Team Davis NOVEMBER 2018 northland Property NEWSLETTER

TD pic with harcourts logo

seagull and td summer special nov18

Summer is coming and with it we have a Summer Property Listing Special.

So please contact us if you would like a Free No-Obligation Property Appraisal and we’ll reserve our special for you.

Along with our longer days comes Sunny weather just right for being at the beach and enjoying all that our Winterless Northland has to offer.  So enjoy your time with family in whatever summer activities you share.

 Here is our latest Property Market Update.

The number of residential properties sold across New Zealand increased by 15.5% year-on-year – the highest number of sales in 5 months 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 nationally increased from 5,880 in October 2017 to 6,791 in October 2018 – an increase of 911 houses.

“October saw the real estate market spring back into action with the volume of sales increasing nationally by 15.5% when compared to the same time last year. This is the highest number of sales for the month of October in 2 years, and is the equivalent of an additional 29 houses sold each day across the whole month. It should also be noted that last year’s sales volumes were impacted by the election.” Says Bindi Norwell, Chief Executive at REINZ

October also saw the introduction of the foreign buyer ban, and while there have been pockets around the country of people talking about a rush ahead of the ban. The Statistics New Zealand’s September quarter figures show the lowest level of foreign buyers since they began keeping records, we’re confident that most of October’s lift in volume is attributable to the spring lift rather than a rush of foreign buyers looking to get in ahead of the ban.

National Market:

teamMedian Sale Price: $562,000

teamChange Since Last Yr: + 5.8% 

teamAvg Days on Market: 35
 
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”.

Northland Overview: (by REINZ)

Our seasonally adjusted results tell us “October saw a welcomed spring uplift in listing numbers for the Northland market. New listings were up 26.2%, adding another 545 more houses to the market giving the region a total of 1,370 available properties. We see some investor properties coming to market due to landlords not wanting to cover the upgrade costs to meet the upcoming Healthy Homes legislation requirements. We also see a sharp decline in investor interest compared to 12 months ago, indicating a cautious ‘wait and see approach’ to how legislative changes will affect the market. However, the overall sales volume is strong, with a 38.5% increase compared to September. The increase in listing numbers will most likely continue up until Christmas suggesting a busy real estate market over the coming months.” Bindi Norwell REINZ CEO

Compared to October 2017 • Median Price up 17.5% • Sales Count up 21.7% • Days to Sell decreased 4 days Compared to September 2018 • Median Price down 3.5% • Seasonally adjusted median price down 1.5% • Sales Count up 38.5% • Seasonally adjusted sales count up 22.8% • Days to Sell decreased 5 days.

In some specific areas eg. One Tree Point we are seeing less Aucklanders coming to buy properties.  This seems due to the slowdown of the Auckland market.

Northland Market:

teamMedian Sale Price: $487,500    

teamChange Since Last Yr: + 17.5%     

teamAvg Days on Market: 43

REGIONAL COMMENTARY

Our seasonally adjusted results tell us that, compared to what we expect when moving from September to October, the observed decrease in median price was slightly greater than expected, and the observed gigantic increase in sales count was much greater than expected. The current Days to Sell of 43 days is less than the 10-year average for October which is 51 days. The level of inventory available for sale currently sits at 38 weeks, nine weeks more than in October 2017.

In Whangarei we still have more buyers looking to buy property than we have properties to meet their needs. 

Nov2018 1 Nov2018 2 Nov2018 3

So we continue to see the same trend whereby Northland and especially Whangarei’s Property Market is doing well and with summer soon to be upon us this will continue as Summer is our peak time for Buying and Selling. 

So NOW is certainly a good time to sell your property.

Well, that’s all from us for now, so take care everyone, and enjoy the last of our spring days as we count down to summer in our ‘Winterless Northland’.​

If you are thinking of SELLING then please give us a call as we would love to help YOU!

Kind Regards,

teamwhat our customers are saying
Miriam and Steve as TEAM DAVIS
Sales Consultants - Licensed Salespersons REAA 2008
Harcourtslogo with mtb2018    TD follow us on Facebook
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
201805 Most Trusted Brand whg
 
Want to know the latest about Northland Property, then subscribe to our Market Updates below.

captcha