Auckland listings drop to near-record low

Auckland listings drop to near-record low

• The median price in the region rose by $92,000 (+13%) compared to April 2015. In comparison to March 2016, median prices fell by just 1%, demonstrating the claims of a major decline were overstated.

• Compared to April 2015, Waitakere saw the largest median price increase (19%), followed by Outer Auckland (18%) and Rodney (16%).

• Sales volumes rose 1.7% compared to April 2015, which was the first year on year increase since October 2015. Sales rose strongly in Rodney (24%), Outer Auckland (21%) and Manukau City (4%).

REINZ Chief Executive Colleen Milne says: “The Auckland region has seen a rebound in sales over the past two months with continuing strong demand across most of the region. The listing situation has tightened again, with the number of weeks of inventory dropping back to 10 weeks – a near-record low. The adjustment period after the LVR is over, and demand remains strong.

“The Halo Effect of rising median prices is strengthening across the regions, with record median prices in Waikato/Bay of Plenty, Taranaki, Canterbury/Westland, Hawke’s Bay, and Otago. There’s also been a noticeable level of demand from Auckland investors in the Otago region, which highlights the trend of investment interest moving outside Auckland to the regions, as the availability of listings decreases.”

http://img.scoop.co.nz/media/pdfs/1605/REINZ_Residential_Regional_Commentary___April_2016.pdf

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