Monthly Property Update January 2019

The homes.co.nz Monthly Property Update is generated using homes.co.nz’s January 2019

HomesEstimates, providing an up-to-date perspective on house values around New Zealand.

Did you know?

Did you know that homes.co.nz has information on 950 different schools around New

Zealand, including 138 secondary schools and over 700 primary schools.

House values exceeding $1M in 21 Auckland school zones It’s 2019 and the new school year is just around the corner. Although property values have

decreased in some of Auckland’s most expensive school zones, there are still 21 different school

zones with median HomesEstimates exceeding $1M.

Properties “double-zoned” for Auckland’s top boys’ and girls’ schools continue to be some of the

most expensive in the city. The median HomesEstimate in the double Auckland Grammar / Epsom

Girls Grammar School zone is $1.8M, which is almost double the median in Auckland. Similarly,

the median HomesEstimate for properties “triple-zoned” for Westlake Boys’ High School,

Westlake Girls’ High School and Rangitoto College is $1.5M (65% above the city median).

For those parents considering these schools, there are still some more affordable options to

consider. In Epsom Girls’ Grammar School zone, for example, there are approximately 2,500

Apartments (~12.7% of the housing stock) with a median HomesEstimate of $865k.

Median HomesEstimate Annual Change (%)

Auckland Epsom Girls' Grammar School $1.78M -3.9%

Glendowie College $1.57M -1.9%

Takapuna Grammar School $1.47M 1.9%

Macleans College $1.42M -0.6%

Selwyn College $1.39M -3.0%

Auckland Grammar $1.33M -3.9%

Rangitoto College $1.26M 0.3%

Albany Senior High School $1.24M 0.6%

Westlake Girls' High School $1.22M -0.7%

Ormiston Junior College $1.19M -1.1%

Westlake Boys' High School $1.19M -1.1%

Mt Albert Grammar School $1.16M -1.7%

Ormiston Senior College $1.14M -0.6%

Botany Downs Secondary College $1.14M -2.4%

Howick College $1.12M -0.2%

…

Pukekohe High School $704k 1.3%

Aorere College $698k 1.3%

Auckland Girls' Grammar School $685k -2.1%

Manurewa High School $679k 3.1%

Otahuhu College $669k 0.8%

Tangaroa College $648k 0.7%

Rodney College $575k 3.4%

-3.9% -1.9%

1.9% -0.6%

-3.0% -3.9%

0.3% 0.6%

-0.7% -1.1% -1.1%

-1.7% -0.6%

-2.4% -0.2%

1.3% 1.3%

-2.1% 3.1%

0.8% 0.7%

3.4%

Wellington and Christchurch school zones demanding a premium Encompassing Wellington’s high value northern suburbs, the most expensive school zone in the

rest of New Zealand is Wellington Girls’ College with the median HomesEstimate exceeding

$800k for the first time.

Properties zoned for Christchurch Boys’ High School and Christchurch Girls’ High School are also

valued highly with a median HomesEstimate of $598k, 37% over the city median.

Median HomesEstimate Annual Change (%)

