Team Davis SEPTEMBER 2018 northland Property NEWSLETTER

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Hello
With spring comes fishing, and how the seagulls must look forward to this time of year again as kind fishermen and ladies cast off their fish scraps.  Yes, it is time again to get out and about, dust off your fishing gear and get ready for another season of northland bounty.

Here is our latest Property Market Update.

Median house prices for New Zealand increased 3.6% year-on-year to $549,000. For New Zealand excluding Auckland, the increase was even greater with a 6.2% annual increase from $428,500 to $455,000. Bindi Norwell, Chief Executive at REINZ says: “Above average temperatures for New Zealand in the final month of winter has had a positive impact on the real estate industry with prices increasing in 14 out of 16 regions across the country.
 
National Overview: (by REINZ)
 “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,” says Norwell.

National Market:

Median Sale Price: $549,000

Change Since Last Yr: + 3.6% 

 Avg Days on Market: 37

The number of houses sold in New Zealand during August increased by 3.1% or an additional 188 properties, when compared to the same time last year (from 6,028 to 6,216).

For New Zealand excluding Auckland, the number of properties sold increased by 5.6% an additional 233 properties when compared to August 2017 (from 4,191 to 4,424). In Auckland, the number of properties sold decreased by -2.4% or 45 fewer properties, from 1,837 in August 2017 to 1,792 in August 2018.

Regions with the biggest annual increase in sales volumes were:

  • Southland: +23.8% (from 147 to 182 – an additional 35 houses)
  • Taranaki: +23.3% (from 150 to 185 – an additional 35 houses)
  • Gisborne: +16.7% (from 48 to 56 – an additional 8 houses)
  • Waikato: +12.1% (from 612 to 686 – an additional 74 houses). 

Regions with the largest annual decrease in sales volumes were:

  • West Coast: -9.8% (from 41 to 37 – 4 fewer houses)
  • Bay of Plenty: -6.2% (from 467 to 438 – 29 fewer houses) – while this figure was up on July, it’s the lowest number of sales for the month of August for 4 years
  • Northland: -4.8% (from 187 to 178 – 9 fewer houses) – the lowest since January 2018. 

                   
Northland Overview: (by REINZ)
“The Northland market has seen a steady end to winter, with increases in median prices across all three districts. Listings have slowed in some parts, but interest levels have remained high, resulting in good visitor numbers for newly listed properties. A $900,000 home in Kerikeri recently sold within a week for the full price receiving multiple offers. However, buyers are specific in what they are looking for as similar properties have been listed for weeks with no enquiry. So how your market your property is critical to your success. 

First home buyer interest has cooled. This is a combined result of the Home Start Grant, which tops at $400,000 and doesn’t see too many properties left in that price range, and it is also because banks are being tough on lending and building reports. Most cash buyers are making an offer only after they have successfully sold their home. Only a small percentage of contracts are subject to the sale of another property. Listing numbers have improved, and we expect with spring, that listings will most likely continue to increase.”

Northland Market:

Median Sale Price: $450,000 

Change Since Last Yr: + 7.1%     

 Avg Days on Market: 48

REGIONAL COMMENTARY (by REINZ)
Our seasonally adjusted results tell us that, compared to what we expect when moving from July to August, the observed decrease 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 considerably less than the 10-year average for August which is 63 days. The level of inventory available for sale currently sits at 31 weeks, one week more than in August 2017.
 


So all in all compared to last year, Northland and especially Whangarei’s Property Market is doing well and with Spring upon us, now is certainly a good time to sell your property.  

That’s all from us for now, so take care everyone, and enjoy 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!

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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