This month’s stats show one of the largest single month rises in median sale price we have seen, from $515,000 in August to $568,000 in September. The increase in sale numbers is also significant with 216 up from only 141 sales in August. The median number of days on the market was just 22 down from 27.
This illustrates the continued trend in market activity with prices remaining on their upward trajectory despite many predictions to the contrary.
Listing numbers have not changed dramatically with 249 listings on realestate.co.nz today compared to 257 in the last report showing demand continuing to meet any increase in supply.
A number that really stood out for us this month was the highest value sale which was $2,400,000 for a home in the heart of Maori Hill. These very high-end sales are occurring more regularly and we expect this trend to continue as ex-pats return to live in New Zealand and see good value in the top end of the market.
With the election pending we have seen property related policy positions being promoted with Labour promising to regulate the Property Management sector and National committing to RMA reform. Both major parties are positioning themselves as the choice to stimulate much needed building of new property.
Joe Nidd AREINZ
Liz Nidd FREINZ