The usual launch into spring has not arrived as strongly this year with 184 sales for the month, down from 227 in September 2015. The median sale price of $311,000 has pulled back a little from last month although the trend for the year is certainly still upwards on prices.
The median number of days to sell is still extremely low at 20 days and reflects the lack of new property coming to the market. There were 13 section sales for the month which continues to show good turnover in the bare land market.
Listing numbers are still relatively low with 499 on Realestate.co.nz and TradeMe at 327. Listing inventory is continuing to show an upward trend with supply of listings finally starting to meet (or even exceed) the buyer demand.
Given that the majority of the reduction in sales is below $300,000 along with what we are experiencing at the front line, it appears that the investor market has sharply dropped off with the staunch implementation of the LVR rules by lenders. This is likely to alleviate some of the pressure in the lower price bands, reducing some of the competition for first home buyers.
Don’t hesitate to contact us on [email protected] or 477 4470 if you would like to arrange a visit from one of the team to help establish the value of your property in the current market.
Joe Nidd AREINZ
Liz Nidd FREINZ