Northern Regional Overview July 2013

Regional Overview:

Auckland

New listings are up a healthy 8.45%, but overall properties available to buy have decreased by 21.82% - demonstrating demand is still vastly outstripping supply, with homes selling quickly after being put on the market.

For the month of June 30% of properties were listed as auction, a huge increase of 24.12% on the same time last year. This again points to low levels of supply, with vendors well aware they can get the best price through this competitive sales method.

For the first time this month we are seeing a slight plateau in the average sales price ($633,554), with a 2.45% increase on June last year. This presents perhaps a sign of hope for investors and first home buyers who have been feeling frustrated by the climbing market.

With the current fast paced market, Auckland has enough stock to last for just under 4 months, compared to 5.1 months at the same time last year. Low supply and high prices will continue to fuel the Auckland market until large numbers of housing developments are completed to cope with our growing population.

Northland

The overall Northern Region is displaying the same trends as Auckland, although with slightly less pronounced supply issues. Listings have seen improvement in provincial areas such as Kerikeri (up 2% on last year) and Whangarei (5% increase). The average Northland home is selling for $357,969.

Full document: July2013.pdf

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