NORTHLAND PROPERTY MARKET UPDATE ON RESULTS FOR FEBRUARY 2020
In a SNAPSHOT : Volume is UP, median price is UP, but it is taking longer to sell compared to last year with days to sell sitting on average at 55 days.
Our Northland Property Market Update: For the month of February continues to see a lot of properties going to a ‘Muilti-offer’ situation with multiple buyers all trying to buy the same property. This again highlights the shortage of stock we currently have in the under $600k price ranges. The current days to sell is reflecting the longer time it is taking to sell properties above $600k.
NATIONAL OVERVIEW: (by REINZ)
Median house prices across New Zealand increased by 14.3% in February to a new record median price of $640,000, up from $560,000 in February 2019. This was the largest percentage increase in 53 months according to the latest data from the Real Estate Institute of New Zealand (REINZ).
NATIONAL MARKET KEY INDICATORS:
NORTHLAND OVERVIEW: (by REINZ)
“Far North District also had the second highest annual increase in median price in the country, up 49.3%. The REINZ House Price Index also crossed the 3,000 mark for the first time, recording 3,009. Generally, the market has been busier with more investors in the market and more attendees at open homes. A good number of new listings have entered the market (+9.9% annually) especially in the latter part of February. However, there is still a lack of available listings particularly for first home buyers who are looking to use their KiwiSaver and HomeStart grants.
The positive activity in Auckland is driving enquiry and sales in the Northland region. Expats are making a return to the market and over the next few months we expect to see an increase in the number of retirees and expats continuing to look to purchase in the Northland region.” Bindi Norwell REINZ CEO
SUMMARY OVERVIEW AND DETAILED STATISTICS:
The Northland Property Market continues to show a strong performance with movement in Median Price and this month a good volume increases as well.
What we continue to experience on the ground however is a dual market at play where the lower end of the market eg. Under $600k is a ‘sellers market’ with good properties selling fast and achieving good prices, with high buyer demand and low stock. Whereas the over $600k market is a lot slower a ‘buyers market’ and the higher the property price the slower typically the selling time.
So while the numbers show that we have good stock numbers for sale, we don’t have enough of the right properties to sell ie. Under $600k.
You think our roads are getting busier, well you are right, as we continue to see buyers coming from further afield esp. Auckland where we have both first home buyers, investors and families wanting to move north and looking for good properties to buy.
As we write this update now in March 2020 the trends above seem to be continuing and this will continue to be the case unless we see more stock come to market.
If you want to sell your property give us a call as now is definitely a good time to be on the market.
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