Islands' rises lead regionSave
By Andrea Rush
Waiheke Island home values rose faster than anywhere else in the Auckland region during the first quarter of 2017, according to the latest QV House Price Index data.
Whereas values for the Auckland region as a whole plateaued, decreasing by 0.2 per cent since January.
Values for Auckland City - Islands (which includes Waiheke, Great Barrier and the outlying islands of the Hauraki Gulf) rose 4.4 per cent and they were also up 17.8 per cent year on year, which is well above the Auckland Regional average of 12.3 per cent.
The average value for Auckland City - Islands jumped more than $150,000 in one year from $905,380 in March 2016 to $1,066,785 in March 2017.
This growth has been driven by demand for property on Waiheke, which has long been a popular holiday home destination for Aucklanders and has become increasingly popular in recent years with first-home buyers, families and retirees looking for a better lifestyle and better value for money than they can achieve in the central suburbs.
However, now Waiheke is experiencing growing interest from international foreign buyers looking for a bolt-hole as well as cashed-up new migrants moving to Auckland, all of whom are attracted by the island's micro climate, beautiful beaches, wineries, restaurants and the its close proximity (a 30-minute ferry ride) to downtown Auckland.
The Super City is now part of a global property market and with the record net migration seen over the past few years and the spike in wealthy investors coming into New Zealand under the Investor and Investor Plus categories, this buyer group is expanding.
Recent articles in the New York Times show that in these times of increasing upheaval and uncertainty, New Zealand's isolation is no longer a draw-back but a draw-card for those wanting a safe haven.
Such is the popularity of Waiheke property that Sotheby's International has a Waiheke branch and, like Queenstown, it's a go-to destination for overseas purchasers of our country's most prestigious properties.
Recent sales include 24 Newton Rd, a 147sq m home on a 2302m section in Oneroa, which sold in March for $5,850,000 and has a July 1, 2014 rating value of $2,350,000.
The property last sold in 2003 for $965,000. Or 134 Cowes Bay Rd in Ostend, which was sold by Sotheby's International in March for $6,850,000 and has a July 1, 2014 RV of 4,500,000. Also 66 Coromandel Rd, Oneroa which sold for $5,137,000 in October 2016 and has an RV of $1,115,000.
113 Ocean View Rd is currently being marketed by Sotheby's International for inquiries above $1,189,000. The property last sold for $635,000 in July 2014.
This jump in value at the high end of the Waiheke market, mirrors the trend being seen in Auckland's other top end suburbs.
Value growth on Waiheke Island is not limited to the top end of the market.
The low end has also surged ahead over the past three years, with entry level in 2014 having been in the $500,000's and homes at the low to mid-end of the market are now fetching anywhere between $750,000 and $1 million-plus.