Confidence continues to grow

Article supplied by REINZ: The Real Estate Institute of NZ (REINZ) released its November monthly property report on 13^th December.  Bindi Norwell, CEO of REINZ commented “The Auckland market has seen prices increase for three months in a row, suggesting that we’re now entering a new normal for the country’s biggest real estate market where the increasing levels of confidence in the property market coupled with low interest rates and a lack of choice of new listings means that people are prepared to pay more for properties than they were a few months ago. The median price for Auckland represents a $22,000 increase since last month and is the highest price increase in 32 months,”

“However, median prices were mixed across the wider Auckland Region with the likes of Auckland City seeing an 8.4% increase on November 2018 to a record of $1,030,000, Franklin District remaining flat on $702,000 but North Shore City seeing a -6.2% annual decrease to $985,000.”

The number of residential properties sold across New Zealand in November decreased by -1.9% from the same time last year to 7,405 down from 7,550 (145 fewer properties), although it was the highest number sold since May this year.  Despite this, in Auckland, the number of properties sold in November increased by 8.7% year-on-year (to 2,335 up from 2,148) – the highest number of residential properties sold for 18 months and the highest number of properties sold in the month of November since November 2015.

Overall, there has been an increase in the number of buyers interested in the area, with more attendees at open homes, which we expect to continue into the New Year. The Auckland market should remain strong in the first two quarters of next year, however, with 2020 being an election year, the market may typically be conservative towards the second half of the year.”