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

Spring sprouts into action with highest number of sales in 5 months, says REINZ

By Bob Mountfort

Excerpts from the October report by the Real Estate Institute of New Zealand (REINZ).

The Auckland market had a more upbeat feel during October due to a significant increase in listings (+20%), including new developments in key residential suburbs.  Days to sell also decreased by three days year-on-year and the median price was at its highest point in seven months – showing signs of a positive market.   The number of properties sold increased by 15.2% or 257 more properties, from 1,691 in October 2017 to 1,948 in October 2018.

September was very quiet in terms of the number of properties sold and we predicted that with the increase in listings coming to the market that October’s sales would be much stronger than September’s. With strong sales this month, it’s our belief that New Zealand is taking a different path to what we’re seeing across the Tasman at this point in time.

October also saw the introduction of the foreign buyer ban and while there have been pockets around the country of people talking about a rush ahead of the ban,  Statistics New Zealand’s September quarter figures show the lowest level of foreign buyers since they began keeping records.  “We’re confident that most of October’s lift in volume is attributable to the spring lift rather than a rush of foreign buyers looking to get in ahead of the ban,” says REINZ CEO Bindi Norwell.

The median price in Auckland increased by 1.8% year-on-year to $865,000 – the highest median price for the region in 7 months.

“The constraint on supply has continued to drive up house prices across much of the country with record prices achieved for New Zealand, New Zealand excluding Auckland and five different regions. Until we seriously address the fundamental housing supply issues, record price increases are something that we’re going to continue to see around the country – particularly as Aucklanders continue to move out of the city for both lifestyle and affordability reasons,” says Norwell.

“October also saw Auckland’s median price rise by 1.8% to $865,000 – the highest median price for 7 months. It’s too early to say if this is the start of the next price increases for Auckland, but traditionally we do tend to see increases in October and November as we move into the warmer weather,” continues Norwell.

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