The Auckland Property Information smells like Spring is here!

Hi All a property update from Drew

Well October is just around the corner and technically we have transitioned into Spring! Traditionally this is a time that sees more houses come onto the market and it will be interesting to see how the 3 months into Christmas develop. We have been busy with good sales volumes and good prices achieved for our vendors at Central Realty

Here are the latest statistics from REINZ for the month of August for Auckland specifically…

“Sales volumes for the Auckland region fell by -4.1% (to 1,761 down from 1,837) when compared to August 2018, but breaking this down showed volumes actually only fell in Auckland City (-14.0%), North Shore City (-13.0%) and Manukau City (-5.4%). Whereas they increased by 43.0% in Papakura District, 16.2% in Franklin District, 13.8% in Rodney District and 0.4% in Waitakere City”, reported Bindi Norwell CEO of REINZ.

“Looking at the Auckland region, prices fell overall by -3.5% down to $820,000 at the same time last year. This can partly be attributed to a fall in the number of million-dollar plus properties (from 34.8% to 31.7%). Breaking the region down, median prices fell by -10.5% year-on-year in Manukau City to $770,000 the lowest price for the area for 19 months. However, on the flip side, prices on the North Shore increased on an annual basis by 8.6% to $999,000 the highest price in 5 months,” said Norwell.

The REINZ House Price Index for New Zealand, which measures the changing value of property in the market, revealed that the Auckland HPI decreased -1.5% year-on-year to 2,819, however it was up 1.0% on July 2018 -the second consecutive monthly increase and the highest HPI result for 5months.

Auckland also saw the median number of days to sell a property increase by 2 days from 42 to 44 when compared to the same time last year.

One thing we can say is if you know of anyone that is thinking about selling then now is the time to get us in and to affect a sale this side of Christmas. Next year is an election year and traditionally those years can be slower, especially the closer we get to the election month, as the uncertainty factor can stop buyers from committing to making a decision to purchase.

If you want more information about the Auckland Property Market contact me

Drew Miller

Drew Miller1 October 2019