Property Report: January

My first blog post! I am going to open with a brief summary of the latest Property Report from Realestate.co.nz.

Yes, we have a shortage of homes, credit card debt is at an all time high and the OCR is probably rising as we speak. However, the latest statistics do indicate a continuous flow of new listings. The question is, will that keep up with demand?

So far so good it seems. January had a grand total of 9,267 new properties come on the market, up 5% this time last year. This increase was evident in 13 of our 19 regions.

Record high asking prices were seen in Canterbury ($449,149 – up 11.5% year on year), Otago ($304,720 – up 1.6% year on year), while Auckland reported a 1% increase to $663,372, and Wellington rose 4.2% to $463,912. These figures are very close to the record prices set in October last year.

So, is it a good time to sell? 
When demand exceeds supply of a product, a good price is near certain.

 

Shannon CorbettComment