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Housing Market in October 2019
House prices in New Zealand reached a new record high in October. The national median price is now $607,500 which is up $46,000 or 8.6% from 12 months ago.
In Auckland the median price rose by $7,000 or 0.8% from a year ago. At $868,000 this is the highest Auckland price in 19 months. The increase from the previous month was 2.4%.
The only region in New Zealand to experience a decrease in median price for the last 12 months was Taranaki with a small fall of 0.5%. All other regions saw increases and new records were set in:
Bay of Plenty $620,000 up 7.8%
Northland $525,000 up 9.4%
Waikato $570,000 up 9.6%
Otago $550,000 up 15.8%
Hawkes Bay $535,000 up 16.3%
Manawatu / Wanganui $407,500 up 20.9%
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The story of September was one of rising house prices across New Zealand. The median NZ house price rose to $597,000 up 6.6% compared to 12 months ago.
New record median prices were recorded in:
Waikato $550,000 up 5.6% from September 2018
Hawkes Bay $500,000 up 13.4% from September 2018
Taranaki $400,000 up 15.9% from September 2018
Southland $315,000 up 22.1% from September 2018
Manawatu / Whanganui $397,000 up 24.1% from September 2018
August Real Estate Activity
Lower sales across New Zealand, 6.1% lower than August last year. The lowest number of sales for 7 months were:
Southland –33.2% 62 less sales
Hawkes Bay –18.4% 42 less sales
Taranaki –16.6% 31 less sales
Sales were up in the following areas:
Bay of Plenty +7.7%
The main reason for the fall is the lowest number of new listings for the last 3 consecutive months since 2007.
Latest Property Market Update
Early signs of growth in the housing market seems to be appearing according to the July real estate data. Prices nationally are still showing some growth. The median price increased by 1.7% nationally and by 2.4% in Auckland over the past month. The volume of sales also shows upward movement.
Nationally sales increased by 3.7% and Auckland by 6.6% year on year. The numbers were 6,118, up from 5,897 and for Auckland 1,894, up from 1,777. The average days to sell was 3 days longer
nationally now at 40 days. For Auckland also 3 days longer at 44 days. Both are compared to July last year.
June 2019 Property Update
The June residential property sales data was released on 12/07/19. The heading for the data released was – Number of Properties Sold Nationally falls in June, but Prices Keep Rising!
Behind this statement lies a message. The message seems to be that many buyers are holding off hoping prices will fall. The probability however is that prices will keep rising. Why?
Firstly there is a housing shortage especially in major centres like Auckland. Secondly the population is growing due to both internal growth and by net migration.
The May Housing Market
During May across all of New Zealand house prices increased by 3.2% to $578,000 from $560,000 in May 2018. Median prices in Auckland increased by 1.2% from May 2018 and now sits at $860,000.
This is the highest Auckland median price in 2019. At the other end of the scale Gisborne property owners enjoyed a massive 54.4% median increase from May 2018 – May 2019!
Prices in Gisborne increased as a result from a median of $285,000 to $440,000. That was $2,645 a day for every day between the 1st of May 2018 and the 1st of May 2019.
Other strong growth areas were Southland (16.7%), Manawatu / Wanganui (14.4%), Hawkes Bay (9.3%) and Otago (8.2%). The number of properties sold in May was down 7.8% across New Zealand with Auckland the worst down 21.8%.
What is a LIM report?
A Land Information Memorandum (LIM) report is a summary report of some of the information held by the local council. The report covers one particular property only – land or house and land.
What is in a LIM report?
A LIM report contains information about such things as slippage and potential flooding risk by way of flooding plains. The presence of possible hazardous substances such as Asbestos or soil contamination by pesticides and insecticides.
The Housing Market April 2019
Over the whole of New Zealand house prices in April increased in 13 of the 16 regions compared to prices in March. The areas not seeing increases were Auckland, Nelson and Otago. Days to sell increased slightly from 36 days to 37 nationally.
Auckland increased by 4 days to 41 days to sell. What was noticeably down was the number of sales which year on year were down 11.5% nationally and 16.3% in Auckland. The recent fall in the official cash rate to a record low of 1.5% and the scrapping of the proposed capital gains tax should however give confidence to buyers.
Prices in January 2019
14 out of 16 regions of New Zealand had annual price increases in January. The only ones that did not were Auckland and Canterbury. The number of residential property sales were down year on year both in Auckland and Nationally. The warm sunny weather possibly meant would be buyers were at the beach instead.
House prices were up nationally in December 2018 by 1.5% compared to December 2017
The new median price is $560,000. Auckland also saw an increase but only 0.2% to a new median of $862,000. The Bay of Plenty was the star achiever for December with a new record median price of $610,000 which was a 2.0% increase.
Every region in New Zealand had a price increase in December which was the first time this has happened since June 2017 – 18 months ago. Auckland recorded the highest price for 9 months. For all those that think house prices are going to fall, take a look at this: