NORTHLAND PROPERTY MARKET UPDATE ON RESULTS FOR JULY 2019

In a SNAPSHOT: Volumes are up (Northland is slightly down) and prices are down and it is taking longer to sell.

July results are showing that for the month vs last year volume and prices are both sightly down.  While the volume is what it is, we would not agree with prices being down based on our experience during the last month, so this is most likely just an overall market median price mix issue.

NATIONAL OVERVIEW: (by REINZ)

The number of residential properties sold across New Zealand in July increased by 3.7% from the same time last year to 6,118 (up from 5,897), the highest for the month of July in 3 years, 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 first time in eight months we have seen an overall increase in the number of properties sold. Overall prices fell across New Zealand by -1.9%.

NATIONAL MARKET KEY INDICATORS:

NORTHLAND OVERVIEW: (by REINZ)

“In July, the Northland market saw sales volumes decrease by -5.1% when compared to the same time last year. The to­tal number of inventory available for sale increased year-on-year by 16.7%, with a 2.6% increase in new listings in July. The median sale price decreased 1.9%, although the Far North district saw a record median price of $550,000. Anecdotally, we are seeing less attendees at open homes, with a lack of urgency from buyers.

There are fewer cash buyers this month compared to this time last year, with the majority looking for properties in the more expensive end of the market. We expect listing numbers to increase as we head into spring” Bindi Norwell REINZ CEO

SUMMARY OVERVIEW:

DETAILED STATISTICS ARE:

As we hit the mid way point of Winter, our Volume is down and our Prices are down but only slightly in both cases.  While this is a measured against last year, our volume of sales for Northland are continuing to return to a more normal level with Prices still typically up on CV’s but according to the data we were slightly down on last year which may just be a median market mix result as this would not agree with our own experience in property sales for the month of July.

On the ground we are still finding that buyers are being very particular about what they are buying, with a lot of interest from buyers around the medium price range of the market but less buyers in the upper end of the market ie. Above $800k.

We have also noticed the return of investors to the market with an increase in the number of people looking for a first investment property

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