Monthly Housing Market Update
Well it sure is getting chillier isn't it?! The current feeling is that the market is likely to remain hot, as our growing population is not yet adequately catered for with new housing construction. Across the Northern Region, and particularly in Auckland, there is fierce competition in the auction rooms. In Auckland, almost half of all properties are now sold at auction. Our office reported a 93% selling success rate for auctions from the financial year. To date this year, the homes I took to auction have all sold at auction on the day or shortly thereafter.Remember, if you know of a house that recently sold in the area and it is not on the list, feel free to email me and inquire about what it sold for.
Auckland asking prices have risen 12% from this time last year and reached a new high of $685,426 last month. The national asking price in New Zealand, however, dipped last month to $477,460 (down 1.4%) but up 7% from this time last year. The number of new listings in April came to a grand total of 10,245 which equated to 2% more than the number of new listings seen this time last year. However, the number of new listings was significantly less (down 18%) than reported in March this year.
Here at Harcourts, we welcome the Government’s announcement of 41 new “special housing areas” across Auckland that will allow 18,000 new homes to be fast-tracked. However, it is likely prices will continue to rise for the foreseeable future until construction can keep pace with our growing population.
For more information on the current market, check it out here