New Zealand Best of the Best 2018 Released Wednesday 19 December 2018
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New Zealand Best of the Best 2018 Released Wednesday 19 December 2018 The Best of the Best report covers suburb-level measures used by CoreLogic to determine property market performance across the year, ranging from property value growth to rental yields. In addition to the material provided here, detailed suburb-level data can also be accessed via an interactive geographic tool called ‘Mapping the Market’. National Top Performing Suburbs 2018 All residential property Highest Median Value Herne Bay (Auckland) $2,672,600 Lowest Median Value Cobden (Grey) $149,500 Greatest 12 month Change in Median Values Bulls (Rangitikei) 26.9% Lowest 12 month Change in Median Values Normanby (South Taranaki) -7.6% Greatest 5 year Change in Median Values Kawerau (Kawerau) 138.5% Lowest 5 year Change in Median Values Westport (Buller) -18.1% Top Sale Price 15 Cremorne St (Auckland) $27.5m Highest Gross Rental Yield Mataura (Gore) 11.1% Lowest Gross Rental Yield Herne Bay (Auckland) 1.3% Shortest Days on Market Grasmere (Invercargill) & 7 Westbrook (Palmerston North) Longest Days on Market Woodend Beach (Waimakariri) 169 It’s been another fascinating year for NZ’s property market in 2018. With volumes low (but stable) and values showing reasonably consistent growth across most parts of the country (expect for Auckland and Christchurch), most interest has centred on government policy and measures to stifle property speculation. Many of these new rules will become even more relevant in 2019 and will be key factors we’ll watch closely. The first milestone for 2019, however, will be the relaxation of the LVR restrictions on 1st January. We’re cautious about the effects these changes might have on market activity, because banks are likely to stick to tough lending criteria and the pool of potential borrowers who can meet those requirements may not be all that big. Thereafter, government policy will come into focus. The foreign buyer ban has already been in place for a couple of months and on 8th February we’ll get Statistics NZ’s data on their Q4 activity in the final three months of 2018. If the ban has been effective (and effectively policed), purchasing by foreign buyers should have fallen away towards zero. Also in February the Tax Working Group will be submitting its final report to the government, with a recommendation of whether or not to impose a capital gains tax, and in what form (if the recommendation is indeed for a tax, which seems likely). However, it’s important to note that the government would then have to accept that recommendation and also survive the next election (2020) before any tax would come into law. Moving forward to April, the intention is to ring-fence rental property losses for tax relief purposes. Landlords can still use losses to reduce tax across their current property portfolio or on future profits on the same property, just not against their employment income anymore. It’ll be really interesting to see if this triggers some landlords to leave the sector, although on its own the ring-fencing seems unlikely to cause a mass exodus. Then there’s KiwiBuild. It’s fair to say that the programme has had its fair share of teething problems to date, but they’ll be hoping to really ramp up momentum in 2019, both in terms of construction volumes and buyer take-up of the houses actually built. With more than 4,000 homes contracted with developers, the first KiwiBuild target of 1,000 completions by June next year looks achievable. How all of that interacts with macro factors such as GDP growth (slowing), net migration (easing) and mortgage interest rates (potentially rising a bit) will go a long way to determining the path for property volumes and values in 2019. We expect more of the same next year – low and stable volumes, with generally rising values – but whatever happens, it’ll be interesting yet again. New Zealand Best of the Best 2018 Released Wednesday 19 December 2018 The Best of the Best 2018 highlights the top 10 suburbs nationally and across each main centre based on the below criteria: All data highlighted is current to November 2018. Median value data based on the middle value of all automated valuations across the suburb. Suburbs shown here are only those where the model had enough comparable evidence to provide a meaningful estimate of current value. 