Property Talk with Highland
Park
The trend in the median price is now tapering off with the volume trend continuing to fall. The days to sell trend continues to ease. The House Price Index is remaining fairly steady, having decreased slightly over the past 12 months.
Sales volume in the Auckland region decreased 13% compared to August, with large falls in sales numbers in Franklin District, Auckland City, Manukau City and Waitakere City (11% - 22% decreases). Compared to September 2016 sales fell 32% with volumes decreasing in all TA’s, except for Papakura District. Most notable drops occurred in Auckland City (-46%),
Franklin District (-27%) and Waitakere City (-27%). On a seasonally adjusted basis, sales volumes fell 9% compared to August indicating that the decrease in sales from August was much greater than expected. The number of days to sell improved by three days in September, from 40 days in August to 37 days in September. The number of days to sell eased by three days compared to September 2016. Over the past 10 years the average number of days to sell during September for Auckland has been 34 days. There are now 23 weeks of inventory in the Auckland region, an increase of 11 weeks compared to September 2016.
Median Price Breakdown - September 2017
C
ompared to September 2016 the median price stayed the same at $845,000. However, most of the TA’s within the region saw increases in their median price over the same time period with Manukau City leading the way with a 7% increase. It was Auckland City and Papakura District only that saw decreases in their median price since September 2016, the latter most significant at -4%. Compared to August 2017, the overall region median increased 1%. The performance of the TA’s was largely negative with only Manukau City and Waitakere City experiencing an increase (5% and 2% respectively). On a seasonally adjusted basis, Auckland’s median price did not change compared to August, indicating that the median price rose by exactly what we’d expect in September.
REINZ Chief Executive Officer, Bindi Norwell, says: “The Auckland market has experienced a decrease in sales, so many in the region will be looking forward to a summer increase. There is no doubt that the elections have had a slow-down effect both in terms of buyer commitment and buyer enquiry. However, once we have a Government and the ‘norm’ returns, a lift in momentum and sales volumes is anticipated with some predicting returns to the Q1-2017 level. Given the bank’s continued lending restrictions, we are seeing around 20% fewer cash buyers than this time last year.”
$1,410,000
Dannemora
$890,000
Botany Downs
$905,000
Half Moon Bay
$870,000
Howick
$960,000
Pakuranga
$755,000
Pakuranga Heights
$835,000
Manukau City
REINZ Residential Statistics Report for September 2017 Residential property prices across New Zealand increased by 1.2% year-onyear to $525,000. Nationally, excluding Auckland, median prices increase 5.7% year-onyear and Auckland median prices remained flat at $845,000. “Prices across the country increased in all but three regions, evidence that the market continues to grow despite some challenging conditions - including the LVR restrictions and banks continuing to tighten lending conditions. Much of the increase has been driven by the buoyancy in the regions,” says Bindi Norwell, REINZ CEO at REINZ.
Northland
$446,000
Auckland
$845,000
Waikato
$480,000
Bay of Plenty
$547,500
Gisborne
$270,000
Hawke’s Bay
$392,000
Manawatu/Wanganui
$271,000
Taranaki
$360,000
$525,000
34
national median sale price
Median days to sell in SEPTEMBER
The REINZ House Price Index shows: National
+2.1% on Sept 2016
National ex Auck
+7.0% on Sept 2016
Auckland
-0.7% on Sept 2016
Wellington
$531,000
Nelson
$481,000
Marlborough
$396,000
Tasman
$572,500
National
+0.7% on Aug 2017
West Coast
$208,500
Canterbury
$426,000
National ex Auck
+0.8% on Aug 2017
Otago
$397,000
Auckland
+0.7% on Aug 2017
Southland
$220,000
NZ excluding Auckland
$428,000
NEW ZEALAND TOTAL
$525,000
For more REINZ HPI information, see https://www.reinz.co.nz/reinz-hpi
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Lauren McDowell 09 216 8532 / 021 022 65422 lauren.mcdowell@mikepero.com
Suzanne McDowell 09 215 2787 / 027 494 2405 suzanne.mcdowell@mikepero.com
Mike Pero Real Estate Ltd Licensed REAA (2008)