Market Updates

HIBISCUS COAST MARKET MARKET UPDATE – MAY 2019

In the news last month…

  • In the three months to May average house prices in Auckland were down by 3.5% from a year ago while the rest of New Zealand was up by 6.8%.
  • The OCR has been cut to an all-time low of 1.50%, and mortgage interest rates have fallen.
  • The Government has taken the possibility of a capital gains tax off the table.
  • Property information and analytics company CoreLogic – whose information is widely used by the Reserve Bank – is predicting that the RBNZ will further relax the loan to valuation ratio (LVR) rules in November.  And interestingly, CoreLogic suggests the RBNZ may reduce the deposit limits required by owner-occupiers – effectively changing the current definition of a ‘high’ LVR.
  • The Auckland housing market is on a weak footing as it heads into winter, with sales in the region hitting their lowest level for the month of May since 2010, according to the the latest data from the Real Estate Institute of NZ.The REINZ recorded 1925 sales in Auckland in May, down 22% [corrected from 7.8% in the first version of this article] compared to 2462 sales in May last year.
  • The average number of days has dramatically increased from April (50 days) to May (70 days).  We are seeing a lot of buyers making offers conditional on the sale of their property, which in turn, is taking even longer.
  • The number of sales has increased from 85 sales in April to 95 sales in May and with even less properties coming onto the market, we are starting to see more multi offers and buyer competition.

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If you would like to have a no obligation chat about real estate, please contact Anita Dobson on 021 337 093 or email anita.dobson@harcourts.co.nz.
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