If you want to know the obvious sign for a boom in Auckland’s housing construction, take a look at the number of cranes at work.
In March, there were 48 cranes used for home projects out of 83 units for all construction work in the city. Before planning a residential development plan, companies should first consult with land surveyors here in Auckland to scout for the right property.
Buyer’s Market
The pace of housing construction in Auckland unsurprisingly caused an uptick in the number of homes for sale during March, when listings increased 6 percent to more than 9,500 properties by the end of the month, according to Realestate.co.nz.
The bigger supply also led prices to decline with the average asking price falling to almost $964,000. While lower prices may cause an uptick in demand, home-builders that have been studying the Auckland market should consider the implications of a larger housing inventory in the city.
On a national scale, home prices rose 6.2 percent, excluding the downward price movement in Auckland based on Real Estate Institute of New Zealand (REINZ) figures.
Nationwide Prices
REINZ said that nationwide median house prices in March amounted to $460,000. Those who own homes in Gisborne noticed a huge increase in their properties’ value, as prices rose almost 18 percent $330,000.
In the Manawatu/Wanganui region, home prices posted a record median price growth of 12.3 percent to $292,000. Double-digit price growth also occurred in Wellington, Hawke’s Bay and Otago, where prices amounted to $583,000; $445,000; and $405,500, respectively, according to REINZ data.
Conclusion
Those who plan to build homes and sell them for a profit will find it more practical to consult with land surveyors first. By doing so, companies save themselves from potential troubles such as legal disputes on site boundaries.