Provisional housing market update

Provisional housing market update

June 2014, Auckland and Northland

Press Release: Harcourts

3 June 2014

Provisional residential data from New Zealand’s largest real estate group Harcourts for the month of May shows house prices remain steady, with the average sales price now sitting at $688,209 in the Northern Region. This is up 11% on the same time last year.

Auctions continue to account for 40% of all listings, with vendors preferring to let the market determine a property’s value.

Listings are down 16.2% on the same time last year and written sales are also down 12.3% suggesting low stock levels are affecting sales.

With no solutions contained within National’s budget for first home buyers, Harcourts now looks to the Reserve Bank to drop loan to value restrictions and ease the burden on those wishing to enter the market.

Full statistical data from Harcourts for residential sales in the month of April will be available on 10 June.

ENDS

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