As the thermometers rose during a balmy January, the Auckland property market also started the year with some heat. Year on year, sales volumes across the region increased by one percent, although this varied across the super city, with numbers increasing in Papakura and the North Shore, while falling in Auckland City.
Just like location, certain price levels proved more attractive to buyers. Properties deemed to be affordable in terms of Auckland have been attracting strong interest, while those in the upper end of the market have also seen activity soar.
Even though Auckland’s median price decreased by 1.2 percent down to $820,000 from $830,000 at the same time last year, the general mood in the market is that the current quarter’s activity will be stronger than the final three months of 2017. Certainly it seems that buyers are still committed to purchasing property and with every indication that interest rates will remain low for the foreseeable future, this seems likely to continue.
Changes to the Official Information Act may slightly curtail interest from overseas investors, but with the slight relaxing of Reserve Bank LVR rules, first home buyers have been given a bit of a reprieve and a better chance of getting into the market.
In terms of sales methods, auctions in Auckland are on the rise again, with a 4.4 percent increase in auctions over the last year. In January, over 58 percent of property auctions across the country took place in the Auckland market, taking more than its fair share of national sales, as Auckland accounts for just over a quarter of all sales nationally.
As the summer warmth continues to embrace Auckland, we’re looking forward to a strong February and March.
Source: REINZ, January 2018
Now that most of us are back at work and we’re getting into a routine with the kids and their school drop offs, it’s down to business and if you’re thinking of selling your property this year, you’re probably wondering when the right time to do it is. And although price is a huge driver of timing when it comes to divesting your biggest asset, there’s more than just price involved.
In terms of the property market annual cycle, February and March are strong contenders for the most popular to time to sell, followed by the September Spring market. It’s not just the warmer weather and the fact that homes look fantastic in the gleaming sun at this time of year that make this a compelling time to sell.
Buyers themselves often start off a new year with a goal of buying their first property or moving into their next one, plus these new purchasers are accompanied by budding buyers from the end of the year prior that may have missed out on their dream home or simply haven’t found the right one yet.
It’s always a good idea however to assess your home on its relative merit. Homes with gardens appear welcoming in spring when flowers are in bloom. And if your home is on the colder and darker side, summer is a great time to sell.
Whatever you decide, it has to work for your lifestyle and other plans – as life goes on even when making that important sales decision.
What we do know is that the Auckland property market has started the year with momentum and with all signs pointing to a continuance of this trend, if you are thinking of selling, come and chat to us to see what’s right for you.