The median sale price for the month has hit another all-time high at $398,000 which is in keeping with the recent trend. It is worth noting, however, that this is taken from a relatively low number of sales this month so may not be a perfect representation of growth in the market.
New listing numbers are certainly down with buyers once again outstripping the number of new listings coming to the market. In part, this reduction could be because school holidays fell within this month and they do tend to impact on listing activity. The number of days to sell is still very low at 26.
The number of sales for April was 197 which is 6 more than the same period in 2017. The shortage of rental properties continues, particularly in the range between $250 and $350 a week, and this is continuing to put upward pressure on rental price growth.
There is still much talk about Healthy Homes and asbestos control, so owners of rental property need to be aware of their obligations under the Residential Tenancies Act as there are timelines which these obligations need to be met within. Feel free to get in touch if you need any advice regarding compliance and the changes to the Act.
Joe Nidd AREINZ
Liz Nidd FREINZ