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:
October 2018 House Prices
After the lowest level of sales for 8 months in September sales numbers rebounded in October and were around 15% higher than October 2017. This is what was predicted following the serge in listings that has come onto the market.
October was the month when the ban on foreign buyers came into effect. The median house price nationally was up 0.5% compared to September and in Auckland it was up 1.5% compared to September.
September 2018 House Price Sales
September recorded the lowest level of residential property sales for 8 months because of the low number of properties for sale. The numbers were down 3% compared to September 2017. As far as prices are concerned nationally they were up 5.9%. For Auckland prices were the same as September 2017.
While the numbers of sales nationally were down in 14 out of the 16 regions in New Zealand, prices were up compared to September 2017 and 4 regions set record median prices. The 4 were:
New House Price Records in August 2018
An early spring for house prices nationally with New Zealand prices up 3.6% year on year and Auckland up 1.4% year on year. After 6 months of flat prices the regions set new median price records in August.
Gisborne increased 42.6% in the last 12 months to a new record median of $335,000. Tasman up 24.2% in the last 12 months to a new record median of $615,000. Manawatu / Wanganui rose by 10.5% in the last 12 months to a new median record of $315,000.
July 2018 House Prices
In July house prices increased in every region of New Zealand except Auckland which fell marginally by 0.1%. The NZ median price increased to $550,000 and the median days to sell was 37. The Auckland median price is now $835,000 down $850 from June.
The REINZ house price index for New Zealand was up 4.9% from July 2017 and the index showed Auckland was up 1.6% from July 2017. New record prices were recorded in July for:
June Property Prices 2018
June saw a downturn in the number of properties sold across New Zealand as winter weather took hold. Sales were down 1.6% compared to June last year. Prices have however remained strong according to the Real Estate Institute of New Zealand (REINZ).
Prices dropped by just $2,000 from $562,000 in May to $560,000 in June (0.35%). In Auckland the median price actually rose a little ($2,000) and remember it rose in May too in Auckland. Could it be the shortage of houses in Auckland and the shortage of building trades people to build more that is having some effect?
House Prices May 2018
In May a new NZ median house price was recorded at $562,000 which represented a 5.0% increase on the price in May 2017. Of the 16 regions in New Zealand, 13 saw price increases. Only Auckland, Gisborne and Southland saw a decrease in prices compared to 12 months ago. Despite the year on year price decrease in Auckland the market this year is slowly moving up with prices up $2,000 compared to prices last month.
The Real Estate Institute of New Zealand have a House Price Index (HPI) figure which shows that the HPI for Auckland year on year is actually up 0.6%. This suggests that the negative year on year Auckland median price is a result of a few $1,000,000 sales dragging down the median figure.
House Prices March 2018
Over the whole of New Zealand house prices increased in 13 out of the 16 regions compared to March 2017. The only regions not to experience an increase were Northland, Auckland and Taranaki. The result was for New Zealand to reach a new record median house price of $560,000 and 3 regions achieved new record prices.
The 3 regions were Gisborne, up 17.9% to $330,000, Hawkes Bay was up 11.7% to $445,000 – incidentally that is the 3rd new record in a row and Wellington up 10% to $583,000. Although Auckland prices were not up on March 2017 (which was a record month) they did increase from last month by a solid 2.9%.