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Real Estate market shows some activity in September

The Real Estate Institute of NZ (REINZ) released its September monthly property report last Tuesday 15th October.    Auckland’s median price increased for the first time in 11 months – up by 3.7% compared to August 2019.  However, the increase when compared to September 2018 is only 0.2%, returning to around the $850,000 mark, where it has sat for a few years now.  So it’s too early to call this an upward trend.

The number of sales increased by 0.7% compared to August 2019, and 6.3% year-on-year.   However, new property listings decreased by -22.5% annually – the largest decrease in new listings in the North Island.   This decrease in listing numbers could have a flow-on effect and result in less sales and keen competition.  However, we usually experience a surge in new property listing during the October and November months, so time will tell.

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