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Two-tier real estate market in NZ at the moment

The Real Estate Institute of New Zealand (REINZ) today released their monthly report for June. REINZ CEO Bindy Norwell,  commented that “the lack of housing supply continues to put pressure on prices in the majority of regions across New Zealand, with 12 out of 16 regions seeing a price increase since June last year.”

However, Auckland’s median price decreased by 0.7% year-on-year to $850,000 down from $856,000 last year.  “Again, we’re seeing this two-tier market across the country where prices are remaining stable in Auckland and Canterbury but rising in most other parts of the country,” said Norwell.

“While the Auckland median has stabilised, we’re seeing an increase in the number of 1 and 2 bedroom houses sold and a decrease in the number of 3 bedroom houses as people look to downsize or get a foot on the Auckland property market. First home buyers are still dominant at open homes, especially with properties under $700,000. When the price goes above that mark, attendee numbers drop, as some may not qualify for loans above that price. We are also seeing lower listing numbers, mostly due to seasonal effects. Well marketed, newly listed properties continue to get good attendance at open homes and are selling quite quickly. It also means that more vendors are choosing to go for a priced strategy as this can be an effective approach to gain interest from buyers.”

The table above shows the comparison from this year to last year for the various districts in the Auckland region.

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