Favourable factors are geared for an active 2020 market

So, how is the market?

It's been a terrific start to 2020 and a strong finish for 2019.

There's an insufficient number of homes on the market to satisfy the large number of actives currently. We are finding that buyers are being more decisive when it comes to purchasing and moving quickly on homes in areas with high demand. You can see this is the case with the decrease of the median number of days a home is taking to sell in Manukau.

Manukau’s statistics

December saw a significant upsurge in activity both in the Manukau market and across the country. When comparing against the same time the previous year.

The median sale price for Manukau sits at $900,000 for December 2019. If we compare that figure to December 2018 which was $832,000, that's a rise of 7.8%. The number of homes sold in Manukau in December 2019 were 314 compared to December 2018 which was 295 - a rise of 6.4%.

Market highlights

The highest number of residential properties sold in three years nationally has been recorded for the month of December. The property market had a solid end to the year with a 12.3% increase in the number of properties sold in December 2019 compared to December 2018.

In Auckland, the number of properties sold in December increased by 31.7% year-on-year – the highest number of properties sold in the month of December since December 2015.

Sales in Auckland were the highest for the month of December in four years with an increase of 3.5% to $890,000 – up from $860,000 at the same time last year. Auckland saw the median number of days to sell a property fall from 39 to 34 year-on-year – the lowest days to sell in 2 years.

In summary

The high sales volumes have reduced available listings and with multiple active buying segments, this is resulting in a strong demand for quality properties.
Favourable factors are geared for an active 2020 market with prices likely to increase again, combined with low interest rates fuelling the confidence in the market.