This month there was another $5,000 rise in the median price to $520,000.
Days to sell came back by three to just 20. There have been more listings coming to market but with continuing pressure from buyers they are still resulting in many multiple offer situations, especially in the first home market. There were 197 sales which is about what we would expect based on the listing stock available. It appears that listing numbers are already reducing as we move towards Christmas and the holiday period.
Today there are 297 listings on Realestate.co.nz, which is a slight improvement on what we saw earlier in the year but still low for early December.
We are continuing to see a tightening by the banks in criteria for finance and there is some concern that this will continue and be exacerbated by the requirements being imposed on banks by the Reserve Bank to hold a greater amount in their reserves. It is also felt that this could result in a rise in interest rates which would be the first in a very long time.
We would like to wish all our clients and friends an extremely happy and safe Christmas and a wonderful holiday period. Thank you for your support in 2019.
Joe Nidd AREINZ
Liz Nidd FREINZ