Residential housing market update: Auckland and Northland

Residential housing market update: January 2015, Auckland and Northland

3 February 2015

Provisional data from New Zealand’s largest real estate group, Harcourts shows that the residential housing supply in Auckland/Northland continues to tighten with new listings down 18.2% and property on hand down 4.5% compared to last year.

Harcourts experienced one of its busiest December months in recent times with increased buyer activity driving average house prices up to $761,194. Provisional data for January 2015 indicates that average house prices have now eased back from the previous month to $689,106 but this still represents a 4.0% increase compared to last year.

Written sales for January were up 4.8% on last year; an indication that demand for residential property continues to grow despite rising house prices.

Harcourts CEO, Hayden Duncan says that with record migration levels, stable economic conditions and a lag in new builds coming onto the Auckland market, he expects the imbalance between supply and demand to keep house prices above 2014 levels.

“Despite an increased number of new building consents last year, demand for residential housing in Auckland is increasing at a faster rate than supply. We don’t expect to see any reversal in trends this year and with the September election now well behind us, current low interest rates and high consumer confidence, we expect that strong buyer activity will continue well into autumn,” says Duncan.

About Harcourts
Harcourts is New Zealand’s largest real estate group with 180 offices and 1900 sales consultants nationwide. We specialise in Residential, Commercial, and Rural Property sales and provide Property Management services.

Harcourts has been at the forefront of the real estate market in New Zealand for more than 125 years. Our proud history serving New Zealanders has established Harcourts as New Zealand’s most trusted real estate brand. (Readers Digest survey, 2013 & 2014.)

Today, Harcourts has more than 790 offices in eight countries around the world. Our success has been built on ensuring our people have the knowledge, expertise and tools to achieve the best possible results for our customers.

Harcourts charitable arm, The Harcourts Foundation, was established in 2008 to support, grow and enrich our local communities. In New Zealand, we proudly support the Halberg Disability Sport Foundation.

ENDS

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