Manukau's market wrap

So, how is the market?

If we look at the median house prices, in Manukau this median was up from this time last month by 0.1% last month and 2.4% from 3 months ago and 7.3% 5 years ago. For New Zealand, these increased by 8.2% in October to a new record high of $607,500, up from $561,500 in October 2018.

In Auckland, there was an increase of 0.8% to $868,000 – up from $861,000 at the same time last year – the highest price in 19 months - so all very positive stuff.

In Auckland, the number of properties sold in October decreased by -0.1%. The areas that are more affordable saw big increases in the number of properties sold such as the Papakura District seeing a 41.9% increase annually and Franklin and Rodney Districts seeing increases of 25.6% and 13.8% respectively. Whereas more expensive areas such as Auckland City and North Shore City saw decreases of -9.2% and -3.0% respectively.

Manukau’s statistics

The median sale price was up from this time last month by 0.1% last month and 2.4% from 3 months ago and 7.3% 5 years ago. Sales volumes remained relatively steady although slightly down when compared to long term averages with a total of 432 sales in Manukau in October.

The median sale price sits at $800,000 and the median sale time frame sits at a comfortable 35 days.

Market highlights

The built-up demand as a result of the shortage of listings has been producing some remarkable results. We are finding that good properties are commanding strong interest. Stories of multiple offers, competitive bidding and quick sales are common.

A favourable combination of market factors is fuelling the property market with low interest rates, abolished capital gains tax, housing shortage, and increased buyer confidence. There is also growing acceptance of recent changes to legislation with the Overseas Investment Act, Brightline Test change, Anti-money laundering & Residential Tenancies Act.

In summary

Sales volumes remain relatively steady although slightly down when compared to long term averages with 432 sales in Manukau in October (due to a lack of quality stock). For now, prices are holding steady, yet many are predicting rises on the horizon

As confidence continues in the market, it’s likely we’ll see an uplift again in November, before things quieten down over Christmas and then picking up at the end of January again.

All in all, a solid start to Spring, key indicators pointing towards a stable market with momentum building despite the lack of availability of quality listings restricting sales volumes.