Hibiscus Coast Market Update – July 2017
Hibiscus Coast Market Update – July 2017
- The monthly median sale price for the Hibiscus Coast region decreased from $960,000 to $880,000.
- The average days on the market over July was 43, a slight decrease on June which was sitting at 45.
- The number of sales for July 2017 increased slightly from 86 to 90.
How does this compare to July 2016?
- Monthly Median Sales Price: $860,000
- Average Days to Sell: 31
- Number of Sales: 113
REINZ Commentary:
Today, REINZ is releasing its Monthly Property Report and HPI Monthly Data which provides a market leading level of detail and understanding of housing activity in New Zealand. The Monthly Property Report has shown that the number of properties sold across New Zealand in July fell by a quarter (24.5%) when compared to the same time last year, and the number of properties sold in Auckland fell by 30.6% (for the same period).
From a national perspective, this represents the lowest number of properties sold in a non-Christmas month (i.e. December/January) since August 2014.
Bindi Norwell, Chief Executive, REINZ says: “The number of sales across New Zealand has dropped significantly in comparison to the same time last year. A key reason for this is that the two biggest hurdles to purchasing a house right now are access to finance as
the banks continue to tighten their lending criteria and LVR restrictions. This creates an intimidating barrier to entry to the real estate market, particularly for those saving for their first home.
“No matter where we are in the country, agents tell us that there are a good number of buyers out there, but that these two issues are impacting both investors and first-time buyers alike. When you throw in an election, winter, school holidays and one of the wettest Julys on record, it’s little wonder the number of properties sold last month fell so significantly.”
To view the Real Estate Institute of New Zealand Monthly Report for July >>> 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.