What’s Happening in the Auckland Market? The trend in the median price was flat to decreasing over the past 24 months with the volume trend flat over the past year. The days to sell trend continues to ease. The House Price Index resumed it’s negative monthly movement this month and has the worst 3 and 12 month movements of all the regions.
O
ur seasonally adjusted results tell us that, compared to what we expect when moving from February to March, the observed minute increase in median price was less than was expected and the observed huge increase in sales count was less than expected. The current Days to Sell of 42 days is above the 10-year average for March which is 34 days. The level of inventory available for sale currently sits at 26 weeks, eight weeks more than in March 2018. Bindi Norwell, REINZ CEO, says “The Auckland market saw the usual lift in
sales volume month-on-month, but volumes were down significantly from the same time last year. With a focus on realistic pricing by vendors, we have seen more houses with an advertised asking price than in a long time. Interestingly, the median price for Auckland just keeps hovering around the $850,000 mark suggesting the market may have found its new normal for the time being. Anecdotally agreements have also had more clauses and conditions than we’ve seen for a while. Towards the end of the month we saw more consistency in the market with buy-
Compared to March 2018:
Median Sale Price for March 2019
• Median Price down 2.7% • Sales Count down 18.2% • Days to Sell increased 5 days
AUCKLAND REGION
Compared to February 2019: • Median Price up 0.6% • Seasonally adjusted median price down 5.3% • Sales Count up 45.3% • Seasonally adjusted sales count down 3.8% • Days to Sell decreased 15 days
Waitakere City Rodney District Papakura District
ers showing genuine interest and vendors who were more inclined to meet the market. First home buyers became more active again encouraged through the continuation of low interest rates, lowered sale prices and employer confidence. However, prices are still causing more people to look further out in the suburbs and at new developments to find affordable options. For owner/ occupiers, location is still extremely important as school zones continue to drive a lot of interest.”
$856,000 $775,000 $850,000 $685,550 $1,010,500
North Shore City Manukau City Franklin District Auckland City
$840,000 $695,000 $950,000
Disclaimer: Every effort has been made by Mike Pero Real Estate to ensure that the information contained in this publication is complete and accurate. Prospective purchasers and sellers should make their own enquiries to verify any information contained herein. While our information has been prepared with due diligence and care, Mike Pero Real Estate does not accept liability for any errors, mistakes, omissions, or inaccuracies whether expressed or implied.
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Annual Median Price Changes
REINZ Residential Statistics Report for March 2019
MARCH 2018-2019
Uncertainty around legislation and difficulty accessing finance continues to impact sales volumes, says REINZ. “At a time when sales volumes are normally very strong and total sales figures for the country are typically well over the 7,000 mark, with 6,938 sales, this was the lowest number of properties sold for the month of March since March 2011”, says REINZ Chief Executive, Bindi Norwell.
Median house prices were recorded as follows: Northland
$500,000
Auckland
$856,000
Waikato
$529,000
Bay of Plenty
$585,000
Gisborne
$380,000
Hawke’s Bay
$493,000
Manawatu/Wanganui
$339,000
Stable
Taranaki
$375,000
Decreased
Wellington
$620,000
Tasman
$606,000
Nelson
$552,500
Marlborough
$458,000
West Coast
$206,000
Canterbury
$460,000
Otago
$492,000
Southland
$300,000
NZ excluding Auckland
$491,000
NEW ZEALAND
$585,000
Record Median Sales Increased
REINZ House Price Index (HPI) - increases 2.3% annually The REINZ House Price Index for New Zealand, which measures the changing value of property in the market, increased 2.3% year-on-year to 2,770. The HPI for New Zealand excluding Auckland increased 7.2% from March 2018 to a new record high of 2,727. The Auckland HPI decreased -2.9% year-on-year to 2,823. The REINZ HPI saw 6 out of 12 regions experience a record high level over the past 12 months, highlighting the overall continued strength of the property market in some regions. In March, the Southland region had the highest annual growth rate, a 16.8% increase to a new record high of 2901, followed by Manawatu/Wanganui in second place with an annual growth rate of 16.7% to a new record high of 2,984 and in third place was Gisborne/Hawke’s Bay with an 11.4% annual increase to 2,732 – down -0.8% from its peak in February 2019.
Days to Sell drops significantly since February In March the median number of days to sell a property increased by 2 days from 34 to 36 when compared to March last year, but it fell by 11 days from February 2019 where the median number of days to sell was 47. For New Zealand excluding Auckland, the median days to sell increased by 1 day to 34, but fell by 9 days when compared to February.
The REINZ House Price Index shows: New Zealand
+2.3% on March 2018
NZ ex Auckland
+7.2% on March 2018
Auckland
-2.9% on March 2018
Auckland saw the median number of days to sell a property increase by 5 days from 37 to 42 when compared to the same time last year, but this was a drop of 15 days when comparing to the previous month.
New Zealand NZ ex Auckland
+0.2% on Feb 2019
Manawatu/Wanganui again had the lowest days to sell of all regions at 25 days, down 5 days from 30 at the same time last year. The West Coast again had the highest days to sell of any region at 69 an increase of 5 days since March 2018, but a fall of 22 days since February.
