House-seller Terri Cumiskey is cynical about spiralling Auckland prices after not getting a single offer for her place in two months.
She is blaming the rotting homes crisis for lack of interest in the Meadowbank house she rents out, having reluctantly bought it some years ago with an ex-partner, but says her place does not leak because it was was built after rules were tightened.
"My house is constructed from plaster. It was built in 2004 under the new building standards and has a cavity system which means it should not suffer from the problems that leaky homes had. However, because of the problems with leaky homes, all plaster homes have been tarred with the same brush," she said.
Last week, QV found Auckland values had soared 2.2 per cent beyond the 2007 peak and this week the Real Estate Institute recorded a new Auckland median of $495,200, up 5.4 per cent on last March.
Terri Cumiskey's three-bedroom, two-bathroom house at 52A Fancourt St has a capital value of $640,000, dropped from $680,000 in 2007 by Auckland Council when it revalued the property.
"As I haven't had an offer since putting it on the market, I don't even think price is the issue," Terri Cumiskey said.
Her problem is not unique.
Roger Levie of the Home Owners and Buyers Association said buyers were suspicious of plaster-clad houses of a certain age.
"This is becoming a major problem for people," he said. "It is not only those who have homes that leak that are now impacted but everyone who has a home built in the high-risk period and made of materials that are known to fail. They are seeing the values of their homes decline to a similar extent."
Some estate agents also contributed to the problem because they lacked understanding and were "running away from these homes even where they are sound", he said.
"However, given that the external cladding only needs to last for 15 years to meet the building code, many of these homes will need recladding in their 50-year lifetime."
He estimated it could cost $200,000 to reclad the house although Terri Cumiskey said estimates she had were closer to $100,000.