Momentum continues in September

ARTICLE SUPPLIED BY REINZ

“The number of residential properties sold in September across New Zealand increased by 37.1 per cent from the same time last year, from 6112 to 8377 – the highest number of properties sold in a month in New Zealand for 42 months since March 2017 and the highest number of properties sold in a September month for 14 years.” reported Bindi Norwell, Chief Executive of REINZ.

In Auckland, Media prices in Auckland reached a record high of $955,000 in September, up 12.6% year-on-year.

Additionally, Auckland City ($1,250,000) and Manukau City ($970,000) reached new record medians. The REINZ House Price Index for Auckland also reached a new record high of 3,194, up 11.4% on the same time last year. Sales volumes increased 53.2% year-on-year with 2,861 properties sold. New listings were up 34.4% on the same time last year and up 27.3% on last month.

Bindi also commented “Auctions have remained a popular method of sale, with good levels of competition and approximately 80% clearance rates. First time buyers are extremely motivated to buy, particularly with the lack of LVRs and low interest rates; however, we are still hearing reports that it is not easy to secure finance from the banks and this is acting as a barrier for some potential purchasers. Investors appear to be expanding their portfolios as they are still actively purchasing in the market, but not selling.”

If you have any questions about the real estate market, are thinking of selling or looking to buy, please get in touch and we will happy to help you.