colinrealestate

Confirmed house sales price lifts, are reported to have eased. Median prices in Otago; Auckland and Canterbury have lessened. The median fell back $9,000 compared to June to $385,000.

However, house sales have surged through July to achieve a six year high for the month of REINZ data for the real estate market in New Zealand shows 6,777 sales in July, up 14% on July last year. The seasonally adjusted national asking prices were at a record high in July at $465,191, up 8% on last year.

First National Offices across the country are reporting a very active winter in residential sales. The continual lack of listings is making it difficult for buyers. However July listings are up 9% on the June figures. Reports from agents across the country would indicate that first home buyers are moving quickly to secure their properties. This is ahead of any Reserve Bank move to restrict lending through increasing the deposits required to purchase their first home.

The days to sell a house took one day longer in July, now at 35 days. Central Otago has seen the largest improvement in days to sell improved by 15 days.

As we head out of winter and into spring we are waiting to see the usual season lift in listings & sales activity. The Kiwi-saver first-home buyers, with increased levels of income and purchasing, will also be entering the market and those who wish to buy prior to the loan-to-value constraints take full effect. All factors will result in an interesting and positive spring for those wanting to take advantage of a sellers’ market.

Filed under: REAL ESTATE | Tagged: Real Estate