November Market Update

Despite a nationwide drop in sales volumes, Auckland is one of four regions to hit record high median sale prices in October, while the national median price eased by $5,000 to $510,000, according to the latest figures released by REINZ, source of the most recent, complete and accurate real estate data in New Zealand.

Data released by REINZ for October 2016 shows that Auckland’s median house price has risen 16% year-on-year to $868,000 – lifting $119,750 over the year. The national median price was $510,000, up 10.9% year-on-year, although down slightly (1%) on the record $515,000 in September 2016.

Real Estate Institute of New Zealand (REINZ) spokesperson Bryan Thomson says: “Auckland experienced a lot of strength in the upper end of the market but the lower end appears to be wavering due to the impact of the new investor LVR restrictions.

For the Nelson/Marlborough region the median price rose $40,000 (+10%) compared to October 2015 while sales volumes against the same period fell 17%. The level of inventory available for sale is now at 11 weeks of supply, a drop of 42% over the past 12 months.

REINZ Spokesman, Bryan Thomson noted that “The number of first home buyers and investors appears to be increasing across the region. Vendor expectations are rising in light of the lift in prices across the region over the past 12 months, with strong growth in the numbers attending open homes.”

For our local Motueka market and surrounds October was a quieter month than normal with listing well below the number that usually come to the market during this month and as expected with less properties been listed the number of sales were also down.

Prices have remained firm with the average sale 21% above the current capital value and the median days on market for October at 50.

With new listings still at a premium it remains a sellers’ market with most properties getting multiple offers. There are a number of people trading up or down in this market but you do need to be organised and have the ability to act quickly.

Content and statistics quoted in this article are sourced from REINZ and in-house, while we endeavor to keep the figures as accurate as possible they cannot be guaranteed.