The most expensive suburbs were Langs Beach, Russell (pictured) and Mangawhai Heads.
Northland house prices are finally starting to catch up to the rest of the country, according to a new property report released this week.
The OneRoof Property Report highlighted a range of national property statistics, including the most expensive and cheapest suburbs, the best and worst-performing suburbs and overall latest suburb property values.
Despite a slow start, the report showed Northland was starting to show an upswing in property price growth, similar to what the rest of the country had been experiencing in the last quarter.
OneRoof editor Owen Vaughan said Northland had always had a tendency to lag behind other regions, but the market was on a trajectory heading towards positive growth.
“Northland has traditionally always been slower, but the pace of decline has now slowed considerably,” Vaughan said.
“In the last couple of weeks, Northland has started to feel the benefit the rest of the market has had due to a lack of stock, which is creating upward pressure on prices.
“It won’t be rampant growth like we saw during the boom, though, and that’s mainly because interest rates are still high, so will provide a natural curb in huge growth in values and prices.”
As of Monday morning, Northland’s property prices had risen to 1 per cent- a marked increase from -0.5 per cent on August 20.
According to the report, the top settled sales for 2023 (up until end of October 2023) were in the Far North, Whangārei and Kaipara, with the top house selling for $4.1 million in Russell in January.
The next most expensive was a property in Hihi/Mangōnui in March, which sold for $3.87m, followed by a property at One Tree Point which sold for $3.7m and a Mangawhai Heads property that went for $3.65m in January.
In terms of the most expensive suburbs, these were Langs Beach, Russell and Mangawhai Heads, with the average property values coming in at $2,167,000, $1,478,000 and $1,332,000 respectively.
On the other end of the spectrum, Northland’s cheapest suburbs were Kaikohe, with an average property value of $398,000, followed by Kaitāia at $440,000 and Kawakawa at $500,000.
Despite Mangawhai Heads and Russell achieving high property sales in 2023, they also came in as the region’s weakest-performing suburbs, dropping 7.20 per cent and 6 per cent respectively in the past three months.
Kawakawa also took a knock, sinking 4.20 per cent in house prices between August and October.
Three Whangārei suburbs proved to have the strongest house price growth in the last quarter, with a growth of 2.3 per cent in Morningside and Riverside and 2 per cent in Raumanga.
Valocity Global senior research analyst Wayne Shum confirmed the housing market in most places in New Zealand had now hit (or were close to) the bottom, including Northland.
He said while the region as a whole had dropped around $100,000 from its peak of $925,000 in April 2022, it was still out-performing its pre-Covid average price of $614,000 by more than $100,000 ($827,000).
“In Northland it really depends where you are, because places like Whangārei have their own market which is doing well,” Shum said.
“The Far North is also performing well, but places like Kaipara are still lagging behind.
“The National Government has promised the new highway which will go further north, so the Auckland demand for a bach in Mangawhai or those working in the North Shore commuting once a week to the office will be strong.”
In terms of first-home buyers, Shum said most first-home buyers were already in the market.
He said house price increases plus changes with the incoming Government could make things potentially more difficult.
“The National Government has said they will likely bring back some of their former investment policies, so once investors are back, the market will start to pick up,” Shum said.
“The key issues for Northland is that flooding is definitely still a concern for people, so while there is a sense of a fear of missing out, first-home buyers and buyers in general are being a bit more careful and doing more homework than before.”
Myjanne Jensen is a part-time reporter for the Northern Advocate. She was previously the editor of the Northland Age, joining NZME in 2021 after moving to the region from Australia.
By Stephen Johnson, Economics Reporter For Daily Mail Australia
07:05 31 Jul 2023, updated 09:08 31 Jul 2023
- Australians aged 18 to 34 want more immigration
- This is despite unaffordable rents, house prices
Younger Australians want higher immigration even though record population growth has been linked to unaffordable rents and house prices, a new poll has found.
While older people are more sceptical about accepting more migrants, those under 34 take a different view – even demanding a bigger refugee intake as well.
A poll of 1,000 people taken in July, commissioned by Immigration To Australia, found half of those aged 18 to 34 believe Australia needed to expand its immigration program.
Among this age group, 39 per cent favoured keeping immigration at the same level, even though Treasury is forecasting a record 400,000 intake for 2022-23 and 1.5million arrivals over the five years to June 2027.
Just 11 per cent of the younger generation called for fewer migrants.
Millennials, born from 1989 to 1996, and Generation Z adults, born from 1997 to 2005, are the ones most likely to be affected by a tight rental market following the return of international students.
Immigration by generation
18 TO 34: 50 per cent want higher immigration
35 TO 54: 31 per cent want higher immigration
OVER 55: 30 per cent want higher immigration
Source: Poll of 1,000 people commission by Immigration To Australia
By comparison, only 31 per cent of those aged 35 to 54 favoured higher immigration, with 46 per cent agreeing with the current level and 14 per cent calling for a cut in the net overseas intake.
