What's happening in the market right NOW
Read Here
News

Slow recovery from the impact of COVID

By Alison Borland

Article supplied by REINZ:

Today, REINZ is releasing its Monthly Property Report and HPI Monthly Data which provides a market leading level of detail and understanding of housing activity in New Zealand. The Monthly Property Report has shown the number of properties sold in May across New Zealand decreased by 46.6% from the same time last year – from 7,477 to 3,990 – as Alert Level 3 restrictions on the real estate market still made it difficult for property sales to occur.

Bindi Norwell, Chief Executive at REINZ says: “The number of residential properties sold across New Zealand decreased by 46.6% in May when compared to the same time last year which is not surprising given we had the Alert Level 3 restrictions for the first 12 days of May. These restrictions meant only two property viewings, per property, per day were allowed, making it difficult to get interested parties through a property in a timely and efficient manner.

In Auckland, the market has remained stable with a median price of $910,000, up 7.1% year-on-year, and an increase across all Districts except Rodney District, which dropped from $899,000 in May 2019 to $885,000 in May 2020. Days to sell increased by 16 days from 45 days in May 2019 to 61 days in May 2020, likely the result of many of the sales in May that were listed prior to lockdown in March. Market activity should continue to be steady over the next month or two before the normal winter slow down.”

To view the Press Release for May 2020 click HERE


Your Contact Details

Up to Date

Latest News

  • Auckland median house price hits $1M

    Article supplied by REINZ Median house prices across New Zealand increased by 19.8% from $605,000 in October 2019 to a new record median high of $725,000 in October 2020; and up from $689,000 in September this year (a 5.2% lift) according to the latest data from the Real Estate Institute … Read more

    Read Full Post

  • Home Guide 2020

    Take a look at the properties we have on offer including full-page spreads of our latest listings….. If you have any questions or would like to view a property, please contact us below Click HERE to view

    Read Full Post