Provisional housing market update 7/16: Auckland & Northland

Press Release, Harcourts
For immediate release

Provisional housing market update

July 2016 Auckland and Northland

3 August, 2016

The average house price in Auckland and Northland rose to $948,434 in July.

Provisional data from Harcourts, New Zealand’s largest real estate group, shows the average sale price in the region is up 15% from July 2016, and up 14.5% compared to June 2016.

The main factors continuing to drive prices up are continuing strong buyer activity and a slowdown of new listings.

Harcourts’ stock levels in Auckland/Northland are sitting at 1434 – enough houses to last for 2.4 months at the current rate of sale, if there are no new listings.

Harcourts NZ CEO Chris Kennedy says in the short term he expects new listings to increase with the onset of spring, traditionally one of the year’s busiest property selling periods.

And in the long term, changes such as the government’s $1 billion fund to fast-track infrastructure and the recently announced intensification of housing development in Auckland’s Unitary Plan, will begin to drive listings up.

“But right now, it seems very clear it’s a great time to sell. You just have to look at that average sale price which is a clear indicator there are plenty of motivated buyers out there.”

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