Among those over 55, covering baby boomers and older Generation X Australians, 30 per cent favoured increasing the intake, 46 per cent backed the existing level and 25 per cent called for it to be reduced.
Older Australians, who have paid off a mortgage, are the ones least affected by higher immigration, having been able to buy a house in Sydney or Melbourne in their youth.
But it’s the young who are more vulnerable to unaffordable housing, particularly in Sydney which receives a large share of international students and skilled migrants.
To illustrate the severity of the problem, apartment rents at Haymarket, near Sydney’s Central Station and Chinatown, surged by 32.6 per cent in the year to June, taking median rent to $1,122 a week, CoreLogic data showed.
Bondi house rents have climbed by 22.4 per cent to $1,840 a week, making share living a stretch for those on low incomes.
Sydney’s median house price is so dear at $1.324million that an average, full-time worker on a $94,000 salary would owe the bank 11 times their income, even with a 20 per cent mortgage deposit.
Even units are dear, with the mid-point price of $808,407 beyond the reach of a university-educated professional on an average salary, hoping to avoid mortgage stress.
Despite the evidence, Immigration to Australia’s founder and managing director Alon Rajic said younger people were more likely to favour immigration as a way of filling labour shortages, with unemployment at a 48-year low of 3.5 per cent.
‘The willingness of younger generations to view immigration as a solution for labour market needs signifies their understanding of the beneficial impact skilled migrants can bring to the economy,’ he said.
‘Being highly connected to the online world, younger demographics may have a more global perspective, leading them to support a more inclusive approach to immigration.’
Among the younger generation, 48 per cent wanted more refugees, compared with 34 per cent for those aged 35 to 54 and 35 per cent for those over 55.
This group were more in favour of bringing in migrants with general skills for administration and retail jobs, with 41 per cent agreeing with this idea, compared with 28 per cent for those aged 35 to 54 and 29 per cent for those over 55.
CoreLogic economist Kaytlin Ezzy said record-high immigration was adding to rental demand, as the Reserve Bank’s 12 interest rate rises since May 2022 discouraged investors from buying a home to lease.
‘On the demand side, record levels of overseas migrants, many of whom rent in inner-city unit precincts, has bolstered rental demand this year, causing an imbalance between rental demand and supply,’ she said.
‘Investors tend to shy away from the housing market during negative economic shocks.’
Sydney is home to 19 of the top 20 suburbs when it came to big rent surges and all of them were in inner-city areas or postcodes by the beach and near the central business district.
Australia’s most populated city was also home to 16 of the top 20 suburbs when it came to house rent surges, with the rest in the fly-in, fly out hub of Karratha in Western Australia’s mining-rich Pilbara region.
Biggest unit rent rises
1. HAYMARKET, Sydney city: Up 32.6 per cent to $1,122 a week
2. GEORGES HALL, Sydney inner south west: Up 31.3 per cent to $709 a week
3. ARNCLIFFE, Sydney inner south west: Up 30.9 per cent to $781 a week
4. WOLLI CREEK, Sydney inner south west: Up 30.6 per cent to $836 a week
5. KINGSFORD, Sydney east: Up 30.3 per cent to $765 a week
6. BURWOOD, Sydney inner west: Up 29.2 per cent to $752 a week
7. KINGSGROVE, Sydney inner south west: Up 28.4 per cent to $665 a week
8. EASTLAKES, Sydney inner south: Up 28.3 per cent to $630 a week
9. ZETLAND, Sydney inner south: Up 28.2 per cent to $988 a week
10. TURRELLA, Sydney inner south west: Up 28.1 per cent to $817 a week
11. SYDNEY, city centre: Up 27.7 per cent to $1,050 a week
12. HURSTVILLE, Sydney inner south west: Up 27.6 per cent to $680 a week
13. ALLAWAH, Sydney inner south west: Up 27.6 per cent to $621 a week
14. HOMEBUSH WEST, Sydney inner west: Up 27.3 per cent to $634 a week
15. STRATHFIELD, Sydney inner west: Up 27 per cent to $690 a week
16. LAKEMBA, Sydney inner west: Up 26.9 per cent to $480 a week
17. CHIPPENDALE, Sydney inner south: Up 26.8 per cent to $858 a week
18. ROCKDALE, Sydney inner south west: Up 26.8 per cent to $655 a week
19. ROSEBERY, Sydney inner south: Up 26.6 per cent to $943 a week
20. TRAVANCORE, Melbourne inner: Up 26.4 per cent to $509 a week
Biggest house rent rises
1. CAMPSIE, Sydney inner south west: Up 29.3 per cent to $802 a week
2. BELFIELD, Sydney inner south west: Up 28.3 per cent to $815 a week
3. LITTLE BAY, Sydney east: Up 27.8 per cent to $1,450 a week
4. RANDWICK, Sydney east: Up 24.1 per cent to $1,594 a week
5. BAYNTON, Karratha: Up 24.1 per cent to $1,257 a week
6. MASCOT, Sydney inner south: Up 23.9 per cent to $1,141 a week
7. MAROUBRA, Sydney east: Up 23.9 per cent to $1,417 a week
8. SOUTH COOGEE, Sydney east: Up 23.8 per cent to $1,759 a week
9. KENSINGTON, Sydney east: Up 23.4 per cent to $1,412
10. CANTERBURY, Sydney inner south west: Up 23.1 per cent to $834 a week
11. BELMORE, Sydney inner south west: Up 22.8 per cent to $805 a week
