Property Report

Unsworth Heights maintains steady demand as an established North Shore suburb, supported by connectivity to the Northern Motorway and Albany's commercial areas. The property's $900,000 CV and $800,000-$902,000 estimated value reflect a -1.1% market trend, signaling minor softening amid high interest rates, yet comparables like 27 Cabello Place at $1,000,000 and 41 Meadowood Drive at $960,000 indicate robust pricing for similar homes. Recent sales, including the December 2023 transaction at an undisclosed price, demonstrate liquidity, positioning this asset as a stable entry in a median suburb price around $950,000. Built in 1988 on a 261m² site with 86m² floor area, the home features typical monolithic construction from the era, raising medium weathertightness concerns due to potential cavity and timber issues. Annual maintenance of $2,000-$3,000 is advised for insulation, heating, and joinery to align with Healthy Homes standards, with possible roof work in 5-10 years. The 3 bedrooms, 1 bathroom, and 2 parking spaces suit small households, though extensions could improve functionality without exceeding zoning limits. Zoned Residential Single House under the Auckland Unitary Plan, the property allows additions up to 9m height and 50% site coverage, offering modest intensification potential like a secondary dwelling, though the small lot restricts subdivision. No notices or designations noted, but proximity to North Shore infrastructure enhancements could support value growth. Cross-lease title adds minor complexity, yet the zoning fosters consistent appreciation tied to regional development. Ideal for first-home buyers or young families in a decile 9-10 school zone, the layout provides child-friendly space near Unsworth Heights School at 0.5km. Investors benefit from $650-$700 weekly rental yielding 3.5%, despite the single bathroom possibly limiting premium tenants. Downsizers may appreciate low upkeep, but modernization could enhance appeal; the CV-to-estimate alignment ensures fair entry without overpricing. Risks from the 1980s build include $20,000-$50,000 remediation for leaks or insulation, addressed via building inspections and weathertightness reports. Low hazard exposure avoids flood and liquefaction zones per regional data, confirmed through council tools. Unknown compliance history carries low-medium risk of unpermitted works, mitigated by LIM and PIM reports to identify easements or issues pre-purchase. For a $900,000 buy, a 20% deposit yields $4,550-$4,800 monthly payments at 6.5% over 30 years, with $6,000-$8,000 annual holding costs including $2,500 rates and $1,500 insurance. Owner-occupiers face neutral cashflow, while investors note yield sensitivity to 4-week vacancies; anticipated rate cuts by mid-2025 improve affordability amid stable OCR at 5.5%. Strong liquidity with 25-day median market time supports quick resales, as seen in nearby sales near CV. A 3-5 year hold captures 4-7% growth per trends, with cosmetic upgrades boosting exit value based on comparables favoring renovated homes. Base case (70%): 4% annual growth to $1.05m in 3 years via rate relief. Upside (20%): 15% value add from additions under zoning. Downside (10%): 5-10% dip to $800,000 from recession, offset by reserves and insurance.