Property Prices Nationwide Holding Up ‘extremely Well’

“September is looking up, following a very strong August for real estate across New Zealand. Just months ago, few would’ve expected such positivity in and around property prices going into spring,” says Derryn Mayne, Owner of Century 21 New Zealand.

Her comments follow REINZ today releasing its Monthly Property Report for August which shows median house prices across New Zealand up by 16.4%, compared to August 2019.

Auckland’s annual median house price increased by 16.0% to $950,000 - a new record high, while seven other regions also enjoyed record median prices during August. What’s more, Auckland was up 3.5% on the previous month.

“Every region has seen an increase on 12 months ago. Amazingly, so many regions, districts and cities have also achieved record median prices in August. New Zealand’s property market is proving to be very resilient, with the coming summer season set to be stronger than many anticipated,” says Ms Mayne.

The Century 21 boss says the wage subsidy extensions, the General Election’s deferral to 17 October, and the mortgage holiday scheme now running through to 31 March 2021 have all helped to keep real estate buoyant in August and September.

“The property market’s key fundamentals remain in great shape, with mortgage rates never lower and prices in the regions doing extremely well despite what many pundits predicted.

“This spring is an opportune time to market your house with limited competing listings, but strong buyer demand. At the same time, any prospective buyer waiting for a big fall in prices probably needs to rethink their strategy. Securing a good property now will always prove a great investment,” says Derryn Mayne.

www.century21.co.nz

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