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Provisional housing market update for July 2014

Provisional housing market update

August 2014, Auckland and Northland

Press Release: Harcourts

4 August 2014

Provisional residential data from New Zealand’s largest real estate group Harcourts for the month of July shows there has been a decrease in the number of new listings. While this is not unusual for winter, the drop is significant enough to point to other factors at play.

Harcourts CEO Hayden Duncan says there is an overall lack of housing stock and people are hesitant about listing their house for sale because they fear they will not be able to buy elsewhere. Others are holding onto property when they buy somewhere new, as rental returns are so lucrative. As a result, the provisional data shows listings have dropped by 38% compared to the same time last year.

When houses are listed they are selling quickly and for good prices. The average price in Auckland and Northland is sitting at $670,656.

There is likely to be a resurgence in the number of listings come spring time, so buyers considering selling would be wise to do so now.

Hayden Duncan says the current climate is a good time for sellers to take advantage of lower levels of competition coupled with strong selling prices.

Meanwhile, Harcourts is continuing to push for the timely and quality construction of new homes to keep up with the demands of our growing population.

Full statistical data from Harcourts for residential sales in the month of July will be available on 11 August.

ENDS

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