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National property market analysis for May 2014
National property market analysis for May 2014
Statistics for the month of May reveal prices in
Auckland and Christchurch remain strong, with consistent
levels of sales achieved over the past quarter, although
down on the same time last year.
In the provinces it is a different story, with sale numbers dropping off and average prices rising – an indication that LVR restrictions are affecting buyers at the entry level of the market.
Harcourts has long said LVR restrictions would not have the intended affect in Auckland and Christchurch, two markets driven by low supply of housing and high demand. The provinces have borne the brunt of the restrictions, which have prevented first home buyers from achieving home ownership.
In Auckland there is enough housing stock to last for 3.5 months at current levels of sale. In Christchurch housing stock would last for 4.6 months. This highlights how limited the pool of housing is in these two cities, 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 in Auckland and Christchurch. Elsewhere in the provinces, Mr Duncan says Harcourts remains on the side of first home buyers, who would benefit from the removal of LVR restrictions to help them achieve the Kiwi dream of home ownership.
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