Residential, March 2015: Auckland Marches On

News Release 14 April 2015

Auckland Marches On
Summary

• 8,803 dwellings sold in March 2015, up 20.3% on March 2014 and up 27.6% on February
• Highest number of sales in March since 2007, and highest for any month since May 2007
• National median price of $475,000, up $35,000 on March 2014 and up $45,000 on February
• A rise of 8.0% in the national median price, from $440,000 in March 2014 to $475,000 in March 2015
• National median price excluding Auckland is flat compared to February, at $350,000, and up $5,000 compared to March 2014
• A rise of 13% in Auckland’s median price, from $637,000 in March 2014 to $720,000 in March 2015
• A new record of 2,267 dwellings sold by auction in March, 604 more than for March 2014
• Auctions in March 2015 representing more than 25% of total sales for the first time, with almost 50% of Auckland’s sales by auction

REINZ, the most up to date source of real estate data in New Zealand, announced today that there were 8,803 dwelling sales in March 2015, up 20.3% on March 2014 and up 27.6% compared to February. This the highest March sales volume since 2007.

The national median price for March was $475,000, an increase of $35,000 or 8.0% compared to March 2014 and an increase of $45,000 or 10.5% from February 2015. Excluding the impact of the Auckland region, the national median price was flat compared to February at $350,000 and $5,000 (+1.4%) higher compared to March 2014.

Real Estate Institute of New Zealand (REINZ) Chief Executive Colleen Milne says: “March is the strongest sales month of the year, with almost 1,400 more sales than for any of the past 12 months. While the increase in the number of sales is more or less spread across the country, the movement in the national median price is almost entirely an Auckland effect.”

“Auckland has posted a record number of auction sales in March, with almost one in two sales by auction. Our data shows that on a suburb-by-suburb basis auctions sell for a premium compared to other sales. We also see in the data a noticeable spike in the number of sales over $1 million in Auckland. These two effects explain, at least in part, the jump in the national median and Auckland median prices for March – although the underlying demand pressures remain and supply continues to be restrained by low numbers of new listings.”

“Across the rest of the country, sales volumes and median prices are far better balanced, with a number of regions reporting good sales numbers, good listings and plenty of activity. The national median price, excluding Auckland, has remained at $350,000 for the past two months, indicating that supply and demand are far more balanced outside of Auckland.”

Full release: REINZResidentialPressReleaseMarch2015.pdf
REINZ_Residential_Regional_Commentary__March_2015.pdf

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