CoreLogic NZ’s latest ‘Mapping the Market’ (January 2020) report released today delivers location analytics and geospatial expertise.
Download at: http://www.corelogic.co.nz/mapping-market
According to CoreLogic Property Economist, Kelvin Davidson, “The constantly changing dynamics of the New Zealand property market means that many would-be homeowners often find it challenging to understand which suburbs currently match their home-buying budgets”.
This updated visualisation tool uses a geographic information system (GIS) – and millions of datapoints in the background – to deliver an easy to interpret explanation of the current property market. By clicking on any particular NZ suburb readers can instantly see its current median property value.
With new attributes now added to the Mapping the Market tool, users can quickly see current median values, as well as values a year ago. Each suburb’s change in the past year can also be viewed in percentage and dollar terms. The map is also colour-blocked and, as Davidson notes, “At a glance, it’s very easy to see which local suburbs sit within a particular budget and which have changed the most or least. For example, Auckland has a distinct tinge of cool grey/blue, indicating a soft market over the past year. By contrast, Dunedin has a sunnier disposition, with the yellow shading indicating the strength there over the past year.”
In addition to the visual demonstration, the smart map also provides key market commentary from the CoreLogic research team, with data highlights and trends provided for each major city. However – users can easily focus in on any part of the country they want.
The Best of the Decade – Herne Bay takes top spot with a $1m+ rise in values
To complement Mapping the Market this quarter, CoreLogic has also compiled some ‘Best of the Decade’ statistics, covering suburb performance over the 2010’s. Key findings are as follows:
- Point England in Auckland takes top spot for % change in median property values from 2010-19, with a 158% rise
- In fact, each of the top 10 national % risers are in Auckland, with the strongest gain outside Auckland over the 2010’s coming in Kelvin Heights (Queenstown), at 121%
- In dollar terms, no surprises that Herne Bay in Auckland took top spot, with an increase of almost $1,181,000
- Four other Auckland suburbs also saw a $1m+ rise, with Kelvin Heights the only non-Auckland suburb in this club of large capital gains
- By contrast, four suburbs (all in Grey District) saw median values fall over the decade, with Cobden the worst (-9%) – that translated into a drop of $15,050
- Turning to achieved sales, the top 10 of the decade were all in Auckland – the highest was $38.5m for 4 Huriaro Place (Orakei), back in July 2013
- The highest sale outside Auckland happened in February 2019 – 516 Frankton-Ladies Mile in Lake Hayes/Queenstown, for $15.5m