Team Davis August 2018 northland Property NEWSLETTER

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Seagulls and SpringWell it’s that time again as we come to the end of our winter to bring you the latest market data. Spring is in the air, breathe it in! Many of you, like us are looking at the new born lambs, the daffodils, the beautiful flowering spring trees, particularly the magnolias, which are one of our favorites!

Bindi Norwell, Chief Executive at REINZ says: “The shortage of properties available for sale across the country is continuing to push prices up in all regions across the country except for Auckland. With July producing another four regions with record median prices we desperately need to increase the supply of new houses – be that through KiwiBuild or from private developers and builders – in order to fill the significant shortage of properties around the country.

 National Overview: (by REINZ)

House prices across New Zealand have continued to rise in July with a 6.2% increase year-on-year with a median price for the country of $550,000 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.

For New Zealand excluding Auckland, the increase was even greater with an 8.6% annual increase from $419,000 to $455,000. In Auckland, prices fell -0.1% year-on-year to $835,000 (down from $836,000).

Four regions saw record prices during July:

  • • Northland (+5.7% to $481,000)
  • • Taranaki (+15.4% to $375,000)
  • • Nelson (+15.2% to $547,000), and
  • • Marlborough (+13.4% to $453,500) – the second record month in a row.

    Northland Overview: (by REINZ)

“Northland continues to see a steady winter market and the region experienced a record median house price of $481,000 for the month, led by growth in the Far North and Whangarei. With the continued strong interest, the listing shortage continues and there is very little bare land for sale. Most buyers are owner/occupiers, which is a quite interesting change in the market because it means that first home buyer and investor interest has slowed down; an effect that is most likely due to very low listing numbers in the right price bracket. The Northland market continues to be of interest for out of towners, especially with a lot of interest from Auckland. When spring kicks in we should see the usual pick up in listings in all price brackets.”Bindi NorwellREINZ CEO

Our seasonally adjusted results tell us that, compared to what we expect when moving from June to July, the observed increase in median price was greater than expected and the observed decrease in sales count was less than expected. The current Days to Sell of 49 days is considerably less than the 10-year average for July which is 59 days. The level of inventory available for sale currently sits at 30 weeks, three and a half weeks less than in July 2017.

Northland July Sales Data1

Northland July Sales Data2

So all in all the market is doing well compared to last year and with Spring just around the corner this is a good time to sell your property. 

Well that’s all from us for now, so take care everyone, and enjoy the arrival of Spring in our ‘Winterless Northland’.

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:
Steve:  021 820 015     E:
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