Auckland house prices have historically doubled in value every 7 - 10 years (sometimes even quicker). Some clients that have purchased property as long term buy and hold investors have had some of their portfolio revalued. Here are some figures that may be of interest. Please note that the figures below are actual Registered Valuations (RV) done since July 2014 and not the recent Council Valuations. 1) Manukau. Purchase price in 2003 - $185K. New RV is $510K 2) Clover Park. Purchase price in 2005 - $205K. New RV is $525K 3) Manurewa. Purchase price in 2011 - $242K. New RV is $470K 4) Mangere. Purchase price in 2009 - $360K. New RV is $720K 5) Otahuhu. Purchase price in 2011 - $450. New RV is $743K. 6) Mangere. Purchase price in 2013 - $325K. New RV is $430K 7) Weymouth. Purchase price in 2013 - $355K. New RV is $445K Yes the above properties have had some form of renovation, but even after that, the the growth in South Auckland continues to be very strong. Its probably hard to believe that a 3 bedroom home in Mangere may well be worth $700K - $800K in the next 7 - 10 years but Aucklands prices doubling every 7 - 10 years dates back about 60 years. Hard to argue with that. Anyone else got some stories to share about Aucklands historical house prices and future predictions?
Posted on: Thu, 20 Nov 2014 02:02:18 +0000