The median sale price was $375,000 for June, down from $387,010 in May. This is loosely in line with the ongoing trend but with so few sales, we expect a certain amount of volatility in this figure.
The number of sales was 124, down from 198 in May and 139 last June. This is one of the lowest monthly sales totals we have seen, largely reflecting the very low number of properties coming to market. The median number of days to sell was only 25, which continues to show the quick response to new listings.
The number of buyers competing is extraordinary with as many as 12 offers on some properties in our office. This is obviously creating much disappointment for those who miss out. Buyers are doing everything they can to be competitive, including carrying out their due diligence and confirming finance before offering.
With July 1st having just passed, the Anti Money Laundering (AML) regulations are now in place for the legal profession, which is now required to verify the identity of all clients. In some cases, lawyers are also required to ask for proof of where the funds for a property purchase have come from. This may make the purchasing and settlement process a little longer, so it is important that if you are buying you discuss this with your lawyer before offering to ensure a smooth process. There will be some responsibilities for the real estate industry as well, but they do not come into play until 1st January 2019.
Joe Nidd AREINZ
Liz Nidd FREINZ