One and Two Bedroom Auckland Property Prices Surge
March 02, 2015 at 11:17 AM
High demand and low supply has seen the average price of one and two bedroom houses in Auckland increase by 26.5% over the past year.
According to the Trade Me website auction property price index, the average expected sale price of small homes, units, townhouses and apartments in Auckland city was $449,850 in January 2015. As a comparison, the average sale price for such houses throughout New Zealand was up 15% to $330,550.
One of the big contributors to this significant increase in price of small properties in the Auckland region is the increase in the price of apartments, which rose 21% to $439,150 over the past year.
The average sale price for properties of all types in Auckland increased by 13.7% over the past year to sit at $757,950, whilst the average sale price for all properties throughout New Zealand jumped 14.1% to $498,550.
Sale prices for small properties in the Auckland city area increased by 15.4% to $670,700 in January.
According to research company CoreLogic, the increase in demand for small properties in Auckland are a result of strong net migration, consumer confidence and low interest rates. It is expected that these house sale prices will continue to increase over the next 12 months unless there is a reverse in trends.