Blueprint Issue 4 (21st November 2017)

Blueprint ISSUE 4 CURRENT TO 28 NOVEMBER 2017 TEAMHARCOURTS.CO.NZ

THE REGION’S LARGEST AND ONLY HOME-DELIVERED REAL ESTATE MAGAZINE

Stadacona LOWRY BAY, 11 DILLON STREET MARKETED BY GAEL VAN HATTUM SEE PAGE 2 FOR DETAILS

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MARKET UPDATE. The latest REINZ statistics analysing New Zealand residential sales for the month of October show that unsurprisingly, around the country different markets are performing differently when it comes to sales volumes and prices.

Marty Scott Director, Team Wellington Limited

The Auckland region market has clearly slowed in terms of both volumes and price growth with a 20% drop is sales when compared to October of 2016 and a reduction of 3% in the median sale price recorded. These figures were impacted by a number of lower priced apartment properties being settled which tends to drag the median price down but the general sentiment is that the Auckland market is softening in terms of both price growth and volumes. Of the bigger regions Waikato, Bay of Plenty and Canterbury all showed declines in sales volumes when compared to October of a year ago, but interestingly median prices were up modestly in all of these regions. The shortage of listings for sale would have underwritten those price rises.

Wellington results showed that the region’s median price for October 2017 was 6% higher than those of October 2016, while the sales volume for the month declined by 9%.

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South Wairarapa, Masterton and Upper Hutt were standout performers in terms of price growth. If history is any guide to form then we suggest that even if the New Zealand residential market is showing the early signs of a potential slowdown in volumes and price growth then it will likely be Wellington’s time to shine!

Our view is that the Wellington market tends to be “more solid if less spectacular” than some other parts of the country. However, when things start to quieten down, there can be great merit in solidity!

Anyone thinking of selling in the next 6 to 12 months should be giving serious consideration to coming to the market right now! The buyers are still there and for as long as there continues to be competition among them in a market of limited supply, then sellers are assured of a robust price…..and some! Call us for a price appraisal and a tailored marketing recommendation. We look forward to being of service.

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