Auckland
-0.5% on Feb 2019
“We’re hearing that vendors are starting to re-adjust their pricing expectations, which has contributed to the significant fall in the median number of days to sell a property in March compared to February this year,” says Norwell.
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-0.1% on Feb 2019
For more REINZ HPI information, see https://www.reinz.co.nz/reinz-hpi Source: REINZ
What you and your agent are trying to achieve when they list your home for sale What are some key things to consider when you want to sell your home? Your motive for selling; your expectations and time frame – all these should revolve around a discussion with your agent.
So how do you pick the agent that suits your needs? Word of mouth; what you see and here around the media – if a style of marketing appeals to you then that brand might be for you. Call them, him or her and arrange a meeting at your home.
What questions should you be asking your agent before you list? No one just lists without a conversation. If a complete stranger you need to be blunt and honest in all
respects and get the same from them. If I was new to process I would want to know their track record, similar cases, their proposed marketing strategy; commission rate and generally consider that you’re an employer carrying out an interview. If you’re not 100% satisfied in all respects get another and another agent lined up for comparisons. It also hinges on their impression they make on you. Do they communicate and present well? are they someone you can work and confide in closely over next three months?
for clients – it’s a conflict of interest. They’ll do minimal amounts and it won’t sell your home. Cheapest is not always best.
What is the single most important thing (if there is one thing)? The marketing strategy. Its imperative your agent gets the message out to as many people as possible. Be worried if they offer you an all inclusive commission and marketing package. Its flawed. The best agents don’t throw in the marketing
Would you like to know what your property might be worth in today’s market? Contact Peter & Edita for a no obligation FREE appraisal and be introduced to the smartest way to sell real estate.
2.95%
+gst
*Our fees are 2.95% up to $390,000 thereafter 1.95% + admin fee + gst
Peter Andrijasevic Mike Pero Real Estate Ltd Licensed REAA (2008)
Phone 021 023 68230 peter@mikepero.com
Edita Andrijasevic Phone 021 765 234 edita@mikepero.com
0800 500 123
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Whether you’re a first-home buyer or investor, this delightfully affordable north facing stucco property should be at the top of your viewing list. With level lawns and a fully-fenced section, the scene is set for the kids and pets to play safely. Features three bedrooms, two bathrooms, combined kitchen and dining area. Location is everything and this property has it. In zone for Mt Roskill Grammar and Waikowhai Intermediate, handy to motorway links, bus stop, Keith Hay Park and Cameron Pools. This little honey is yours for the taking!
MOUNT ROSKILL
3
Motivated Seller! All Offers Presented!
2 RX1818420
Motivated Oz bound vendor wants offer today! There is ‘NO plan B’ so call Edita or Peter to arrange your viewing!
1. What our vendors need? Offers on paper! 2. When? A.S.A.P.! 3. Why? Because they have bought and need to move in to new home! Looking for great value for money? See what’s on offer here... With few finishing touches here and there you will enjoy the appearance of this good-natured family home. Along three spacious bedrooms, set on the main level and bathing in natural light is a grand size open plan living. Featuring impressive ceiling height this area provides immense sense of space. Downstairs awaits a gym corner and a super large bedroom which can be accessed via internal stairs or using the sliding door.
TITIRANGI
4
Vendors Need An Offer To Move On!
2 RX1809631
There is a double garage with workshop and off street parking for 6 cars, plus a space to park a boat or caravan. This property has everything to offer to a family who can appreciate the location and the school zones . If you have been searching for a spacious home on border of New Lynn, Green Bay and Titirangi, then you are going to absolutely fall in love with what is on offer here. Move fast! Call us today!
Totally unassuming from the road, it’s not until you step through the front door and begin your exploration you get a true understanding of just how much space is on offer here. Set on a 607m2 (more or less) section, this 5 bedroom, 2 bathrooms brick-and-tile home will steal your heart. Situated in quiet cul-de-sac it enjoys a commanding position which offers flexible living options. From the generous foyer, a spacious wooden staircase takes you upstairs to the main hub of the home. A well-appointed kitchen with plenty of storage/preparation space leads to a sun-drenched dining area which opens onto a balcony ensuring this home is not only an ideal family home, but also a true entertaining property.
GLENDENE
5
Looking for the Perfect Spacious Home? 0800 500 123
mikepero.com
2 RX1775392
Leading off the kitchen is a lounge providing more enclosed space for those unforgettable family moments. The clever configuration provides you with the benefits of having all three well-appointed bedrooms in the separate wing. Downstairs are two grand sized bedrooms with built in wardrobes, one opening onto a patio allowing you to spoil yourself with outdoor living when friends come over or simply enjoy a a good book out in the fresh air. Children and pets can play safely in the fully fenced backyard and if you are into more serious entertainment or outdoor fun time together, this is a perfect space for it! It is conveniently located for public transport, including trains, West City and commuters needing motorway access.
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