Unitary Plan approved: change is afoot
The latest statistics from REINZ showcase the average house price in New Zealand has increased by 15% compared to July 2015.
This comes at a time when the stock available to buy is down by 23.8% compared with the same time last year.
In Auckland the revised Unitary Plan should begin to address the housing shortage with massive construction and housing intensification proposed. Until this happens, however, the average Auckland price will continue to trend upwards. It is now a record setting $949,756.
And until there is greater control in the Auckland market, other regions will continue to see increased demand, at a time when their stock levels are also lower than normal.
The Central Region has felt the greatest impact of the buyers spreading out of Auckland. The average price in the Central Region ($455,895) has increased by 31% compared to July 2015.
Meanwhile, Wellington’s average price is up by 19% to $422,364. Christchurch house prices have increased by 10% to an average of $521,850 and the provincial South Island has experienced an 8% price increase, up to $364,783.
What that all clearly demonstrates is it is an outstanding time to sell to take advantage of the competition resulting from very strong demand.
Source: Chris Kennedy Harcourts CEO