Hibiscus Coast Market Update – February 2016

• The monthly median sale price for the Hibiscus Coast region decreased from $800,000 to $752,000. 
• The average days on the market over February was 42, an increase on January which was sitting at 36 which would explain why we saw more properties being passed in at Auction, but still selling shortly afterwards.
  
• The number of sales for February 2016 increased from 93, picking up 103 sales as we head into the year ahead.
  

How does this compare to February 2015?

• Monthly Median Sales Price: $691,500
• Average Days to Sell: 40
• Number of Sales: 106

What is the market doing?

The NZ Herald reported that 30,000 IRD numbers have just been issued to overseas buyers and there is evident of a hot market right now on the North Shore.  There is evidence of this with properties being sold via pre auction offers and exceeding everyone’s expectations – The market isn’t coming back, it is already here!!

The Whangaparaoa real estate market is certainly hot right now as well with properties being sold with multiple offers or big bidding at auction.  All sales methods are working and again the demand far out ways the supply.  The message is strong – if you have been thinking of selling, then now is the time to speak to me – 021 337 093!

REINZ Chief Executive Colleen Milne says, “Regional markets, particularly Northland, Waikato/Bay of Plenty, Hawkes Bay and Central Otago Lakes are now setting the pace for the New Zealand real estate market, with Auckland, in a relative sense, now in the middle of the pack. The decline in sales volume in Auckland, while noticeable, is likely transitory as the region gets to grips with the new LVR rules for investors, although the median price continues to firm.

 

“Over the past six months regional markets have demonstrated: large declines in the levels of inventory, a significant decline in

the number of days to sell, and noticeable increases in the median price, with a number of regions setting new median price

records more than once over 2015. In addition to the four regions already noted, Wellington, Manawatu/Wanganui and Otago

 are also seeing positive movements in days to sell and median prices. This breadth of the improvement across New Zealand

suggests that there is more is at play than just an Auckland ‘halo effect’, although that has contributed in the northern regions.”