A little introduction to my neighbourhood
Live from the Eastern Beaches
A little liberty , I am taking opportunity to talk about our excellent neighbourhood. This is a truly unique and rather special part of Auckland, and of the world, with a multitude of reasons residents stay and new neighbours come.
Some 105,000 people in 37,000 houses constitute a city within a city, a micro market in effect with its own dynamics. A well serviced neighbourhood with really good amenities including a number of excellent shopping centres , parks, playgrounds, public pools and 5-6 beaches for fun and water sports . There is an abundance of educational opportunity, 4 of the local secondary schools are decile 10, and two are decile 8. These schools are well regarded locally, Auckland wide and rightfully so. This is a very significant part of the value the area offers.
Eastern Beaches offers excellent value on an international scale as well as when considered nationally. The median sale price in January sat at $ 570,000.00, a big number, but translated into UK pounds at 250,000 or Aussie $ 440,000.00 we are really quite inexpensive. (The NZ Herald today detailed residential homes in the UK selling for NZ$ 8000.00 per square foot! up 17% for the year. And that is in their damaged market .) This is undoubtedly a neighbourhood that will see increasing interest from international buyers, particularly from Asia, Europe and Australia.
A very significant proportion of our citizens are new Kiwis today and we are richer for it. We have very attractive real estate especially when the outstanding lifestyle we lead is taken into account.
This is a stable and well performing market, insulated from the worst financial shocks by its very nature, an upper middle inspirational and somewhat conservative socio-economic group. As a result of the people the area attracts (multigenerational families , immigrants and internal migrants) investment in homes here is secure ,an amazing 7.31% % compounding growth over the last 18 years, through good times and bad, result in a growth in median value from $160,000 in 1992 t0 $ 570,000 today , astounding when you see it like that . Had you been told in 1992 you would have shaken your head in disbelief.
The steady demand for homes here has driven the significant growth in the number of homes , as I recall, when we instituted the first Property Press in November ‘89 delivery was to approx 21,000 homes . Another huge benefit provided by this steady demand is the ease of sale when the time comes to move up or out. (Anecdotal evidence has up to 75% of sales made to people already resident).
Average annualised monthly sales run from a high of 335 units in 2003 to a low of 139 transactions in 2008 and a 18 year average of 230 sales per month , there is always the opportunity to move and get on with your life and dreams . Currently we are selling homes at an annualised rate of 212 a month, a little less than the long term average but by no means a bad market. Dreams and goals remain achievable options, something that is not true for large parts of the country.
I hope you find the above of some interest. This is a fabulous part of the world and we are lucky to enjoy spending our time here. History, and the future I think we will see, tells us we can invest in this area with confidence and more, that we should.
I am always pleased to receive calls about any matters Real Estate and will be happy to help without obligation.May I assure you that any of your valued clients referred to me will be warmly welcomed and treated well.
Cheers
March 03 2010 01:21 pm | Uncategorized