Real Estate, particularly residential real estate has been the Cinderella choice of NZ investors for years, much to the chagrin of successive reserve bank Governors.
The Global Financial Crisis brought about the demise of annual double figure housing inflation worldwide.
For those of us professionally or as owners of real estate in Ponsonby, the world has not changed as much as most other regions.
In dollars terms, good properties in Ponsonby have not decreased in value, though for a period of one or two years, values may have slipped by a percentage or two by comparison to inflation.
By comparison to the share market and most other conventional forms of investment, property in this suburb has, by and large, been a hands-down winner.
Since the beginning of 2011, values have increased once again, and it is almost a certainty that we will see double figure growth for the full calendar year.
Why is this, when there is still a great deal of economic and employment insecurity?
It is clear that our area has a great deal of demand driven pressure. Some factors are:
• The area is very closely defined, bounded by the harbour, Queen St and the North Western motorway, with a total of approximately 10000 houses.
• As Auckland transport becomes less and less efficient, living close to the CBD becomes increasingly desirable.
• Kiwis are becoming very sophisticated and investing in this area offers a desirable lifestyle choice with cafes, cinemas, the harbour etc.
• With the employment situation becoming difficult nationally, the attraction of Auckland is obvious – Auckland being New Zealand’s commercial and industrial capital.
• Residents shaken by the prolonged effects of the Christchurch earthquakes looking to relocate have increased the migration to Auckland, placing pressure towards the centre. Ponsonby is a natural choice.
• With rapid development of the industrial part of the waterfront, the ability to wander to restaurants of world-class once again, makes Ponsonby Real Estate increasingly desirable.
It is clear that the influences on residential real estate in Ponsonby are unique and in many instances trends in Ponsonby bare almost no relationship with what’s happening elsewhere, both within other Auckland regions, and when compared with similarly situated suburbs in other major NZ cities.
Whether migration figures nationally are trending upwards or are static, employment, lifestyle and transport issues ensure that pressure of buyers always exceeds supply of properties available in this desirable region of Greater Ponsonby.
Real estate in Ponsonby, remains blue chip whether as investment or as a place to live.
Written by Simon Damerell, co-principal of Ray White Ponsonby Real Estate.
Ray White Ponsonby Real Estate employs a knowledgeable team with a collective experience in excess of 250 years to help buyers find the ideal property. With a clearly defined marketing strategy Ray White Ponsonby Real Estate also works to get the best price for each and every vendor that they list.trinityte
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