2 minute read
C21 NEW ZEALAND NEWS
SPRING LOOKING STRONG FOR REAL ESTATE
B Y DERRYN MAYNE, CEO, CENTURY 21 NEW ZEALAND
September is looking up, following a very strong August for real estate across New Zealand. Just months ago, few would’ve expected such positivity in and around property prices going into spring. In fact, Auckland’s latest lockdown is now a distant memory.
REINZ has released its Monthly Property Report for August which shows median house prices across New Zealand up by 16.4%, compared to August 2019.
Auckland’s annual median house price increased by 16.0% to $950,000 - a new record high, while seven other regions also enjoyed record median prices during August. What’s more, Auckland was up 3.5% on the previous month.
Every region has seen an increase on 12 months ago. Amazingly, so lower and prices in the regions many regions, districts and cities doing extremely well despite what have also achieved record median many pundits’ predicted. prices in August. New Zealand’s Activity has remained strong for property market is proving to be Century 21’s offices under Alert very resilient, with the Level 2, and in Auckland coming summer we operated safely season set to and effectively in be stronger than many anticipated. "Trade Me data recently released showed Alert Level 3 for nearly three weeks last The wage property prices had their month. subsidy biggest year-on-year Under Level extensions, the General increase in over three 2 the real estate industry Election’s years..." has done well deferral to 17 to observe the October, and the likes of two-metre mortgage holiday social distancing, ensure a scheme now running through contact tracing system is in place at to an open homes, and restrict auction 31 March 2021 have all helped to attendance numbers. keep real estate buoyant in August and September. Century 21 offices in the likes of Waikato have continued to The property market’s key experience high demand, with fundamentals remain in great some great prices being achieved shape, with mortgage rates never regardless of Level 2 or any
uncertainty caused by Covid-19. In fact, most of the regions continue to go from strength to strength.
Spring is always a good time to sell property, and this one more so, particularly when you consider the current lack of listings. It’s safe to assume we’ll now see some extra springtime activity, helped by some pent-up demand in Auckland after its August lockdown.
Trade Me data recently released showed property prices had their
biggest year-on-year increase in over three years, with the national asking price for July up 9% on the same time last year.
There’s no doubt that Auckland has steadied in parts, but that in itself creates opportunities for the likes of fi rst-home buyers and investors.
Industry statistics keep proving that property is holding up well and the time to act is now! There are plenty of families keen to move, empty nesters downsizing, fi rst-home buyers securing record-low interest rates, and investors seeking better returns.
It’s the perfect time to market your house with limited competing listings, but strong buyer demand. At the same time, any prospective buyer waiting for a big fall in prices probably needs to rethink their strategy. Securing a good property now will always prove a great investment.
AUGUST AVERAGE PROPERTY VALUES
Source: PropertyValue by CoreLogic (New Zealand) www.propertyvalue.co.nz/property-trends
$750,000
$700,000
$650,000
$600,000
2016 2017 2018
