New Zealand Property Prices in August 2017
In August the number of properties sold across New Zealand was down by 20% compared to August last year. Every region throughout the country showed lower sales numbers than August 2016. Prices have however increased across the country last month. Auckland prices increased 1.2% compared to July. Southland, Nelson, Hawkes Bay, Manawatu / Whanganui and Marlborough all set new record price levels in August.
July Property Market 2017
The July property market reflected that of a July winter month. Auckland sales were down 12.6% on June and 26.8% on July last year. Prices flattened at 0% price increase for the 2nd month in a row. Hamilton saw slowing numbers of sales with a 0.4% growth in prices over the past 3 months. Christchurch values have dropped 0.2% over the past 3 months and sales numbers have also fallen.
Property Prices Slow Down June 2017
In June property markets continued to slow in many of the larger centres. Auckland sales were down 27% compared to June last year, the lowest June sales for the last 7 years. Prices were down about 3% over the past 3 months. Sales number have also fallen in Hamilton, Wellington and Dunedin. The Canterbury market is flat with little change from last month. Tauranga showed a small price increase of 1.6% for the past 3 months.
Regional Sales Volume Year on Year
Property prices nationally in New Zealand were steady in May but there were regional variances. In Auckland, Hamilton and Tauranga prices reached a plateau. In Christchurch prices dropped slightly. Wellington and Dunedin saw continued price increases. The strongest price increases have been in Rotorua, Hawkes Bay, Whangarei, Northland and the Kaipara district.
Prices Stabilise Across New Zealand
Following the big surge in the number of house and apartment sales in March, the market saw sale volumes fall and prices stabilise across New Zealand.
The holidays and wild weather (one of the wettest April months on record) no doubt were factors in the fall offs in sales volumes. The median price for New Zealand increased by 1.0%.
New record House Prices Set in March 2017
In March there was a big surge in the number of house and apartment sales in New Zealand with an increase of 36% over February.
Prices increased setting a new New Zealand median price record of $546,000 with 8 out of 12 regions setting new record high median sale prices.
Property Price Increases and Decreases
The February residential sales results issued by the Real Estate Institute of New Zealand and Quotable Value (QV) are now available. Below are the median sales prices showing February compared to January 2017.
I think the Auckland fall in prices in February (1%) is not a trend and expect that to be reversed in the coming months. There is still a large housing shortage in Auckland and net migration is still very strong.
Latest House Sales Figures
The latest January residential sales results have been released by the Real Estate Institute of New Zealand and by Quotable Value (Q.V). The picture is one of a continuing trend of slowing growth in value activity and demand.
The Reserve Bank 40% LVR is clearly having an effect especially in Auckland. Coupled with the annual Christmas / New Year holiday period slow-down has lead to a decrease in prices for parts of Auckland, Hamilton and Christchurch since November.
Selling a Property?
It is rare now for a buyer of a home not to have a home inspection as a condition of purchase.
How does that effect the home selling?
Basically it means that the home will be put under the “microscope”. A home inspector will go through the property, itemizing any and all of the minor and major defects. They will then report those findings to the purchaser. The inspectors job is to carefully check the homes structural and mechanical systems for problems that can lead to large repair bills later. The home inspection is a critical part of the sale process.
Buying a Property?
For the past 15 years, the home inspection industry has been growing by leaps and bounds. As the demands of the home buying public and the regulations regarding real estate have evolved. More and more people hire a home inspector when they are involved in a real estate transaction.
In today’s real estate market over 95% of real estate transactions involve a professional Home Inspection.
These services improve consumer confidence and lead to an increase in the success rate of home sales.