House values drop in east Auckland waterfront suburbs

If you're a first home-buyer, parts of east Auckland may now be a bit more appealing, with values dropping 1.1 percent.

Auckland house values are still on the rise, with an average growth of 7 percent over the past year. But flash waterfront suburbs like Mission Bay and Kohimarama have dropped by 1.1 percent in value, new Quotable Value (QV) stats show.

Other nearby suburbs in the 1.1 percent drop include St Johns, Meadowbank, Glen Innes, Point England, Ōrākei, Ellerslie, Greenlane and Stonefields.

Ōrākei, Meadowbank and Glen Innes are within three stops of Auckland's downtown Britomart station, on the eastern train line.

"We are seeing a return to more 'normal' market conditions currently in the Auckland market," QV Auckland home value manager James Steele said.

"There are more properties listed for sale on the market, there is also demand and properties are selling, but some of the heat has come out of the market, and buyers are being more picky about what they buy.

"Properties with undesirable features or outstanding maintenance are sitting around on the market for a longer."

He says sellers are also more willing to withdraw their properties from the market if they don't get the price offer they want.

South Auckland is also still an option for first home-buyers, Mr Steele says, where people can find a property for under $650,000.

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