The median for July was $462,290, up from $430,000 but almost $50,000 up from July 2018. Although this is a large increase and another record median, the continued upward trend is a more significant point to note given the limited number of sales to gather data from.
The number of properties sold slipped back from 191 in June to just 148 in July 2019 which is incredibly low, even for this time of year.
Today there are 200 listings on Realestate.co.nz. Buyers continue to have to compete for a very small pool of properties. This was evidenced very strongly last week when a small unit we marketed in South Dunedin attracted nine offers at deadline. Once again it was a substantial unconditional offer that was the winner.
The median number of days to sell continues to be short at only 26.
In investment news, the first fines have been issued by the Tenancy Tribunal under the Healthy Homes Act for non-compliance so landlords throughout the country can now see the negative consequences of not ensuring their property is up to the new standards.
The next small hurdle for investors lies with the need to provide insurance information on all tenancy agreements. As time passes and the compliance burden increases, we are seeing more investors sell or put their properties into professional management.
Joe Nidd AREINZ
Liz Nidd FREINZ