Latest property report - April
According to the latest QV statistics, Auckland values have rebounded again by 0.6% after dropping for only two months.
There had been an expectation that Auckland investor activity would drop following the rule changes, however, it appears that they’re just waiting for the dust to settle. Investor activity in Auckland seems to be going from strength to strength. Their share of sales dipped very slightly from late last year, but they are now back and equate to 42% of all Auckland sales.
First home buyers, who had been increasingly more active in the market for the past 18 months, have dipped since the New Year. We also see an increase in Auckland homeowners moving to Tauranga and Hamilton, however, those numbers are much lower than previously.
Migration continues to be strong and is likely to stay that way for some time yet. A good chunk of that migration is down to Kiwis either not leaving for Australia or returning home.
Meanwhile, there’s still a building shortage in Auckland but, interestingly, building consents in Auckland have actually been trending down for the past few months according to Statistics NZ.
There are plenty of buyers out there and the fundamental drivers of high demand and low supply indicate rising prices in Auckland throughout Winter.