The Real Estate Institute of NZ (REINZ) released its October monthly report today. Bindi Norwell, CEO of REINZ commented “The Auckland region saw the highest median price in 19 months with an increase of 0.8%, compared to the same time last year, reaching $868,000”. October 2018’s median price was $861,000. The high, whilst it is welcomed, is still down on Auckland’s October 2016 median price of $878,500.
Norwell continued, “Interestingly, with new listings down -19.8% in the region, sales were only slightly down by -0.1%, 3 less sales than the same time last year. Anecdotally, we are seeing positive activity from first home buyers, and good interest from investors. Some open homes have had 50+ groups through in their first weekend, especially with listings in the sub $1,500,000 price range. There are a good number of new developments coming to the market in the Eastern and South Auckland suburbs”.
We look forward to seeing an increase of activity over the coming months with more properties coming to the market.