Wellington Wellington Girls' College $802k 9.2%

Wellington East Girls' College $788k 8.7%

Onslow College $777k 8.6%

Wellington College $751k 8.9%

Aotea College $697k 5.3%

Hutt Valley High School $684k 5.1%

Newlands College $649k 8.4%

Kapiti College $632k 4.2%

Tawa College $625k 13.2%

Heretaunga College $526k 12.3%

Porirua College $378k 14.1%

Christchurch Kaiapoi High School $606k 1.4%

Christchurch Boys' High School $598k 0.6%

Christchurch Girls' High School $598k 0.6%

Burnside High School $554k -0.6%

Rolleston College $495k 1.8%

Riccarton High School $477k -1.3%

Cashmere High School $470k 1.1%

Papanui High School $467k 0.5%

Hornby High School $431k 6.8%

Lincoln High School $424k -0.9%

Shirley Boys' High School $399k 5.7%

Hamilton Hillcrest High School $548k 4.7%

Hamilton Boys' High School $527k 6.0%

Hamilton Girls' High School $527k 6.0%

Hamilton's Fraser High School $496k 3.0%

Hawke's Bay Taradale High School $605k 10.4%

Napier Girls' High School $563k 10.9%

Napier Boys' High School $483k 12.3%

Hastings Girls' High School $423k 9.8%

Karamu High School $413k 9.8%

Dunedin Otago Girls' High School $474k 12.3%

Taieri College $453k 9.3%

Kings High School $381k 11.1%

9.2% 8.7% 8.6% 8.9%

5.3% 5.1%

8.4% 4.2%

13.2% 12.3%

14.1%

1.4% 0.6% 0.6%

-0.6% 1.8%

-1.3% 1.1%

0.5% 6.8%

-0.9% 5.7%

4.7% 6.0% 6.0%

3.0%

10.4% 10.9%

12.3% 9.8% 9.8%

12.3% 9.3%

11.1%

Trends in our Main Cities With it being a new year, homes.co.nz has compared our current HomesEstimates to this time in

2018. The stand out performers are Wellington and Dunedin with the median HomesEstimates

increasing by 9.4% and 12%, respectively. Both also show no obvious signs of slowing any time

soon.

Much of NZ’s other main cities have seen modest growth, except for Auckland which ends the

year with property values down 1.1%. Larger price drops (as seen in Sydney) remain unlikely in

the short term with an undersupply of affordable housing resulting in prices at the lower end of

the market remaining high (indicated by the First Home Buyer HomesEstimate increasing in

Auckland by 0.5%) and easing LVR restrictions taking effect increasing the availability of credit to

both first home buyers and investors.

Auckland -1.1% pa

Christchurch 1.1% pa

Dunedin 12.0% pa

Hamilton 5.0% pa

Tauranga 2.9% pa

Wellington 9.4% pa

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

$900,000

$1,000,000

Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan

How do we calculate these figures?

The homes.co.nz Monthly Property Update is generated using homes.co.nz’s monthly HomesEstimates and provides an up-to-date perspective on house values around New Zealand. By valuing the entire housing

stock, the homes.co.nz Monthly Property Update can compare median values from month to month in a consistent and reliable way. Our HomesEstimates are calculated for almost every home in New Zealand by an

algorithm that identifies the relationships between sales prices and the features of a property.

Established in 2013, homes.co.nz is NZ’s first free property information portal eager to share free property information to New Zealanders.

NZ’s First Home Buyer HomesEstimate The “First Home Buyer HomesEstimate” is homes.co.nz’s estimate of what a typical first home

may cost. It is calculated to be the lower quartile HomesEstimate in a town.

Property values remain consistent for first home buyers. The good news is that the loan-to-value

restrictions on new mortgage loans have been eased from 1 January 2019. Banks will now be

able to offer more loans to potential home owners with low value deposits. 20% of any new loans

(up from 15%) can now have deposits of less than 20%.

Median HomesEstimate First Home Buyer HomesEstimate

Auckland $909k 696K

Wellington $740k 586K

Tauranga $596k 480K

Hamilton $541k 440K

Christchurch $438k 350K

Dunedin $402k 322K

Queenstown $1.05M 772K

Whangaparaoa $806k 686K

Mount Maunganui $756k 592K

Papamoa $674k 577K

Papakura $631k 545K

Pukekohe $657k 543K

Cambridge $691k 539K

Paraparaumu $575k 479K

Upper Hutt $523k 451K

Nelson $528k 440K

Lower Hutt $541k 422K

Porirua $557k 417K

Napier $494k 407K

Taupo $508k 387K

Whangarei $462k 372K

New Plymouth $431k 352K

Blenheim $421k 348K

Rotorua $429k 340K

Palmerston North $385k 316K

Masterton $350k 293K

Timaru $352k 290K

Hastings $382k 287K

Ashburton $329k 267K

Levin $318k 263K

Gisborne $328k 246K

Invercargill $263k 201K

Whanganui $246k 183K

$696k$586k

$480k$440k

$350k$322k

$772k$686k

$592k$577k

$545k$543k$539k

$479k$451k$440k

$422k$417k$407k

$387k$372k

$352k$348k$340k

$316k$293k$290k$287k

$267k$263k$246k

$201k$183k