What's happening in the market right NOW
Read Here
News

Two-tier real estate market in NZ at the moment

The Real Estate Institute of New Zealand (REINZ) today released their monthly report for June. REINZ CEO Bindy Norwell,  commented that “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.”

However, Auckland’s median price decreased by 0.7% year-on-year to $850,000 down from $856,000 last year.  “Again, we’re seeing this two-tier market across the country where prices are remaining stable in Auckland and Canterbury but rising in most other parts of the country,” said Norwell.

“While the Auckland median has stabilised, we’re seeing an increase in the number of 1 and 2 bedroom houses sold and a decrease in the number of 3 bedroom houses as people look to downsize or get a foot on the Auckland property market. First home buyers are still dominant at open homes, especially with properties under $700,000. When the price goes above that mark, attendee numbers drop, as some may not qualify for loans above that price. We are also seeing lower listing numbers, mostly due to seasonal effects. Well marketed, newly listed properties continue to get good attendance at open homes and are selling quite quickly. It also means that more vendors are choosing to go for a priced strategy as this can be an effective approach to gain interest from buyers.”

The table above shows the comparison from this year to last year for the various districts in the Auckland region.

Up to Date

Latest News

  • The importance of pre-approvals: All you need to know

    ARTICLE SUPPLIED BY BRUCE PATTEN, LOAN MARKET The property boom is showing no signs of letting up any time soon. It’s super competitive out there with many vendors receiving multiple offers within just a few days of going on the market. So, if you are looking to purchase your first … Read more

    Read Full Post

  • Median House Price in Auckland reaches a new high

    Article supplied by REINZ Auckland’s median house price increased by 18.5% from $945,000 in March 2020 to $1,120,000 in March 2021 – a new record for Auckland. Additionally, Auckland City, Manukau City, North Shore City, Papakura District and Rodney District all reached new record median highs. Wendy Alexander, Acting Chief Executive … Read more

    Read Full Post