HIBISCUS COAST MARKET UPDATE – SEPTEMBER 2018
Welcome to September’s Market Snapshot of the real estate market on the Hibiscus Coast. If you would like to receive our more detailed, Monthly Market Update then simply email us and we will add you to our mailing list. It’s a great way to keep informed about what is happening in the real estate market on the Hibiscus Coast without being bombarded every week.
- The REINZ Monthly Property Report this month had the headline “Lowest sales volumes in 8 months a result of extremely low listings in July”. If you read on further, they report that August and September’s listing numbers are up and that it is expected that October and November’s sales volumes will be much stronger.
- In Auckland, the number of properties sold decreased by -2.1% or 35 fewer properties, from 1,651 in September 2017 to 1,616 in September 2018.
- The new rules relating to purchase of residential land by overseas persons took effect on Monday, 22 October meaning overseas people will generally not be able to buy residential land unless they have a permanent residency visa and intend to live in New Zealand.
The Monthly Property Report has shown the median house price for Auckland increase 1.4% to $852,000 in August. Median house prices for New Zealand increased 3.6% year-on-year to $549,000. For New Zealand excluding Auckland, the increase was even greater with a 6.2% annual increase from $428,500 to $455,000.
“Looking at the Auckland picture, we’ve seen Auckland’s median house price hover around the $850,000 mark for 18 months now – this incredibly stable market is positive for first time buyers who are desperately saving to get a foot on the property ladder. However, it’s also good for investors, buyers and sellers too, as it means that everyone knows what the market is doing – there don’t tend to be too many happy people when the market is particularly volatile,” – Bindi Norwell, Chief Executive at REINZ. To read the full report, click here.
