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Monthly Market Watch | Northland | SEP / OCT 2018

Welcome back to Harcourts Optimize Group’s monthly market report

Hi all and welcome back to our latest newsletter!

It has been a busy month for real estate and despite relatively low listings numbers across Northland (down -8.7% month-on-month and -4.8% year-on-year), there still remains a lot of active buyers in the market. The Whangarei market is in exceptionally good health and the statistics for August show a median sale price of $450,000 but a median government valuation of $295,000 – sellers are getting GREAT returns on their homes right now.

94 homes were sold in the Whangarei district throughout last month and the demand has shifted from 2 and 3 bedroom properties in the inner-city area (up to 400 square meter blocks) to much larger family homes on more land. Three and four bedroom homes took up the majority of sales, accounting for 77%, and larger sections (800-1200 square meters) now represent 40% of all sales, closely following the 400-800 square meter bracket with 44% of all sales.

Increasing numbers continue to show first-home buyers jumping back into the housing market as near-record low interest rates and current house pricing help them rekindle the Kiwi dream of home ownership. One in every four houses sold in New Zealand last month went to a first-time buyer, a level not seen since prior to the Global Financial Crisis in 2006-07. It means first-home buyers have now snapped up an increasing share of houses in each year since 2014, housing data showed,043 Mike Beazley with many being encouraged back into the market by stagnant house prices and plummeting interest rates.

The Northland median sale price for August (now $450,000) decreased by -6.4% from July but is still up by 7.1% on the same time last year – so the growth is still overwhelmingly positive.

Away from the real estate front, I would like to say a very big thank you to everyone who supported our Daffodil Day Sausage Sizzle and High Tea at the Ruakaka Races to raise money for the Cancer Society Northland. I am very pleased to announce that together we raised $12,800 which is such a wonderful contribution, so thank you for joining us at both events.

Until next month!

By Mike Beazley, Owner of Harcourts Optimize Realty Ltd

Annual Median Price Changes August 2018

National Housing Prices

“We’ve seen some mixed results this month in terms of volumes with 9 out of 16 regions seeing an increase in volumes year-on-year. However, those increases were enough to pull the national figure up with a 3.1% increase recorded across the whole country. As we head into spring, we expect more listings to come to the market which will naturally result in more sales so we may expect the overall numbers to be even stronger in the coming months,” Bindi Norwell, CEO of REINZ.

National Statistics

house   Median Sale Price: $549,000  graph  Change Since Last Yr: + 3.6%     time  Avg Days on Market: 37


 Market Watch: Whangarei

The Whangarei market had a steady month in August, with a decline in the median sale price but an increase in sales volume by 4.8% month-on-month. When compared with results in August 2017, the median price is up 5.1% and the sales volume is also up 13.4% showing the impact more supply is having in relaxing the sale price growth.

house   Median Sale Price: $450,000   graph  Properties Sold in Month: 110    time  Avg Days on Market: 48

Market Watch: Far North

After a 16% increase to the sale price between June and July, the median sale price has relaxed back to $453,000 for August. While a decline month-on-month, it is an increase of 16.2% year-on-year, sharing the positive growth like the other Northland districts. Sales volume is down, however this is likely to change as Spring arrives.

house  Median Sale Price: $453,000  graph  Properties Sold in Month: 57   time  Avg Days on Market: 48

Market Watch: Kaipara

The Kaipara district median sale price is up 18.6% on last year, showing that although it is a market that fluctuates heavily due to low sale numbers, the overall trend illustrates great price growth for the region. Sales numbers were down over -50% month-on-month and year-on-year.

house  Median Sale Price: $510,000  graph  Properties Sold in Month: 11   time  Avg Days on Market: 48   home appraisal cropped

Market Watch: Rentals

 Average Rent in Whangarei: $420.00 per week Properties Leased: 14
 Average Properties Listed Online: 23  Property Viewings: 132
 Days on the Market: 22
 Enquiries: 1353


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