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Auckland market gains momentum in February

After the usual January lull when Aucklanders are focused more on the beach than property, it’s no surprise that the region’s real estate activity picked up in February. The number of sales in the Auckland region were up 33% on January, with volumes increasing by 42% in Manukau.

Compared to February 2016 the median price rose by 6.7%, to sit at $800,000 for the Auckland region. When seasonal adjustment is taken into account, i.e. removing seasonal variances caused by traditionally slower months, Auckland’s median price rose 11% year on year.

The temporary shortage of listings for buyers is now well and truly over, with a healthy 18 weeks of supply, an increase of five weeks compared to February 2016.

All in all, it’s a fairly balanced market between buyers and sellers, with a number of levers changing direction since February 2016. Median prices have increased, inventory has increased, while sales volumes have decreased.

There is more choice for buyers, but we are watching what’s happening with interest rates. Mortgage rates are now past their historical record lows and are starting to creep up due to the increased cost of offshore funding. The main noticeable change by banks recently has been the removal of the generous cash incentives that they’ve offered over the last five years. 

Source: REINZ, February 2017

Residential property hits the trillion mark

They say pictures tell a thousand words, but numbers can tell a trillion! Corelogic’s February/March NZ Property Report has revealed that the value of residential property in New Zealand is now more than 1 trillion dollars. When you put that into numbers, it looks even more dramatic at $1,000,000,000,000.

Here are some other surprising numbers:

  • New Zealand’s home loan debt totals $231 billion – that equates to $50,000 debt for every New Zealand resident.
  • There are more than 100 Auckland suburbs where the average value of the housing stock is over $1 million.
  • In 2016, 43% of Auckland property was purchased by multiple property owners, an increase from 35% in 2006.
  • 19% of the Auckland market was made up of first home buyers in 2016, down from 27% in 2006.
  • Figures released by TradeMe’s Property team show that the value of a 1 to 2 bedroom property in Auckland has jumped by 15.6% in the year to February 2017, compared to 3 to 4 bedroom prices increasing by 9.2%.
  • Apartment demand is back! Over the last year there has been a $100,000 increase in the average asking price for an Auckland apartment (now at $622,400).

And now for some numbers that won’t be a surprise. Servicing over 100,000 homes from three offices - Professionals Manukau City, Professionals Flatbush and Professionals Pakuranga

Pakuranga - Six-Star rated LoveGrove Realty is among the top 5% of all real estate companies in New Zealand. Quite simply, they’re the number one choice when buying or selling your property.

Eastern Suburbs

Month Count Median Sales Price Median Days to Sell
Feb - 16 72 968,000 36.5
Jan - 17 48 1,010,000 43
Feb - 17 67 950,000 55

Manukau & Papakura

Month Count Median Sales Price Median Days to Sell
Feb - 16 281 620,000 35
Jan - 17 176 710,000 40
Feb - 17 272 677,500 46

Auckland District

Month Count Median Sales Price Median Days to Sell
Feb - 16 1936 750,000 36
Jan - 17 1247 805,000 41
Feb - 17 1661 800,000 43