Median sale prices increase in New Zealand, Auckland hits new record in August
According to the Real Estate Institute of New Zealand (REINZ) latest datas, housing inventory available for sale is continuing to rapidly fall nationwide,with an 18% decline in properties available for sale year-on-year and five regions with less than 12 weeks of supply, representing almost 70% of sales volumes.
According to the latest figures, source of the most recent, complete and accurate real estate data in New Zealand, Wellington has the fewest properties for sale with just seven weeks of supply, closely followed by Otago with 10 weeks of supply and Auckland, Waikato/Bay of Plenty and Hawke’s Bay with 12 weeks of supply.
The number of unconditional residential sales in August was 7,527, up 3% on July this year but down 3% compared to August 2015. On a seasonally adjusted basis, the number of sales fell 0.2% from July to August. Sales in Auckland were down 20% compared to August last year.
The national median price rose 5.8% year-on-year to $492,000, but slipped back 3% ($13,000) from its record high of $505,000 last month.
Two regions hit new record high median sale prices in August:
– Auckland reached $842,500 (up 14% year-on-year, or $102,500)
– Nelson/Marlborough hit $430,000 (up 12% year-on-year, or $45,000).
Excluding Auckland, median prices fell 1%, or $2,780. Central Otago Lakes recorded the largest percentage increase in median price compared to August 2015, at 41%, followed by Waikato/Bay of Plenty at 23% and Manawatu/Wanganui at 15%.
Real Estate Institute of New Zealand (REINZ) spokesperson Bryan Thomson says, “The underlying trends indicate that the struggle for stock is the single biggest factor driving market behaviour and price expectations across the country, as we await Spring listings.
“We have been highlighting the lack of inventory for some time, and it continues to be a major contributing factor in the volume of sales across all regions. This is particularly so in Auckland, where inventory levels are at historic lows.”