12. COOGEE, Sydney east: Up 22.7 per cent to $1,806 a week
13. MILLARS WELL, Karratha: Up 22.5 per cent to $1,008 a week
14. BONDI, Sydney east: Up 22.4 per cent to $1,840 a week
15. PEGS CREEK, Karratha: Up 21.9 per cent to $924 a week
16. ROSELANDS, Sydney inner south west: Up 21.9 per cent to $795 a week
17. KOGARAH BAY, Sydney inner south west: Up 21.7 per cent to $926 a week
18. ROSEBERY, Sydney inner south: Up 21.7 per cent to $1,206 a week
19. ARNCLIFFE, Sydney inner south west: Up 21.4 per cent to $873 a week
20. BULGARRA, Karratha: Up 21.4 per cent to $888 a week
Darmstadt, Germany – Software AG (Frankfurt MDAX: SOW) today announced the results of a new global survey of over 2,000 senior IT decision-makers from the U.S., Canada, U.K., Germany and France. It finds that the majority (84%) of organizations will prioritize commercial objectives over sustainability in the face of economic challenges. This is despite the fact that almost all (95%) leaders agree sustainability is either a top or high priority and a similar number (97%) agree that other firms’ sustainability credentials are either essential or important in their own buying decisions. The annual Reality Check reports seeks to investigate how technology initiatives can benefit both sustainability and commercial objectives.
Despite the difficulties of delivering sustainability initiatives, 87% of companies believe that they will lose investors if they don’t have a clear strategy and many lack the technology to deliver one. In almost a third (32%) of cases the necessary technology is simply not in place. And even when it is available, it is poorly implemented or used by almost half (47%) of companies. In particular, 36% say that they are unable to effectively track the progress of sustainability initiatives to determine whether they are effective.
The majority (87%) of organizations tackle sustainability and digital transformation separately. The Reality Check report shows how an integrated approach can address multiple challenges at once. Promisingly, a third (33%) of organizations have already integrated sustainability plans into their technology roadmap.
Sanjay Brahmawar, CEO, Software AG commented: “In the current climate, it’s no surprise that commercial objectives are a top priority – they have to be otherwise organizations cannot continue to operate. We are keen to help organizations to find solutions using the ‘Genius of AND’, where they don’t have to be torn between commercial and sustainability objectives. The right application of mission critical technologies can make enterprises more connected. When this happens, and data is free to move around it and be accessible to everyone who needs it, we will start to see progress in multiple areas at once.”
Digital transformation is a priority for organizations. In fact, more than two thirds (69%) of CEOs even plan to divert resources from other areas into their digital transformation efforts.
According to business leaders, the technologies that have the most positive impact on sustainability are cloud (45%), data integration (28%) and edge computing (27%). Together, they enable organizations to gain visibility of their environmental impact and therefore reduce emissions and waste as well as costs and process inefficiencies.
Improvements in these areas will also yield commercial benefits. For example, API-enabled, hybrid cloud environments enable more efficiencies and innovative new services for customers. Meanwhile, data integration helps organizations to combine multiple data streams to inform advanced analytics and decision-making. Edge computing delivers visibility across expansive operations via Internet of Things (IoT) sensors and devices capable of making decisions about the data they capture.
Alongside these benefits, there are also costs to inaction. In fact, 82% of companies candidly admit that they would accept regulatory penalties to avoid taking on sustainability initiatives. This is likely because of the cost and difficulty of delivering such projects. However, beyond the cost of non-compliance, the majority (84%) believe that without a clear sustainability strategy they are also likely to lose staff. This risk is real, as 82% of companies acknowledge that employees don’t have clear sustainability targets, incentives or reporting of the kind they have with commercial initiatives.
To learn more about the opportunities that technology-enabled sustainability presents to organizations, read the Reality Check 2023. To read more about Software AG’s research, view the Situation Report 2023.
About Software AG
Software AG simplifies the connected world. Founded in 1969 it helps deliver the experiences that employees, partners and customers now expect. Its technology creates the digital backbone that integrates applications, devices, data and clouds; empowers streamlined processes; and connects “things” like sensors, devices and machines. It helps 10,000+ organizations to become a truly connected enterprise and make smarter decisions, faster. The company has more than 5,000 employees across more than 70 countries and annual revenue of over €830 million.
CAR-T cell therapy specialist CARsgen Therapeutics (HK: 2171) has
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