12 month change The percentage difference between the median AVM value in the same period compared 12 months ago. Five year change The percentage difference between the median AVM value in the same period compared 5 years ago. Gross rental yields are calculated using MBIE data on rental bonds lodged. Median weekly rents are multiplied by 52 to get an annual figure, which is then divided by that suburb’s median property value. Days on market is how long it takes for a property to sell from first listing to sale date. Suburbs covered for this measure must have at least 200 dwellings and have had 20 sales in the past year. Best of the Best 2018 – Property Values National Auckland Highest Median Value (all are in Auckland) Highest Median Value Suburb Median value Suburb Median value Herne Bay $2,672,600 Herne Bay $2,672,600 Saint Marys Bay $2,279,150 Saint Marys Bay $2,279,150 Remuera $2,066,650 Remuera $2,066,650 Stanley Point $2,006,600 Stanley Point $2,006,600 Campbells Bay $1,949,000 Campbells Bay $1,949,000 Orakei $1,897,900 Orakei $1,897,900 Epsom $1,871,600 Epsom $1,871,600 Westmere $1,847,350 Westmere $1,847,350 Mission Bay $1,832,150 Mission Bay $1,832,150 St Heliers $1,774,400 St Heliers $1,774,400 Hamilton Tauranga Highest Median Value Highest Median Value Suburb Median value Suburb Median value Harrowfield $814,950 Mount Maunganui $882,050 Flagstaff $772,100 Matua $803,350 Huntington $770,300 Bethlehem $775,400 Rototuna North $737,650 Tauranga $750,650 Rototuna $722,200 Otumoetai $721,400 Western Heights $708,750 Pyes Pa $714,650 Queenwood $681,600 Papamoa Beach $706,500 Hamilton Lake $662,800 Ohauiti $697,050 Beerescourt $657,000 Maungatapu $634,200 Chedworth $642,000 Tauranga South $624,700 Wellington Christchurch Highest Median Value Highest Median Value Suburb Median value Suburb Median value Seatoun $1,333,450 Fendalton $1,115,350 Karaka Bays $1,255,100 Kennedys Bush $1,110,800 Roseneath $1,247,300 Merivale $938,100 Kelburn $1,164,850 Clifton $826,200 Wadestown $1,040,100 Strowan $814,900 Khandallah $1,006,950 Redcliffs $749,700 Mount Victoria $991,100 Moncks Bay $733,550 Hataitai $906,250 Huntsbury $724,550 Island Bay $894,850 Westmorland $722,150 Northland $880,000 Northwood $719,000 Dunedin $3,000,000 Highest Median Value $2,500,000 Suburb Median value $2,000,000 Maori Hill $698,000 $1,500,000 East Taieri $665,600 $1,000,000 Vauxhall $653,950 $500,000 Roslyn $610,650 $0 North Dunedin $568,700 Saint Clair $563,800 Dunedin Auckland Maori Maori Hill Herne Bay Hamilton Fendalton Waverley $556,300 Seatoun Harrowfield NZ Christchurch Tauranga Shiel Hill $549,200 WellingtonCity Macandrew Bay $544,400 Mount Maunganui Belleknowes $533,200 (Auckland)Herne Bay Best of the Best 2018 – Property Values National Auckland Highest 12m % value change Highest 12m % value change Suburb % change Suburb % change Bulls (Rangitikei) 26.9% Surfdale 4.1% Gonville (Whanganui) 22.3% Mangere 3.7% Maraenui (Napier) 21.6% Piha 3.7% Aramoho (Whanganui) 20.8% Mangere East 3.6% Otematata (Waitaki) 20.1% Omiha 3.1% Dannevirke (Tararua) 19.7% Omaha 3.0% Whangarei Heads (Whangarei) 19.5% Helensville 2.9% Featherston (South Wairarapa) 19.3% Glenbrook 2.9% Castlecliff (Whanganui) 19.0% Freemans Bay 2.7% Marton (Rangitikei) 18.9% Patumahoe 2.7% Hamilton Tauranga Highest 12m % value change Highest 12m % value change Suburb % change Suburb % change Bader 8.0% Mount Maunganui 4.0% Hamilton Central 7.2% Gate Pa 3.5% Silverdale 6.6% Welcome Bay 3.4% Deanwell 6.3% Maungatapu 2.9% Hamilton Lake 5.9% Hairini 2.7% Beerescourt 5.7% Parkvale 2.6% Forest Lake 5.6% Ohauiti 1.8% Whitiora 5.5% Papamoa Beach 1.6% Fairview Downs 5.4% Tauranga South 1.6% Fairfield 5.4% Greerton 1.5% Wellington Christchurch Highest 12m % value change Highest 12m % value change Suburb % change Suburb % change Wellington Central 11.8% Diamond Harbour 5.2% Crofton Downs 11.2% Wainui 3.9% Te Aro 10.6% Cracroft 3.4% Newtown 10.0% South New Brighton 3.1% Broadmeadows 9.2% Phillipstown 2.8% Kingston 8.9% Duvauchelle 2.6% Berhampore 8.7% Southshore 2.6% Thorndon 8.7% Hillmorton 2.6% Mount Cook 7.5% North New Brighton 2.5% Churton Park 7.5% New Brighton 1.8% Dunedin 30% Highest 12m % value change 25% Suburb % change 20% North Dunedin 16.7% Kinmont Park 13.0% 15% Maryhill 12.7% 10% Tainui 12.6% 5% Ocean Grove 12.0% Ravensbourne 12.0% 0% Calton Hill 11.8% Karitane 11.8% Bader Surfdale Mount Auckland Hamilton NZ Tauranga Central Maunganui Balaclava 11.8% Dunedin Wellington North Dunedin North Christchurch Mornington 11.7% City Wellington Bulls (Rangitikei) Diamond Harbour Diamond Best of the Best 2018 – Property Values National Auckland Highest 5yr % value change Highest 5yr % value change Suburb % change Suburb % change Kawerau (Kawerau) 138.5% Oneroa 83.1% Queenstown (Queenstown Lakes) 108.6% Otara 76.9% Meremere (Waikato) 104.1% Clendon Park 73.8% Selwyn Heights (Rotorua) 96.4% Favona 72.8% Fernhill (Queenstown Lakes) 95.7% Mangere East 72.2% Featherston (South Wairarapa) 91.0% Randwick Park 72.1% Putaruru (South Waikato) 89.0% Surfdale 71.0% Sunshine Bay (Queenstown Lakes) 88.5% Wellsford 70.3% Frankton (Queenstown Lakes) 88.1% Point England 70.2% Hikurangi (Whangarei) 87.3% Manurewa East 69.5% Hamilton Tauranga Highest 5yr %