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%.
That was Auckland over the past 12 months but sales actually increased by 13.0% over the past month. Perhaps some life is being seen in the Auckland market? The time to sell is 3 days longer nationally than in May 2018 and for Auckland it is 5 days longer.
The total number of dwellings sold in New Zealand in May 2019 was 7263.
WELCOME TO OUR NEW FRANCHISEES:
Phil Yang – Rodney area
Nitin Sharma – Porirua / Wellington area
Matt Marks – Onehunga area
Residential Tenancies (Healthy Homes Standards) Regulations 2019
On the 1st of July 2019 the Residential Tenancies (Healthy Homes Standards) Regulations 2019 became law. The law requires rental properties to meet new standards of insulation, ventilation, heating, moisture ingress, drainage and draft stopping.
Fines of up to $4000 can be imposed for non-compliance. The following fact sheet gives more details:
Effective dates are as follows: