Team Davis february 2019 northland Property MARKET UPDATE

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6 things you need to do to sell for 10pc more

Late last year we released 5 new Property Videos all designed to provide sound advice to property owners.

We invite you to click on the image to the left or on the link below to see more of our videos. https://propertyconsultants.nz/videos

For most people their Property is their most valuable asset, so if you are selling you need to be sure that you are getting the best price.  Marketing, Selling and Negotiation are 3 very important things to get right.  We have the skills to ensure you get the very best price at the time of selling your property.

Right now we have the very latest Market Update for Northland for you.

Here is REINZ latest Property Market Update:

January has pointed to a two-tiered (ie. Auckland vs Regions) real estate market continuing with 14 out of 16 regions experiencing annual increases in the median price for residential properties, including 5 new record median prices, while Auckland and Canterbury saw prices fall according to the latest data from the Real Estate Institute of New Zealand (REINZ).

National Market:

teamMedian Sale Price: $550,000

teamChange Since Last Yr: + 5.2% 

teamAvg Days on Market: 48
 

Northland Overview: (by REINZ)

“The Northland market saw prices increase 14.1% compared to January 2018 to $485,000. Additionally, the Whangarei District achieved a record median price of $527,000. The strong price growth is echoed by an 8.6% increase in the REINZ House Price Index for the Northland market. However, sales volumes tell a different story with an annual fall in the number of properties sold by 8.6%. The banks seem slow to approve lending which could be a result of what’s happening in Australia. New listings remained exactly the same as last January and total inventory increased 8% year-on-year. First home buyer behaviour remained the same, but there were fewer cash buyers compared to December. We expect new listings to pick-up and more activity in general across the Northland region in the next few months.”   Bindi Norwell REINZ CEO

Dec1

Northland Market:

teamMedian Sale Price: $485,000    

teamChange Since Last Yr: +14.1%     

teamAvg Days on Market: 58

REGIONAL COMMENTARY

Our seasonally adjusted results tell us that, compared to what we expect when moving from December to January, the observed small increase in median price was in contrast to the expected small decrease and the observed large decrease in sales count was only slightly larger than expected. The current Days to Sell of 58 days is less than the 10-year average for January which is 62 days. The level of inventory available for sale currently sits at 33 weeks, five weeks more than in January 2018.

Detailed Statistics are:

Feb2

Feb3

Well we continue to see a lot of negative numbers coming through this month which will continue to raise the question about whether our market has ‘peaked’.  The next 2 months will further demonstrate whether this is so. But while volumes are down on last year the price remains up except for the Far North with Whangarei doing well.

On the ground we continue to experience buyers becoming more fussy about what they are buying and while there are still some investors buying, a large part of the drop in sales could well be due to a reduction in investment buyers in the market in December and now January.  This is due to Landlords having to upgrade all their existing properties to meet new Landlord Rental Obligations with all rental properties requiring to be insulated by 1 July 2019 or face being fined $4000.

We still have a lot of buyers looking for properties that aren’t on the market, location is a key requirement with properties wanted not being available at present in the locations buyers are looking to move to.

So if you are thinking of Selling, NOW is still a good time to be listing your property.

Anti-Money Laundering legal requirements are being well taken care of with Harcourts, where we have a phone app that makes this process easy provided we have all the information (documents) required. If you have any questions about this please give us a call and we can help with advising you more on this.

Well, that’s all from us for now, so take care everyone, and continue to enjoy our hot summer days and evenings which are great for family BBQ’s.

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

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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