Al­bany prices plunge in six months

North Harbour News - - YOUR PAPER, YOUR PLACE - DENISE PIPER

Aver­age house prices in Al­bany have plum­meted over the last six months, as in­vestors shy away.

The aver­age three-bed­room sale price in the fast-grow­ing North Shore sub­urb dropped 13.5 per cent, from $1.016 mil­lion in De­cem­ber 2016 to $878,000 in May.

The in­for­ma­tion from Point Mar­ket­ing, based on sales by real es­tate agent Bar­foot & Thomp­son, showed a steady de­cline over the six months.

Al­bany was com­pared with Green­hithe, which was hold­ing steady at $1.26m, and Glen­field which was also steady on $845,000.

Peter Thomp­son, man­ag­ing di­rec­tor of Bar­foot & Thomp­son, said the de­cline could be sea­sonal.

Al­bany was a key place for in­vestors to buy thanks to Massey Univer­sity, but most in­vestors would buy be­fore the ed­u­ca­tional year started so they could get stu­dents in, he said. Thomp­son ad­mit­ted in­vestors had stopped buy­ing at the mo­ment.

Last year, the Re­serve Bank in­tro­duced tougher lend­ing re­stric­tions that meant in­vestors had to have a de­posit of 40 per cent or more. Sh­eryl Camp­bell, man­ager of Bay­leys Al­bany, said she had not seen prices fall in Al­bany but prop­er­ties were tak­ing longer to sell.

‘‘In­stead of three to four weeks, it’s now four to six weeks on aver­age. Sales [prices] are still sta­ble.’’

She said Al­bany ticked many boxes for buy­ers.

DENISE PIPER/FAIRFAX NZ

New Zealand’s largest res­i­den­tial apart­ment block, is be­ing built in Al­bany but the price of aver­age sales has fallen for the sub­urb.

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