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Auckland/Northern Overview
| Northern Region | January 2016 | January 2015 | Change (%) |
| Total listings | 583.5 | 588 | -0.8% |
| New Auctions | 220.5 | 273 | -19.2% |
| Property on Hand | 1486 | 1666 | -10.8% |
| Written Sales | 330 | 325 | 1.5% |
| Average Sale Price | $801,662 | $683,055 | 17% |
*Based on residential only figures
Auckland/Northern Overview
Auckland’s property market shows no signs of slowing down, with average sale prices continuing to rise and written sales remaining constant.
The average price in Auckland and Northland now sits at $801,662, up 17% on the same period in 2015.
Harcourts CEO Chris Kennedy says this trend is likely to continue into the foreseeable future as demand for housing remains high.
“Population forecasts show Auckland will continue to grow and we currently do not have the construction levels needed to cater for this. Prices will hold or continue to rise.”
Fuelling demand is a 10.8% drop in the total number of houses currently for sale, down from 1,666 in January 2015 to 1,486 this year.
However, written sales have remained constant – up 1.5% on the same time last year. Meaning buyers continue to compete over limited stock, pushing up prices, Mr Kennedy says.
Auctions are down over 19%, however this is expected to correct in February.
“The auction process requires at least a three week marketing campaign. Many people choose to wait until February, when everyone is back from holiday, before selling at auction. Harcourts has a very strong auction focus so I would expect to see a marked increase in the number of listings this month,” Mr Kennedy says.
Mr Kennedy says with no correction in the market likely, those considering buying are better to do so sooner rather than later.
Graph 1 info:
Average price
2016
January $801,662
2015
December $837,992
November $815,438
October $822,600
September $841,725
August $817,580
July $828,024
June $826,045
May $796,557
April $795,428
March $830,187
February $768,128
January $683,055
Graph 2:
Properties on hand
2016
January 1486
2015
December 1482
November 1677
October 1757
September 1660
August 1624
July 1443
June 1483
May 1581
April 1652
March 1716
February 1781
January 1666
ENDS
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