Northern region provisional housing market update

Northern region provisional housing market update (April 2015)

Posted in: New Zealand, Press Release, Research

Provisional residential data from New Zealand’s largest real estate group Harcourts for the month of March shows that the average house price for Auckland/Northland was up 21% compared to last year to $844,188.

Written sales for the month were up strongly (31.9%) to 810, while new listings for March were down 21.2% to 740 and inventory was down 12.8% to 1716.

Harcourts CEO Hayden Duncan says that despite the rapid rise of house prices in Auckland, buying activity is not slowing down.

“Harcourts had a very busy March throughout the country but nowhere was that more evident than in Auckland where sales activity was the strongest we’ve seen in more than a decade. With the current market conditions, we’re anticipating demand will remain strong well into autumn and winter.

“With figures released this month showing that the number of building consents issued in Auckland remains well below the level needed to accommodate population growth, the supply and demand imbalance looks set to continue for the long-term. Aucklanders should not expect to see any deflation in house prices,” says Duncan.

ENDS

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