A lot of the suburbs around the main centres have seen substantial gains
CoreLogic has released its “Mapping the Market” December 2020 Report, which used an updated visualisation tool to deliver location analytics and geospatial expertise to consumers, property investors, and property agents.
The “Mapping the Market” tool uses a geographic information system (GIS) and millions of data points in the background to deliver an easily interpreted explanation of the current property market. By clicking on any New Zealand suburb in the interactive map, users can instantly see its current median property value, values one year ago, and the % and $ change over that period.
The tool revealed that suburbs around all the main centres had seen substantial gains. All of the top four suburbs for median value growth over the past year were in Gisborne, with Outer Kaiti taking the top spot with a 39.7% increase in median values in 12 months (to $335,900).
The central Auckland suburb of Herne Bay remained in the top three, with the highest median value in land of $2,681,650. The Bay of Plenty town of Kawerau also took the spotlight for seeing the most significant five-year change in median values (200.7%).
Meanwhile, Hauraki (Auckland) had the top sale price ($12,250,000), Runanga (Grey) had the highest gross rental yield (10.3%), Heidelberg (Invercargill) had the shortest days on the market (seven days), and Port Waikato (Waikato) had the longest days on the market at 207 days.
“The constantly changing dynamics of the New Zealand property market mean many would-be homeowners often find it challenging to understand which suburbs match their budgets. That’s especially true in this new COVID world,” said CoreLogic senior property economist Kelvin Davidson.
