Pointers For Buying A Housing Property For Sale In Auckland
Many people are interested in buying a housing property in Auckland
, some of the most common reasons being its beautiful landscape and its proximity to amusement spots. Before purchasing a house, however, it is important to have a good background of the area, including pricing concerns.This helps make sure that a purchase will be a perfect fit to a buyers budget and personal preferences.
The Housing Property Market in Auckland
Aucklands property market experienced an increase in sales from 1993 to 1996, and as per sales record, a 60% to 70% increase was noted within this period, reaching 3,700 in March of 2002 compared to the 2,200 number of sales in March of 2001. The last time it achieved more than 3,500 sales per month was in February and March of 1996 and in the year 1994.
The market thrives today, thanks to a few things that have helped the market gain positive returns over the years, such as low interest rates, the boost in migration and the strong local economy. Most of the sales occurred in the middle and upper price brackets of housing, including those found in the suburbs of Central, Eastern and North Shore areas. Inevitably, though, the growing demand led to a shortage of property listings coupled with higher prices of some houses for sale in Auckland.
Popular Neighborhoods in Auckland
There are many neighborhoods in the area, and for those who are particularly looking for a good property for sale in Auckland, some of the best places to look are the Inner City, which covers the central business district where major hotels and many attractions, such as the Viaduct Harbour, are found, Ponsonby/Herne Bay, which is considered Aucklands home of fine restaurants, bars and cafes, Mount Eden/Epsom, a lush hillside where mansions and villas rise alongside student apartments, and Parnell/Newmarket, which is a luxurious community where where numerous motels are also found.
Remuera, the richest suburb, is where the largest and most astonishing mansions and high-rise apartments are located. Mission Bay/St. Heliers, a rich seaside community with big real estate prices, is a very popular weekend destination where many first-rate restaurants and cafes are found. Devonport/Takapuna, which lies over Harbour Bridge, Devonport, is just perfect for non-drivers, Takapuna is North Shores main shopping area and finally, the Eastern Suburbs stand close to Otara, Auckland's Polynesian community.
Cost of Housing Property in Auckland
As per the Real Estate Institute of New Zealand or REINZ, the market for real estate property for sale in Auckland hit a new record with a $500, 000 median price in May 2012, which is ten percent of of the monthly high set in March 2012. Auckland is leading in house price increases, with a $545,577 average sale price in three months up to May 2012. North Shore and Auckland City both had a $600,000 average sale price each.
It is said that May prices were brought about by a small number of newly-built houses and the population growth of Auckland, which contributed to supply issue. So far, $800,000 is the new current average sale price. Properties generally cost around $600,000 in luxurious neighborhood, over $500,000 in middle-class neighborhoods and $300 in low-cost suburbs.
These tips should allow one to start on the right footing while looking to buy a housing property in Auckland. If one gets lucky, a mortgage sale could be a great help in containing the rising costs of housing properties today.
by: Duane Hope
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