National MarketWatch for September 2015
The latest residential housing figures from Harcourts, New Zealand’s largest real estate group, show written sales up strongly across the country last month, with a 33.8% increase on the same period in 2014.
There were also clear signs of Auckland’s heated market spreading to the other parts of the country with a sharp 67.6% in written sales recorded in the Central Region, compared to August 2014. That region also recorded a 174.2% increase in auctions compared to the same period last year, as vendors in areas such as Tauranga and Hamilton, try to meet the demand of Auckland buyers looking to invest outside the country’s largest city.
Auction figures were up across the country as a general supply shortage has vendors making the most of demand.
Meanwhile, ongoing demand in Auckland is still pushing house prices up, with the average sale price in last month at $817,580, up 25% on the same period in 2014. House prices were up and 9% across the country compared to August last year, with Wellington the only region to record a small dip.
Harcourts CEO Hayden Duncan says while parts of the country have been through a typically quiet winter period, the ongoing increases in the number of sales are a sign there a plenty of vendors and buyers still active in the market.
“With mortgage rates so low, and indications the Reserve Bank will reduce the OCR again before the end of the year, it seems unlikely the residential market is going to slow much before Christmas.”
NATIONAL: Written Sales Year to date