the remainder of the year, with higher sales volumes and slight increases in the medium sale prices being recorded. Growth has continued somewhat throughout 2012 and through 2013 with steady, though not spectacular, increases in values interspersed with some one-off corrections. The demand for good quality family homes within this area has historically been strong because of the reputation of the area, with drivers appearing to be from families wanting to be close to popular amenities and located within good school zones. The introduction of Loan to Value Restrictions in late 2013 does not appear to have had any significant effect in the sales data to date, with reports indicating that the market segment mostly affected by these changes being first home buyers who are not a typical house purchaser in this region.

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.

For Milford/Takapuna in November 2014, 49 sales were recorded (according to REINZ data), up on the 40 sales recorded last month and the 44 sales recorded a year ago; it's now taking an average of 30 days to sell, down from 33 days last month, and on the 31 days recorded a year ago. The median house price is currently sitting at $1,030,000, up 10.2% from the previous month ($935,000) though higher than the $794,500 recorded a year ago - these results however can sometimes be subject to great movement due to the diverse range of properties sold having a mix of cheaper, smaller properties and larger waterfront & lakefront residences typical of this area so it is more appropriate to look at the longer term trends, which remain largely positive, trending between $850,000 - $980,000.

Current rentals in the area for a two bedroom house are $450-$530 per week, for a three bedroom house $550-$675 per week.

For Devonport in November 2014, 42 sales were recorded (according to REINZ data), up on the 33 sales in the previous month and higher than the number of sales recorded a year ago (39 sales); it's now taking an average of 37 days to sell (previous month 31 days) though showing continuing downward trend. The median house price is currently sitting at $1,122,500 - down on last month's $1,175,000 - these results however are subject to great movement mainly due to the relatively low number of sales recorded and the diverse range of properties sold in the various suburbs, thus causing skewed results from month to month, however there remains a good, steady, positive trend since early 2010 to now exceeding $900,000.

Current rentals for this area for a two bedroom house are from $412-$502 per week, for a three bedroom house $560-$750 per week.

The demand for good quality family homes remains strong in these areas with drivers appearing to be from families looking to establish themselves close to the coast, close to the Auckland Business District and within good school zones.

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

Takapuna, Milford & Devonport Median Days to Sell graphClick to download full report including recent sales data (PDF Format)

Contact Valuation Rodney Ltd on
(09) 427 6020 or Mobile (021) 055 3485

Book a valuation or contact us by email , or Freephone 0800-463 378
to speak with our Property InDepth Customer Services Team

Property InDepth - First in valuation
Winners of the Property Institute of New Zealand Innovation of the Year Award 2008