The latest monthly report from the Real Estate Institute shows median property prices in May fell slightly from $340,000 to $337,500. However a median priced property is a very different proposition dependent upon where you want to live and what is your chosen lifestyle.
So I thought it might be interesting to look around NZ to see what you get for the median price in each of the 13 regions covered by the REINZ figures and as represented on the website from amongst the 42,500 homes for sale today.
All of the properties below are being marketed at or within a couple of thousand dollars of the median price for the region.
3 Bedroom - Whangarei $300,000
2 bedroom - Mairangi Bay, Auckland $450,000
4 bedroom - Deanwell, Hamilton $312,000
4 bedroom - Waipawa, Hawkes Bay $259,000
3 bedroom - Gonville, Wanganui $220,000
4 bedroom - Hawera, Taranaki $260,000
3 bedroom - Wallaceville, Hutt Vallley $380,000
3 bedroom - Nelson $330,000
2 bedroom - Christchurch $285,000
3 bedrooms - Cromwell $427,000
3 bedroom - St Kilda, Dunedin $223,000
3 bedrooms - Otautau $180,000
With regard to lower priced properties it was very interesting at the weekend.
We don’t have homes in my area priced at the NZ median but we had advertised a property that is as close as you are likely to get to it being $337,500 in Pt Chevalier – the asking price is $399,000 and for that you get 4 bdrms, 2 bathrooms, 2 living areas and a full freehold 661m2 site.
If the tenants stay on it will show a return in excess of 7%
It’s the lowest priced 4 bdrm house on a full site in Pt Chev to be marketed for several years. Another firm had tried to sell it at a price closer to it’s CV of $560,000 but most feedback was in the low $400’s – but that was before the recent interest rate rises.
It’s had nearly 1,000 hits on this site http://www.realestate.co.nz/1080132/statistics
Also had over 1,200 hits on trademe.
The response has been incredible and when I “tweeted” that Lawrence would be there 2pm today (Monday) at http://twitter.com/sellrealty there was another surge of interest.
The strange thing is that a large number of calls were people wanting to know if the asking price of $399,000 was correct!
Well I guess they could offer more than asking price if they think it’s that much of a bargain. Two of our recent listings did sell for more than the asking price so it does happen.
Anyway this is likely to be the only home we will see available this year that is within 15% of the NZ Median priced house.
It’s quite interesting to note the different aesthetic appeal of the median-priced properties. If I were to judge on that variable alone, Whanganui would come up trumps. It’s amazing to see what punters would pay for a property in Cromwell and Hawera.
J.C.
Subjectively I would have to agree with you, however I have to be honest – the selection is based on the observations of one person – me!
In some areas there were quite a few to choose from to try and get a property being marketed exactly at the median price, other areas only one or in the case of Whangerei none (so had to chose next price level).
Interesting your deliberate or accidental additional of the extra ‘h’ to Wanganui!!
Alistair,
I always believe that small- to mid-city NZ (plenty of “Whs”) have the best-priced bungalows/villas in the whole country if value for money is considered. Whangarei and Wanganui (with or without a silent h) are two that stand out in my mind.
I reckon my old home town, Masterton, has some of the best value for money in NZ around the median price – take a look at these bargains
Here’s a great example http://www.realestate.co.nz/1067124