Summer Set To Boom, More Houses Now Needed
“We’re finally starting to see new listings, but more Kiwis should take the opportunity to market their house this summer. As these latest REINZ numbers reinforce, the coming months will be strong,” says Derryn Mayne, Owner of Century 21 New Zealand.
REINZ has released its Monthly Property Report for November which shows median house prices across New Zealand up by 18.5%, compared to November 2019. However, the number of properties available for sale was down 16.9% on 12 months ago.
In total, 11 regions and saw record median prices during November, including Auckland up by 16.4% in 12 months to new record high of $1,030,000. The number of residential properties sold nationwide increased by 29.6% on the same time last year, marking the highest number sold since March 2007.
“Summer is looking really good, but those contemplating selling their house shouldn’t muck around. Vendors need to consider that come March the mortgage holiday scheme ends with LVRs set to also return then. Autumn and winter could be quite different,” she says.
The Century 21 leader says with interest rates hitting rock bottom, the economy doing better than expected, listings still light, and buyer demand hot, this summer could be the best one in real estate for over a decade.
“As the saying goes, ‘don’t look a gift horse in the mouth’. List now! Those Kiwis who list their properties this summer are set to do well. Eight months ago, no one predicted a real estate season like this one,” says Derryn Mayne.