Team Davis OCTOBER 2018 northland Property NEWSLETTER

TD pic with harcourts logo

482254490 612x612As usual our spring is proving to be a little changeable with both warm and cooler days.  But if the growing number of seagulls around is anything to go by, summer is definitely on the way, may warmer days come soon for good.

It is time to get the boat serviced and set for another summer of northland beaches and seafood bounty.

Here is our latest Property Market Update.
“There are now seven regions across New Zealand that have median prices in excess of the half a million-dollar mark with Northland newest region to go over this level. Additionally, there are already three regions that have exceeded the $600,000 median mark and with Nelson’s median sitting at $592,000 it may not be too far away until we have a fourth region edging over the $600,000 mark.

With our population growth and demand for properties continuing to exceed the supply or housing stock, prices are likely to continue increasing in the short to medium term. In fact, new research issued by AUT earlier this week suggested that at our current rate of supply we won’t reach demand until the mid-to-late 2020s. This means that price pressure could well be an issue for some time – particularly in our more densely populated cities,” says Norwell. (CEO REINZ)
 
National Overview: (by REINZ)
The low number of new listings in July has meant that the number of houses sold in New Zealand during September decreased by -3.0% year-on-year. This was the lowest level number of properties sold since January this year, according to the latest data from the Real Estate Institute of New Zealand (REINZ), source of the most complete and accurate real estate data in New Zealand.

The number of properties sold across the country fell from 5,674 in September 2017 to 5,506 in September this year – 168 fewer properties. This is the lowest for the month of September since September 2011.

Regions with the largest annual decrease in sales volumes were:

  • Northland: -21.9% (from 215 to 168 – 47 fewer houses) – the lowest since January 2018
  • Gisborne: -21.7% (from 60 to 47 – 13 fewer houses) – the lowest since January 2018
  • West Coast: -18.9% (from 37 to 30 – 7 fewer houses) – the lowest since December 2017.

National Market:

newsletterMedian Sale Price: $556,000

newsletterChange Since Last Yr: + 5.9% 

newsletterAvg Days on Market: 36
 
Bindi Norwell, Chief Executive at REINZ says: “With July’s listings down by 5.4% year-on-year and an all-time low level of listings in seven regions, it’s little wonder that September’s sales volumes were so low. There simply weren’t as many properties for sale resulting in a very quiet start to spring. “However, with September’s listing numbers up 11.7%, it is expected that October and November’s sales volumes will be much stronger – particularly as people want to sell ahead of Christmas”.

Prices continue to grow in the regions with 4 regions achieving record prices
While volumes were down around many parts of the country, the reverse was true from a price perspective, with 14 out of 16 regions experiencing an increase in median prices when compared to September last year.

Of those 14 regions, 4 achieved record median prices and 1 region equaled a previous record median:

  • Gisborne: +26.9% to $342,500 (up $72,500 from the same time last year)
  • Nelson: +23.1% to $592,000 (up $111,000 from the same time last year)
  • Manawatu/Wanganui: +18.9% to $321,000 (up $51,000 from the same time last year)
  • Northland: +12.2% to $505,000 (up $55,000 from the same time last year)
  • Hawke’s Bay: +13.5% to $445,000 an equal record with August 2018 (up $53,000 from the same time last year).Northland Overview: (by REINZ)

Northland Market Overview:
“The Northland market continues to see good buyer demand, especially for 3-bedroom houses in the $350,000 - $500,000 range, where stock numbers have been very low. This demand has helped push the median price up to the record $505,000 experienced during September. Much of this price growth has been in the Whangarei District in areas such as Hikurangi-Coastal and Whangarei Heads Wards which have experienced annual price increases of 142.9% and 34.4% respectively. The sunnier spring weather has brought a welcomed rise in new listings (up 13.7%) and a big lift of open homes attendance. Banks continue to be cautious with lending. Investors have started to show interest again, however, they are careful and are mostly interested in fully insulated properties that don’t need any maintenance ahead of the upcoming Healthy Homes legislation announcements.” Bindi Norwell REINZ CEO 

Northland Market:

newsletterMedian Sale Price: $505,000    

newsletterChange Since Last Yr: + 12.2%     

newsletterAvg Days on Market: 48

REGIONAL COMMENTARY (by REINZ)
Our seasonally adjusted results tell us that, compared to what we expect when moving from August to September, the observed increase in median price was greater than expected and the observed decrease in sales count was greater than expected. The current Days to Sell of 48 days is less than the 10-year average for September which is 55 days. The level of inventory available for sale currently sits at 33 weeks, four weeks more than in September 2017.
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So all in all compared to last year Northland and especially Whangarei’s Property Market is doing well and with spring and summer soon to be upon us now is certainly a good time to sell your property.

That’s all from us for now, so take care everyone, and keep on enjoying our Spring as we look again to Summer in our ‘Winterless Northland’.Harcourts appraisal mtb

Thinking of SELLING OR BUYING then please give us a call as we would love to help you with your property!

Thinking of SELLING OR BUYING then please give us a call as we would love to help you with your property!

Kind Regards,

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Miriam and Steve as TEAM DAVIS
Sales Consultants - Licensed Salespersons REAA 2008
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Optimize Realty Ltd Licensed Agent REAA 2008
Contact Details:

Freephone: Team Davis 0800 TEAM DAVIS (832 632)
Miriam: 0275 776 335  E: miriam.davis@harcourts.co.nz
Steve:  021 820 015     E: steve.davis@harcourts.co.nz
Website: www.teamdavis.co.nz
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