Where are Auckland's high growth areas?
- By : Daniel Carney
- In : Residential Investment Property,Residential Investment Property Market Updates
- Comments : 0
When it comes to property investment in New Zealand, most look to Auckland as the go-to market to buy real estate in. This is hardly surprising, as the city's housing scene has been on fire, experiencing stunning growth in every region.
"Values in Auckland continue to rise rapidly at the fastest rate since late-2003 with the market there continuing to be driven by high net migration and lack of supply," said QV National Spokesperson Andrea Rush in a September 1 report.
According to QV's monthly residential index, the overall Auckland area recorded a 22.6 per cent increase in average housing value in the year to September. This has bumped the figure up to $896,676.
The Real Estate Institute of New Zealand notes that this has driven some house hunters to search in areas such as Waikato and Northland/Bay of Plenty instead.
Feel like it's time to begin your wealth building journey?
One way is to start scanning the market for houses with great capital potential.
When it comes to residential investment property, you may want to avoid real estate in suburbs that have peaked in price growth. Instead, seek out regions where homes are picking up in demand, which is reflected in rapid price increases.
If you've been searching for somewhere in Auckland to buy property, it could be worth taking a look at these high growth areas.
According to QV's residential index, Papakura has been the district experiencing the greatest increase in market worth. The district's average housing value jumped 29.8 per cent in the year to September, from $435,569 to $569,096.
Papakura might just be an ideal area for investors with somewhat less in the pocket to make some terrific returns.
It should be noted that this figure is quite a bit lower than the overall Auckland average. This means that Papakura might just be an ideal area for investors with less in the pocket to make some terrific returns.
Properties in West Auckland seem to also be garnering more attention, as Waitakere City recorded a year-on-year 26.3 per cent boost, bringing its average housing value up to $720,411.
It may also pay to keep an eye on the south end of Auckland, with Manukau City seeing a 25 per cent value growth within the 12 month period to September.
Property investment experts
Of course, value growth is just one of many indicators when it comes to finding a good location to buy investment properties. There are many other factors to take into consideration when choosing real estate. While it can be daunting to navigate a market with such a high level of momentum, this is made much more painless with the right property investment advice.
Here's to your financial independence!
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