Provisional housing market update

Provisional housing market update

March 2016 Auckland and Northland

4 March, 2016

Average prices in Auckland and Northland hit a high of $899,681 in February, according to New Zealand’s largest real estate group, Harcourts. This is a 17% jump on the same time last year and an all time high.

Provisional data for the Northern Region shows stock levels continue to be down, sitting at only 1637 residential houses available to buy in Auckland and Northland in February, down 8.1% on the same time in 2015.

Harcourts CEO Chris Kennedy says auction success rates are currently extremely high.

“High demand, low supply and the competition this results in is pushing prices ever higher at auction.”

Mr Kennedy says talk of a dip in the property market is not at all backed up by Harcourts’ figures.

“The only issue we have is a shortage of new listings. If you are holding back on listing your property because you believe prices have taken a downward turn, you should reconsider.”

Mr Kennedy says Auckland Council’s decision to revert to its 2013 version of the Unitary Plan, which will provide for just 80,000 new homes by 2040, has not done Auckland any favours.

“Close to 300,000 new houses are needed in that time period. There will be no easing of prices while there are not enough houses being built.”

ends

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