ARTICLE SUPPLIED BY REINZ
“The Auckland region reached a record median of $1,148,000 in May 2021, up 26.9% annually. Auckland City, North Shore City, Manukau City, Rodney District and Waitakere City all now have median prices in excess of $1 million, with Papakura District and Waitakere City reaching record median prices in May 2021.” Reported Wendy Alexander, REINZ Acting CEO.
Whilst the attendance at Open Homes showed a slight reduction in May, First Time Buyers remained active particularly with developments and new builds.
Wendy also commented “Investor activity has eased slightly as a response to the government restrictions and more of a wait-and-see approach is being taken. There are early signs of developer activity increasing as they look for space for new builds. This is particularly important as new builds look to be exempt from the tax changes.
Properties sold for $1 million or more increased from 38.4% of the market in May 2020 to 61.8% of the market in May 2021, the highest percentage of sales in this price bracket for Auckland on record.”
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The demand for properties is still strong as inventory continues to be an issue in the Auckland region, down -14.6% annually. So, if you are considering selling, don’t hesitate to get in touch with a member of the Ray White Eastern Group Team – we will be happy to help.