Hibiscus Coast Market Update – August 2017
Hibiscus Coast Market Update – August 2017
- The monthly median sale price for the Hibiscus Coast region increased from $880,000 to $901,500.
- The average days on the market over August was 49, an increase on July that was sitting at 43.
- The number of sales for August 2017 decreased from 90 to 76.
What are people buying?
1 Bedroom: 3
2 Bedroom: 8
3 Bedroom: 25
4 Bedroom: 25
5 Bedroom +: 15
How does this compare to August 2016?
- Monthly Median Sales Price: $888,000
- Average Days to Sell: 33
- Number of Sales: 123
REINZ Commentary:
Not a single region in the country experienced an increase in the number of properties sold during August 2017 (compared to the same time last year) – a phenomenon that has only happened three times in the last seven years, according to the latest data from the Real Institute of New Zealand (REINZ) – source of the most complete and accurate real estate data in New Zealand.
Overall, the number of properties sold across the country fell by 20% during August, a reduction of 1,472 properties, when compared to the same time last year. This is the equivalent of 47 less properties being sold each day in August 2017 when compared to August 2016.
Regions with the biggest reduction in volumes were Southland (-37.3%), Northland (29.4%), Taranaki (25.9%), Waikato (25%) and
Auckland (21.5%).
Bindi Norwell, Chief Executive, at REINZ says: “Again, we’ve seen the number of properties sold across the country drop significantly. The drop in volume this month meant that, on average, 47 fewer properties were sold each day in August 2017 in comparison to August 2016 – that’s a big drop. Banks’ lending criteria and LVRs are still impacting first home buyers and investors.
“If you looked at the number of properties sold, without looking at the bigger picture, one might assume that the market was showing significant signs of slowing. However, as prices are holding up, and even increasing, then it suggests that people may be holding off from selling their property unless it’s absolutely necessary,” points out Norwell.
To view the Real Estate Institute of New Zealand Monthly Report for August>>> Click here
If you would like to know how this could effect the value of your property, contact Anita Dobson on 021 337 093 or anita.dobson@harcourts.co.nz.
Anita Dobson, Harcourts Whangaparaoa.