The median sale price was $445,000 in December. This is a significant increase on $426,000 of November.
The number of sales was 190 which is slightly down from last December when there were 199 sales. The number of listings has slipped to 251 but this is to be expected as there are a limited number of people who want to go to market in the last two weeks of December, yet properties now continue to sell right up to Christmas Eve. It is encouraging to see many new listings coming to the market as the working year starts. This should replenish the depleted inventory of property for sale.
The median number of days to sell was only 24 and there are still many buyers waiting in the wings for new listings, so we expect this to stay low over the coming months.
New Loan to Value Ratios which came into effect from 1st January 2019 will likely ease the path to purchase for first home buyers, but with continued upward pressure on prices, further relief may be required.
The real estate industry is now governed by new legislation to combat Anti Money Laundering / Countering Financing of Terrorism (AML/CFT). This requires us to collect proof of identity for all persons, including trustees and powers of attorney who list property for sale, and proof of ownership of all property listed.
Joe Nidd AREINZ
Liz Nidd FREINZ