Hibiscus Coast Market Update – January 2016

• The monthly median sale price for the Hibiscus Coast region increased from $745,000 to $800,000. 
• The average days on the market over January was 36, a slight increase on December which was sitting at 31, but back to our November average. 
• The number of sales for January 2016 decreased from 127 to just 93 sales.

How does this compare to January 2015?

• Monthly Median Sales Price: $688,725
• Average Days to Sell: 41
• Number of Sales: 82

What is the market doing?

Pre-approvals are high and we are seeing a lot of people still looking for properties to buy, especially up to the $800,000 price range.  Anything that isn’t an Auction property is tending to get multiple offers quite quickly, however buyer frustration kicks in when they enter into a Multi-Offer scenario.  Auctions are being advertised again now that we are over the Christmas period and are attracting a lot of interest.  More properties are becoming available to the market now as people are back at school, back at work and settling into their normally routines, although there are still more buyers than sellers.  Open homes are bringing in healthy numbers and we are seeing a lot of interest from visitors to the Hibiscus Coast, such as West & South Auckland.  Will the real estate market keep booming on the Coast this year?  We can’t say.  But is certainly has been a strong start to the year!

 

Real Estate Institute of New Zealand (REINZ) Chief Executive Colleen Milne says, “January is an unusual month for real estate
data due to the Christmas/New Year period and the summer holiday break, so comparisons with December are always a bit
difficult.  January typically has a significant drop in sales volume and a noticeable drop in median prices compared to December.  
That said, over the past 10 years the average drop in sales volume for January has been close to 20%, while there has been an
average 3% drop in the median price nationally.” 
“Auckland continues to show declining sales numbers, however the reasons are many and varied, including an increasing large
group of potential sellers who are unable to find suitable new properties – a reflection of the very tight listings position in
Auckland and increasingly tight listings across the rest of the country.”