Three suburbs of Invercargill rank among the top 10 best-selling suburbs in the country

Prepare to move quickly if you buy property in Invercargill, three of the country’s top-selling suburbs are in the southern city.

Rockdale (six days), Hawthorndale, and Heidelberg (both seven days) are all in the top 10 suburbs in which property is on the market for the shortest median number of days, according to the CoreLogic Best of the Best 2021 annual report. .

CoreLogic’s chief real estate economist Kelvin Davidson said Invercargill has experienced a widespread recovery and overall property values ​​have risen 24.6% to $ 461,111 this year. year.

Only Port Waikato and Waipapa in the Far North were selling faster than Rockdale, with four days of market.

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Kelvin Davidson, senior real estate economist at CoreLogic.

Provided

Kelvin Davidson, senior real estate economist at CoreLogic.

The Best of the Best report was released on Tuesday.

The quick sell list is rounded out with a suburb each of Tasman, Upper Hutt, Hamilton, Thames-Coromandel, and New Plymouth.

Heidelberg was the fastest sell in 2020 in seven days, and Hargest was the fastest in the report from mid-2021, at six days.

Early buyers made up more of Invercargill’s market than investors compared to the rest of the country, Davidson said.

The median time that a home in the Invercargill suburb of Rockdale is on the market is six days.

Kavinda Herath / Tips

The median time that a home in the Invercargill suburb of Rockdale is on the market is six days.

The Appleby suburb of Invercargill also has the eighth highest gross rent yield nationwide, at 6.4%. Clifton and Kew are the second most profitable suburbs in Invercargill, at 6.1%.

Southland Real Estate sales manager Steve Lindsay said the rapid sales at Invercargill were due to declining listings in those suburbs.

There were a lot of listings in Windsor right now, so they weren’t selling out as quickly, and the average Invercargill house was on the market for 27 days, Lindsay said.

When a house was built in Rockdale, Hawthorndale and Heidelberg, the people who wanted to live there had “laser-like” focus, he said.

Abigail Dougherty / Stuff

Elham Bahmanteymouri, professor of town planning at the University of Auckland, explains why the Kiwis have invested so much capital in housing, while other countries are content to rent. (Video first published in July 2021)

For the record, Lindsay said the company has had dealings with many medical professionals moving to Invercargill.

There had also been a “spring influx” of registrations to Invercargill, spread across all parts of town, he said.

Herne Bay in Auckland, almost the most expensive in the country, had the lowest gross rental yields at 1%, and Runanga on the west coast was the highest, at 9.6%.

Davidson said the flip side of high returns is that affordability has declined.

In 2020, Heidelberg's houses, Invercargill, were on the market for a median of seven days.  It remained the same in 2021.

Kavinda Herath / Tips

In 2020, Heidelberg’s houses, Invercargill, were on the market for a median of seven days. It remained the same in 2021.

Some of the “flashier” suburbs posted the lowest rental yields, such as Gladstone (2.9%) and Otatara and Rosedale, with 3.1%, he said.

There wouldn’t be many markets, if any, that would have escaped a downturn in property values ​​in 2022, Davidson said.

Mataura recorded a 41.8% increase in value for the year, the fifth largest increase in the country.

“You’d call it a boom, wouldn’t you?” “

Southland Real Estate Sales Manager Steve Lindsay said <a class=homes in popular suburbs like Hawthorndale, Invercargill are bought up quickly due to the limited number of listings.” style=”width:100%;display:inline-block”/>

Kavinda Herath / Tips

Southland Real Estate Sales Manager Steve Lindsay said homes in popular suburbs like Hawthorndale, Invercargill are bought up quickly due to the limited number of listings.

Lake Hayes in Queenstown recorded the fourth highest increase in value and the top three places were all in Tararua.

Despite the increase in value in Mataura, the city still has the third lowest median real estate value, at $ 226,050.

However, the areas with the greatest value change generally started from the lowest levels, Davidson said.

The report also notes that the Te Anau property recorded the sixth smallest change in value in the country, with an increase of 9.1%. Sunshine Bay in Queenstown recorded the smallest increase, rising 6.7%.

Davidson said the Covid-19 pandemic would be a big factor in Te Anau’s weak growth, but there would be good deals “if and when” international borders opened.

Edendale and Halfmoon Bay are among the 10 cheapest median rents, at $ 300 per week.

Suburbs covered for the market days category must have at least 200 units and have made 20 sales in the past year.

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