Local homes and what they JUST SOLD FOR! Find Out Here.
Talk to real estate agent Mark Boyd for up to date information on Houses for sale in Te Atatu Peninsula.
A closer look at Te Atatu Peninsula real estate!
I have always had an interest in real estate, and I thought it would be of interest to our readers to know what is going on in the local real estate market. Many of us own a home (well the bank owns most of it for most of us), or we would like too someday. The demographics of the area are definitely changing as I do notice many more young families walking and cycling.
This morning I talked to Narender about real estate. Narender is a real estate agent with the Te Atatu Peninsula branch of Barfoot and Thompson, where he has worked for the last 10 years. Two years prior to that he work in a small real estate company in New Lynn, and before that he was also in real estate, but in New Delhi, India.
I have known Narender for a few years now and he just so happens to be a neighbour. A few years ago he sold the house of a very dear friend of mine and the feedback I received gave me confidence that he would be a very honest person to talk to about our local real estate market for a Blog Out West article which may become a regular feature if people are interested.
Narender has seen the highs and lows in the real estate market over the past 12 years in West Auckland. 2007 saw a bit of a peak with a fairly standard 3 bedroom house on a full site in Te Atatu Peninsula being about $425,000. In 2008 and 2009 after the collapse of Bear Sterns and the following credit crisis the real estate market slowed significantly.
But that seems to be largely behind us with a current standard 3 bedroom house on a full site in Te Atatu Peninsula now fetching around the $800,000 mark.
Here is Narender telling us a little about himself.
I was born in India (a small country village called Gagret in the state of Himachal Pradesh located in the lower parts of the Himalayan mountains). Because of my father’s nature of work we lived in different parts of India until I was 12 years old but most of my schooling and my degree in Geography honors was completed in New Delhi.
After completing my degree I started real estate in New Delhi and did that for about 7 years before coming to New Zealand in 2002. As to the reasons for migrating to New Zealand- change, quality of life, and the severe hot summer of India which I hated. I have been working from Barfoot and Thompson, Te Atatu Branch for the past 10 years and have lived on the Peninsula since 2008.
As we all know that the property prices have increased by leaps and bounds in the past 5 years all over Auckland because of historically low interest rates, shortage of housing and influx of overseas investors (due to very generous & favorable regulations of New Zealand government). I am of the thought that the properties out west have been under priced compared to other regions of Auckland. The much needed improvements of infrastructure such as the Harbour Bridge motorway extension to Albany, addition of lanes to current western motorway, improvement of Te Atatu, Henderson on and off ramps (interchange) and huge commercial and retail development in Westgate have added to the appeal of the western suburbs.
How does Te Atatu Peninsula real estate compared to other western suburbs?
Te Atatu Peninsula real estate compared to other western suburbs is one of the leading suburbs for capital growth and some of the properties have been sold at double the price that they would have achieved 5 years ago (that is a growth of 100%). That can also be attributed to the exclusivity of this suburb and attributes such as it’s not a through suburb, has its own town centre, nice cafes, lots of parks, boat ramps, beautiful city and harbour views, walkways, schools and easy motorway access which gets you to Auckland CBD in 15 minutes (Off peak). Most of the homes sold on the Peninsula are being bought by young couples or young families who like all the above mentioned attributes of the area and also the character of these 1950’s and 60’s bungalows. They are not only buying these properties but are investing their time and money renovating & upgrading them which is a sign of a great future for the suburb.
The requirement of 20 percent deposit for home buyers and also the start in increase of interest rates have stopped the incredible growth in prices that we noticed up untll October last year. But the real estate market is still very strong. There is more stock available compared to last year (more options for buyers), but the prices are holding up and the number of sales is promising.
Below is number of statistics that may be of interest.
- Total number of homes on the Peninsula 4620 and increasing.
- Total number of homes sold in Te Atatu Peninsula (Jan 2013 till Dec. 2013) 253
- Total number of homes sold in Te Atatu South (Jan 2013 till Dec. 2013) 331
- Barfoot and Thompson Market share in Te Atatu Peninsula & South (combined) for the year gone approximately 40 percent.
If you have need of a Te Atatu Peninsula real estate agent I would not hesitate to recommend Narender.