Provisional housing market update

Provisional housing market update

September 2015, Auckland and Northland

Provisional residential data for the Northern Region in August, from Harcourts, New Zealand’s largest real estate group, shows average sale prices continuing to rise, up 25% on the same period in 2014, to $819,955.

The rising cost of houses in the region is still being fuelled by strong demand and reducing supply in the Auckland market. That demand has also seen the number of written sales increase by 35.9% on August 2014.

The heated Auckland market also saw the number of residential properties sold at auction in the region last month rise by 77% compared to August 2014.

New listings have essentially held steady when comparing August 2015 with the same period last year, at just a 2.2% increase, but with demand high and properties selling quickly the level of housing stock is down 8% compared to August 2014.

Harcourts CEO Hayden Duncan says that the market in the Northern region, boosted by activity in Auckland, has shown no signs of a winter slowdown.

“The high demand, low supply equation in Auckland continues to fuel rising prices and fast sales. With spring, the typical ‘waking up’ period for the market, upon us it doesn’t seem as though things are due to slow down in the immediate future.

“Northern region remains a great market for anybody considering selling.”

ENDS

© Scoop Media