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Northern Region MarketWatch

Northern Region MarketWatch

NORTHERN REGION November 2013 November 2012 Change

Total listings 694 772 -10.1%
New Auctions 289 301 -4%
Property on Hand 1,804 1769 2%
Written Sales 529 587 -9.9%
Average Sale Price $659,835 $576,349 14%

Regional Overview:

The average house price in the Northern Region has again increased, reaching an all-time high of $659,835.

While the market took a slight pause at the introduction of the loan-to-value restrictions in October, first home buyers have since wised to the alternatives available without a 20% deposit and are buying in good numbers. Lenders have also adapted and are offering flexible and creative solutions.

Investors are returning to the market and are picking up any gaps possibly left by s ome first home buyers.

The market in west Auckland is particularly strong, with buyers recognising the value for money to be had close to central Auckland. Auction numbers are strong and account for 40% of all listings.

Most vendors seriously consider this method of sale when listing a property, as it allows the high demand market to determine price.

Stock levels remain low, as has been the case for the past 12 months. This is affecting the number of written sales (-9.9%) and total new listings (-10.1%), which are both down on the same time last year. However, there has been an increase in the number of residential listings compared to October, and we expect this will be reflected in future sales figures.

ends

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