KEY POINTS:
Values of modest homes in some areas of Waitakere have risen by as much as 48 per cent in three years.
Henderson, Te Atatu, Massey and Westgate show sharp price growth in the three-yearly valuations done for Waitakere City Council rating purposes by Quotable Value.
A snapshot of
the market on September 1 showed an overall rise of 34.1 per cent in the capital value of homes across Waitakere, says the council. The overall rise in residential land value was 70.2 per cent.
Quotable Value regional manager Melanie Gallagher said all properties across Waitakere had increased in value. But the more affordable areas - ones that had relatively lower prices - often increased the most in this year's revaluation.
Henderson West homes at an average of $328,000 showed a rise of 48 per cent, New Lynn West homes at $362,466 and Te Atatu North $462,977, both rose 36 per cent, Glen Eden West at $344,660 was up 35 per cent, Massey at $350,074 was up 34 per cent and Westgate at $468,815 was up 29 per cent.
Quotable Value said other areas of strong growth were West Harbour ($646,098) and Scenic Drive North ($406,820), both up by 50 per cent, and Whenuapai ($835,358) up by 46 per cent.
Bruce Coutts, of Harvey's Massey, said the QV values were conservative.
He said Westgate was popular with families because homes were relatively new at eight to 10 years old and were near the Westgate shopping centre and amenities such as picture theatres, schools and the motorway.
Three years ago, a three-bedroom house would have cost in the mid-$300,000s but now cost $430,000 to $460,000.
He was not surprised that West Harbour was among the city's highest gains. A home bought in 1985 for $110,000 sold this year for $482,000.
Ian Jowsey, of Harcourts' Te Atatu Peninsula branch, said the peninsula's increasing popularity meant a three-bedroom home costing $350,000 to $380,000 had risen $100,000 in three years.
Andrew Sim, of Harcourts Massey, said prices were tapering off after years of strong demand. A Massey three-bedroom home would cost about $320,000 compared with less than $200,000 three years ago. In the previous revaluation, in 2004, Piha on the west coast gained an average of 70 per cent on a rise of 40 per cent between 1998 and 2001.
But this time, the rise is 29 per cent, making the average sale price $726,888. Sherie O'Neill of Piha Property Brokers said demand was strong for properties below $600,000 and beachfront properties still fetched more than $1 million.
However, demand had flattened for properties in the $600,000 to $800,000 range. Other cities will be revalued in the next two years.
The rises
Waitakere valuation rises September 2004-07
* Residential: Capital value up 34.1 per cent; land value up 70.2 per cent.
* Rising areas: West Harbour, $646,098 +50 per cent; Scenic Drive, Titirangi, $406,820 +50 per cent; Henderson West $328,264 +48 per cent.