New edition of Where to Live in Auckland released
Tomorrow sees the release of the latest, 2012 edition of homebuyers’ bible, Where to Live in Auckland.
Penny Lewis, Editor of Herald Homes, talked to author/publisher Stephen Hart about the latest edition and some of its findings.
- How has Auckland property fared over the last 12 months?
In price terms, pretty well, compared to the rest of New Zealand. We’re back at pre-bust price levels in general, whereas other metropolitan areas are still at deflated levels. Of course, no one actually lives in “Auckland in generall,” we live in individual suburbs and that’s a different story.
- Any star performers or underachievers?
Yes. Parnell showed the highest year-on-year sales price growth at 17% with an average sales price of $1.6m. Other double digit performers were Eastern Bays, Herne Bay, Remuera, Half Moon Bay and Whitford.
The biggest faller was Papakura at minus 7% with an average sales price of $365k. Other suburbs on the wrong side of the axis were Glen Innes, Helensville, West Harbour, Devonport, Howick and Manurewa.
- So, is Parnell now Auckland’s most expensive suburb?
No, it showed the highest price appreciation; Herne Bay has retained its ranking as the most expensive suburb with an average sales price of over $2.1m. However, Parnell has leapfrogged Remuera to take the runner-up high price spot.
- Are homes in good school zones still commanding premium prices?
Yes, more than ever. If you are selling in the Auckland Grammar/Epsom Girls School zone there is fierce competition from buyers. Similarly, but to a lesser extent, in Westlake, Macleans and Mount Albert Grammar catchment areas. It’s not unusual for homes in these zones to attract premiums of well over $100,000 compared to homes out-of-zone.
- So, is it more economical to buy out-of-zone and send your children to a private school?
It’s a worthwhile consideration. In the book we discuss the area premiums and list the fees for all of Auckland’s private schools so readers can do the maths. If you were to send your two sons to Kings (Prep and College) then it will cost $430,000+ in fees, whereas a 4-bedroom home in Auckland Grammar zone might only carry a premium of $200,000.
- Which suburbs do you pick to be the next top performers?
We’ve labelled a number of suburbs as “Smart Buys,” for a variety of reasons that we believe will result in higher than average price appreciation. We’ve also labelled a number of others as “Look Out” suburbs where we feel there may be circumstances and trends that might result in negative or below average price growth. To see our picks you’ll need to read the book.
The new edition of Where to Live in Auckland is available in bookstores and at www.wheretoliveinauckland.co.nz
