Hibiscus Coast Market Update – June 2017
Hibiscus Coast Market Update – June 2017
- The monthly median sale price for the Hibiscus Coast region increased from $872,500 to $960,000.
- The average days on the market over June was 45, a slight increase on May which was sitting at 41.
- The number of sales for June 2017 decreased from 114 to 86, which could typically be due to winter and an election only 2 months away.
How does this compare to June 2016?
- Monthly Median Sales Price: $897,000
- Average Days to Sell: 30
- Number of Sales: 149
REINZ Commentary:
The June figures show us that a number of things are happening across the residential real estate market –inventory levels are impacting pricing, LVRs are having a significant impact in terms of buyers ability to purchase properties (particularly for first time buyers) and that the major trading banks are being more cautious with their approach to lending particularly their view of how highly leveraged Kiwis are when it comes to properties.
“Talk of a decline in prices may be premature with the seasonally adjusted median price trends still rising across many regions in New Zealand. The Auckland market is the most mature in terms of the property cycle, however, at worst, prices in the Auckland region are
steady at present. The data also shows an emerging trend of section sales in Auckland occurring more quickly than dwelling sales, highlighting that demand for sections is still rising in Auckland while demand for dwellings is easing,”continues Norwell.
“With the looming election, Auckland prices are showing all the signs of stabilising that we would normally expect and we anticipate this being a similar trend over the coming months until the election is over,” concludes Norwell.
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.