Districts/Cities across the country
“The combination of low interest
In Auckland, the number of
would see record median prices just
rates, the removal of LVRs, the lack
properties sold in August increased
4 months after the entire country
of listings, people’s aspiration to
by 44.2% year-on-year (from 1,812
was in lockdown. The housing
have more space/a bigger backyard,
to 2,612) – the highest for the
market’s recovery post-lockdown
catch up post lockdown and first
month of August in 5 years.
over the last few months has been
time buyers’ desire to get onto the
astonishing and has certainly
market have all contributed to the
surpassed many predictions.
uplift in prices we’ve seen over the
“For many parts of the country, August was an extremely busy month sales volume wise, with
last few months. Unless we see
“August saw record median prices
the highest number of properties
more listings come to the market
in Rotorua District ($510,000),
sold for the month of August in
before Christmas, we may start to
Tauranga City ($745,000), Lower
fi ve years bolstered by an uplift in
see additional pressure on house
Hutt City ($670,000), Upper
sales volumes in Auckland, Nelson,
prices and affordability,” points
Hutt City ($663,200), Papakura District ($775,000), Rodney District
Southland and Hawke’s Bay.
out Norwell.
$
ANNUAL ME DIAN PRICE CHANGES $
$
AUCKLAND
$
Record Median Price
$
$675,000
15.3% 2.2%
11.0% BAY OF PLENTY
16.7%
9.5%
WAIKATO
GISBORNE
$
TARANAKI
NATIONAL MEDIAN PRICE:
15.1%
20.1%
MANAWATU / WANGANUI
HAWKE’S BAY
12.8%
NELSON
16.4%
9.1%
MEDIAN DAYS TO SELL:
34
16.0%
16.6% NORTHLAND
18.1%
13.2%
TASMAN
MARLBOROUGH
$
WEST COAST
$
Source: REINZ Monthly Property Report 11 September 2020.
WELLINGTON
20.3%
$
SOUTHLAND
13.0% CANTERBURY
17.2% OTAGO
($961,000) and Waitakere City
The number of residential
Overall, there were 1,520 more
($890,000),” continues Norwell.
properties sold in August across
residential properties sold this
New Zealand increased by 24.8%
August than last August which
from the same time last year
equates to an additional 49
(from 6,132 to 7,652) – the highest
properties sold a day which is
number of properties sold in an
pretty incredible,” says Norwell.
“At this point last year, the Hawke’s Bay region had not had a median price over the $500,000 mark and now the region is extremely close to exceeding the $600,000 median
August month for 5 years.
mark. It’s a similar picture in Otago,
For New Zealand excluding
where the region had only seen one
Auckland, the number of properties
month with a median price over the
sold increased by 16.7% when
$500,000 mark and now, it’s closer
compared to the same time last year
to the $600,000 mark than the
(from 4,320 to 5,040) – the highest
$500,000 mark,” she continues.
for the month of August in 4 years.
C21 MARKET PULSE
07
CENTURY 21
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