Today is Thursday, 24 January 2019

Our Take on the Market

More choice for buyers
The number of properties for sale locally has seen a significant increase over the last couple of months – an indication that with the arrival of spring more people are looking to make a move prior to Christmas. Sales volumes, whilst still low compared to some of the boom months of 2015/16, are holding up month to month. The days to sell have come back to a more traditional timeframe which is a good sign that activity and decision making is stepping up. On the coal face we are still finding good attendance figures through open homes, with the greater majority of those coming through looking to make a move in the very near future. And now to the figures for the month of September, just released by REINZ.
Locally the median price continued its seesaw course with a drop back to $1,030,000 from last months $1,082,000 – a pretty typical movement for the current times. Comparing back to last year’s median price we are 5.2% down from 12 months ago, and 7% down from 2 years ago. There were 145 sales for the month, slightly down from last month’s 148 but up from last years 120. As mentioned above the days to sell dropped back from being in the mid to late 40’s down to a more typical 37 days. Currently is showing 435 properties for sale in the area – an increase of 82 properties over last months 353.
For Auckland overall, the median stayed flat at $850,000 – in fact the exact same level as last month as well as for September last year. There were 1,616 sales, down from last month’s 1,831, and slightly down from September last year’s 1,651. Days to sell were 39 – an improvement over last month’s 42, but not quite as good as last year’s 37 in the same month. Currently in Auckland there are 8,740 properties for sale – up from last month’s 7,817 and well up from 12 months ago when there was 7,429; so, an additional 1,311 choices for purchasers.
Nationally prices are still experiencing a lift, in some regions – with Gisborne, Nelson Manawatu/Wanganui and Northland, hitting new record median highs and Hawke’s Bay hitting a matching record high. The national median at $556,000 is up from last months $549,000 and also up 5.6% from September 2017’s $525,000. However, the volumes of sales across the country, at 5,506, dropped from last months 6,216, and were also lower than the same period last year at 5,674. This is the lowest number of sales nationally in a September since 2011. This drop is also matched with an annual increase for the days to sell, at 36, up by 2 days from last September. The total number of properties for sale at 22,847 is up from last month’s 21,207 and also last year’s 21,727.
So, a bit of a mixed message coming through but nothing radical in either direction.
The price of fuel at the pumps has taken over from house prices and housing shortages as being the hot current topic.
Please feel free to contact me anytime on 0274966966 to discuss your property needs.
Greg Roy AREINZ, Principal/Owner