Auckland/Northern Overview

Auckland/Northern Overview

Auckland’s property market shows no signs of slowing down, with average sale prices continuing to rise and written sales remaining constant.

The average price in Auckland and Northland now sits at $801,662, up 17% on the same period in 2015.

Harcourts CEO Chris Kennedy says this trend is likely to continue into the foreseeable future as demand for housing remains high.

“Population forecasts show Auckland will continue to grow and we currently do not have the construction levels needed to cater for this. Prices will hold or continue to rise.”

Fuelling demand is a 10.8% drop in the total number of houses currently for sale, down from 1,666 in January 2015 to 1,486 this year.

However, written sales have remained constant – up 1.5% on the same time last year. Meaning buyers continue to compete over limited stock, pushing up prices, Mr Kennedy says.

Auctions are down over 19%, however this is expected to correct in February.

“The auction process requires at least a three week marketing campaign. Many people choose to wait until February, when everyone is back from holiday, before selling at auction. Harcourts has a very strong auction focus so I would expect to see a marked increase in the number of listings this month,” Mr Kennedy says.

Mr Kennedy says with no correction in the market likely, those considering buying are better to do so sooner rather than later.

Graph 1 info:

Average price

2016

January $801,662

2015

December $837,992

November $815,438

October $822,600

September $841,725

August $817,580

July $828,024

June $826,045

May $796,557

April $795,428

March $830,187

February $768,128

January $683,055

Graph 2:

Properties on hand

2016

January 1486

2015

December 1482

November 1677

October 1757

September 1660

August 1624

July 1443

June 1483

May 1581

April 1652

March 1716

February 1781

January 1666

ENDS

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