Sales up, prices constant in Auckland and Northland

Sales up, prices constant in Auckland and Northland

Harcourts’ figures show there were 529 residential sales in the Northern Region in May, which is down by 6.7% on the same time in 2013, but an increase of 13.2% compared to April’s sales.

The average residential property price is $696,047, an increase of 12% on the previous year’s average of $619,136. The average price for the past quarter has consistently sat between $695,000 and $697,000.

The data suggests residential properties are selling well and prices have not dropped.

Auctions account for 40% of all listings, with sales achieved at auction remaining constant.

At current levels of sale the Northern Region has enough property on hand to last for 3.5 months. This statistic highlights how limited the Auckland and Northland pool of housing is, with well-priced properties sold quickly.

Harcourts CEO Hayden Duncan says Harcourts will continue to champion the fast-tracked construction of quality houses needed to keep up with our growing population.

“We also remain on the side of first home buyers, who need more choice and the removal of LVR restrictions to help them achieve the Kiwi dream of home ownership.”

Mr Duncan says Harcourts’ data for the Northern Region’s continues to show LVR restrictions have not dampened prices or sale numbers.

http://img.scoop.co.nz/media/pdfs/1406/Northern_MarketWatch_June_2014.pdf

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