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 increased slightly over the past 12 months.
The median number of days to sell improved one day from last month, moving from 35 days to 34 days. The median number of days to sell was the same as December 2016. Over the past 10 years the median number of days to sell during December for Auckland has been 32 days on average. There are now 24 weeks of inventory in the Auckland region, an increase of 9 weeks compared to December 2016 and the third highest number of weeks of inventory after West Coast and Northland. Bindy Norwell, REINZ CEO, says “The Auckland market has been affected by multiple influences in the last quarter of 2017. Buyers are being more considered and not rushing in to buy.
However, vendors’ expectations are still high and haven’t adjusted with the change in the market – but well priced properties that meet the current market expectations are still selling well across all price ranges. The issuing of the Council CV data has also made for some difficult conversations as many vendors believe this is exactly what their property is worth. However, in some areas median prices are above the CV e.g. Franklin, and in other areas they are below the CV e.g. Auckland City, so it’s important people talk to a licenced real estate agent to understand what their property may actually be worth. There are approximately 30% fewer investors in the market with many looking to sell their portfolio rather than expand it. A number of investors in the area are also looking to exit the market.”
$841,050
Pakuranga
Manukau City
$920,000 $860,000
Howick
$920,000
Pakuranga Heights
December 2017
Sales volume in the Auckland region decreased 12% compared to November, with strong decreases in sales numbers across most TA’s, Waitakere being the exception with a 3% decrease. Compared to December 2016 sales fell 6% with volumes decreasing in most TA’s, this time Franklin City and Auckland City were the exceptions with a 41% and 1% increase respectively. On a seasonally adjusted basis, sales volumes increased 7% compared to November indicating that the large decrease in sales from November was quite a bit smaller in magnitude
than the expected decrease when moving from November to December.
Median Price Breakdown
C
ompared to December 2016 the median price increased 2% to be $870,000. Papakura District was the big mover with a 14% increase in median price over the year. At the opposite end of the scale the Auckland City median price dropped 6% compared to the same time last year. Compared to November 2017, the region’s median decreased 1% despite many TA’s having an increase in median price. The large drop in Rodney, a moderate drop in Auckland City and no movement in Manukau City were the exceptions. On a seasonally adjusted basis, Auckland’s median price had a 1% increase compared to November, indicating the month on month decrease experienced this past month was not quite as large as typically happens moving from November to December.
Summer 2018
$868,000
Half Moon Bay
$1,540,000
Dannemora
$888,000
Botany Downs
REINZ Residential Statistics Report for December 2017 Strong end to 2017, with house prices up 5.8% in December. “Median house prices across New Zealand have increased 5.8% in December, representing an increase of $30,000 since the same time last year. This increase defies the predictions of many commentators who approximately a year ago were adamant that house prices would fall in 2017. There is some hope, as the rate of price increases has decreased significantly compared to previous years, meaning that if the trend continues, there is more of a chance that those saving for a house deposit can keep up with increasing property prices,” says Bindi Norwell, CE at REINZ. For more REINZ HPI information, see https://www.reinz.co.nz/reinz-hpi
Northland
$445,000
Auckland
$870,000
Waikato
$525,000
Bay of Plenty
$598,000
Gisborne
$305,000
Hawke’s Bay
$418,000
Manawatu/Wanganui
$285,000
Taranaki
$360,000
Wellington
$560,000
Nelson
$515,000
Marlborough
$372,000
Tasman
$550,000
West Coast
$185,000
Canterbury
$439,000
Otago
$396,000
Southland
$247,000
NZ excluding Auckland
$450,000
NEW ZEALAND TOTAL
$550,000
32
Median days to sell in DECEMBER
$550,000
national median sale price The REINZ House Price Index shows: National
+3.8% on Dec 2016
National ex Auck
+6.8% on Dec 2016
Auckland
+0.7% on Dec 2016
National
-0.3% on Nov 2017
National ex Auck
-0.1% on Nov 2017
Auckland
-0.5% on Nov 2017
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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)