Northern Region property market analysis

Northern Region property market analysis

Please find attached full property market figures for the Northern Region for August 2014 from New Zealand’s largest real estate group Harcourts.

In August we have seen the upcoming election is taking its toll on listings and sales, with the figures showing a decline in both. This is a pattern that regularly occurs in election year, with people holding back from making decisions around buying and selling until after the government for the next three years is determined. We will expect a recovery post September 20, which will also be aided by the warmer spring weather.

The average sales price in Auckland and Northland sits at $657,859, which is up 9% on the same time last year.

Despite recently announced housing policies, the root problem of the housing shortage has not been addressed in the lead up to the election. Timely and mass construction of quality new homes is desperately needed to cope with Auckland’s rapidly increasing population. Housing developers will remain reluctant until fees and building costs are reduced and the Government expedites the consents process.

Harcourts CEO Hayden Duncan says Harcourts also continues to be in favour of removing LVR restrictions, which remain a barrier to all first home buyers.

September_2014_Northern_Region_MarketWatch.pdf

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