Latest property market update - October
The market this year has been terrific and the latest sales data from Harcourts, New Zealand’s largest real estate group, show written sales up strongly across the country last month, with a 31.9% increase on the same period in 2014.
There were also clear signs of Auckland’s heated market continuing to spread to the other parts of the country with a notable 84% increase in written sales recorded in the Central Region, compared to September 2014. That region also recorded a 103.5% increase in auctions compared to the same period last year, as vendors in areas such as Tauranga and Hamilton, try to meet the demand of Auckland buyers looking to invest elsewhere.
Meanwhile, continued ongoing demand in Auckland is constantly pushing house prices up, with the average sale price in last month at $841,502, up 23% on the same period in 2014.
Overall the New Zealand property market continues to strengthen with volumes and values both up in every market against the same time last year.
With low interest rates and continued strong immigration property demand is increasing and sellers that have realistic price expectations have never had a better time to sell although, to perhaps balance the scale is the traditional spring market rush will give buyers more choice.