Posts tagged reinz
Median house prices in Auckland were the highest Auckland has seen for three months

The REINZ monthly property report has shown in Auckland, the number of properties sold in March fell by -18.2% year-on-year (from 2,451 to 2,006) – the lowest for the month of March since 2008.

Banks continue to remain competitive with their mortgage rates and there is a high chance of an OCR cut in the near future. However, the uncertainly surrounding the CGT (capital gains tax) legislation are having an impact on the housing market with many taking a 'wait and watch' approach.

Median house prices
Across New Zealand increased by 4.5% in March to a record $585,000, up from $560,000 in March 2018. Median house prices in Auckland were the highest Auckland has seen for three months although compared to the same time last year, this number fell by 2.7% to $856,000 – down from $880,000

Map - March  2019.jpg

Note: Auckland’s 2.7% decrease in median price to $856,000 is partly a result in the number of properties sold for more than $2 million which fell from 8.1% of the market in March 2018 to 5.5% in March 2019. This median price has just continued to hover around the $850,000 mark – the same thing we’ve seen for nearly three years now suggesting that perhaps the Auckland market has found its ‘new normal’ for the time being.

Days to Sell drops significantly since February
Auckland saw the median number of days to sell a property increased by 5 days from 37 to 42 when compared to the same time last year, but this was a drop of 15 days when comparing to the previous month.

Price Bands
The number of homes sold for less than $500,000 across New Zealand fell from 41.8% of the market (3,328 properties) in March 2018 to 38.5% of the market (2,668 properties) in March 2019.

The number of properties sold in the $500,000 to $750,000 bracket increased from 29.0% in March 2018 (2,307 properties) to 30.5% in March 2019 (2,113 properties).

At the top end of the market, properties sold for $1 million or more decreased from 15.5% in March 2018 (1,232 houses) to 14.8% in March 2019 (1,029 houses). Source

Manukau features as one of the top 10 suburbs where the property market is about to boom. Read more here.

Sales volumes down, house prices remain stable throughout winter

The recent report from REINZ shows the median price for NZ in June rose by 5.7% to $560,000 up from $530,000 June last year.  However, in Auckland the median price decreased by 0.7% year-on-year to $850,000 down from $856,000 last year.

The number of properties sold across the country decreased by 1.6% to 6,034, down from 6,131 in June 2017. Auckland's annual inventory decreased by 2.4% from 8560 to 8356, - the lowest level in the past 9 months.

REINZ Statistics Table - June 2018.jpg

Bindi Norwell, REINZ chief executive, said: "The lack of housing supply continues to put pressure on prices in the majority of regions across New Zealand, with 12 out of 16 regions seeing a price increase since June last year. Until we solve the supply issue, house prices are likely to continue rising, particularly as the OCR remains low and the banks continue dropping interest rates."

 

Source

Latest market report

The latest market update reports that sales volumes were seasonally low and dipped in January as Auckland and national median house prices rise again annually.

After months of record low numbers of houses available for sale across Auckland, the number of properties for sale in the region saw a 17% increase compared to January 2016. However, nationally, there was a decline in new houses available for sale compared with January 2016.

The medium house sale price in Auckland was down by 4.2% from the month previous from $840,000 to $805,000.

The average time a home takes to sell in Auckland is 41 days which has increased by 2 days from the same time last year.