The median sale price was $415,000 in February. This is an increase of just $5,000 from last month but still up significantly from $370,870 this time last year.
The number of sales was 189 which is about what we would expect based on recent activity. Thankfully, as expected, the number of listings has continued to increase over recent weeks, now up to 362, providing some much-needed choice for buyers.
The median number of days to sell was 23 which demonstrates that the speed at which most properties are selling has not let up.
The response to new listings coming to market, particularly between $250,000 and $500,000 is incredibly fast. A lot of buyers have already missed out on several properties and are following the new stock almost by the minute judging by the emails that arrive as soon as a property goes ‘live’. Multi-offers are typically being won by unconditional buyers still as people aim to maximise their chances of securing properties.
We are seeing more investors exiting the market not wanting to spend money to upgrade their properties as required by legislation enforcing stricter standards. This is unfortunate in a rental market with an acute shortage of property available and is likely to push rental prices even higher than they are now. Many investors who have taken good advice and continued to upgrade their properties are mostly supportive of the changes and are holding tight.
Joe Nidd AREINZ
Liz Nidd FREINZ