Harcourts’ Northern Region property statistics: June 2013

Regional Overview: High demand and lack of supply in Auckland is clearly evident in the latest Harcourts’ Northern Region property statistics.

Harcourts’ Northern Region property statistics.

There has been a 23% drop in the number of new exclusive listings compared to the same time last year, indicating there is a hesitancy to sell and risk buying again in the heated market. Property on hand has also dropped by 16.7%.

Auctions remain popular and account for more than 50% of listings, with vendors aware that high demand is driving prices up. The average house sold for 6% more than in May 2012.

There will be no let up to high demand and rising prices until the core issue of supply is addressed.

Harcourts’ national results show there is a two paced real estate market, with Auckland and Christchurch continuing to see increasing house values off the back of limited supply. This is not a national issue and attempts to slow the Auckland and Christchurch markets by putting in place wide-sweeping measures, such as restrictions on high loan to value lending, could be devastating for the balance of the markets throughout the country.

The solution remains in easing requirements to allow for new development of multi-storey housing blocks around the CBD and central Auckland.

Extending the Metropolitan Urban Limits will simply add to Auckland’s infrastructure problems and crippling traffic congestion.

NORTH ISLAND PROVINCIAL May 2013 May 2012 Change

New Exclusive Listings 372 487- 23.6%

New Auctions 196 198 10%

Property on hand 2,413 2,897 16.7%

Written Sales 633 612 3.40%

Average Sale Price $612,433 $579,949 6.0%

Pdf:http://img.scoop.co.nz/media/pdfs/1306/June2013.pdf

ENDS

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