October’s sales figures show that median prices in Auckland fell by 3.2% over the past 12 months. This is predominantly due to a large number of apartments being sold in the old Auckland City boundary causing Auckland City’s median to fall by 17%. Price decreases aren’t an Auckland wide trend though, as prices rose by 16% over the same period in Franklin, while Manukau, North Shore and Rodney also had small price increases.
There is definitely evidence that the traditional Spring market is finally beginning to kick in, albeit slower than last year, especially as the change in Government has created some uncertainty post-election as we wait to see how the new policies will play out.
Those at all stages of the property market will welcome recent comments from the Reserve Bank that they will make an announcement this month around reviewing the LVR restrictions and criteria. Evidence shows that LVRs have done their job of slowing the market, so it’s recognised there is now a need to relook at this so more first home buyers can be welcomed back into the market.
Last month we mentioned that the number of sales by auctions had decreased. This has bounced back over the last month and 28% of all properties sold in October in the Auckland region were by auction. Although it’s a 44% decrease year on year, it’s an increase of 8% month on month, showing a return of positivity to the Auckland market. The region could regain its crown once again as the City of Auctions!
Finally as we countdown the final six weeks to Christmas, the number of homes available for sale has now risen to 8,465, an increase of 17% compared to 12 months ago and demonstrating that there is still urgency in the market to get property sales done and dusted before the holiday season begins.
As we wrap up the newsletter for the year, we wish you a wonderful holiday period. Unfortunately this is a prime time for burglars to test their luck in the hope that you’ve left your most precious asset vulnerable. As we countdown to Christmas, here are some summer safety tips to help you keep your property and belongings safe over the break.
If you are heading out of the city over the break, protect your home with alarms, security lights and deadlocks on doors and windows. It’s also a good rule of thumb to put away any items that burglars could use to get into your home like ladders.
There’s nothing more Kiwi than a bit of neighbourhood watch. Let your neighbours know when you’re going away and ask them to collect your mail and keep an eye out on any unusual activity.
We’re referring to both your phone and your social media account here! Pesky cold callers don’t stop for Christmas, so turn the ringer on your home phone down so that anyone lurking doesn’t hear the sound of a consistently unanswered home. And although it's tempting to show off your beach tan on Facebook, wait until you are home to post the photos.
They say that no one ever regrets insurance when it comes to claim time, so before you go anywhere, make sure that your policy is up-to-date. If you’ve recently bought new household items, a car or some valuable jewellery, check that you have enough insurance cover.