Level 3 Auckland Sees Real Estate Reawakened
“Auckland buyers and sellers are not waiting for Level 2. They’re springing into action now! Under Level 3 real estate activity in our country’s largest city has quickly reawakened,” says Tim Kearins, Owner of Century 21 New Zealand.
His comments come as the Auckland region is now in Level 3, after five weeks at Level 4. For real estate, the difference is significant with early indications from Century 21’s Auckland offices that both enquiries and activity are back.
“Level 3 is already making a big difference to the Auckland market. Although it takes an appointment, with restrictions and strict protocols in place, Auckland buyers can now at least view properties in person,” says Mr Kearins.
He says mask wearing, social distancing, strict hygiene practices and contact tracing requirements firmly feature.
Property viewings, pre-settlement inspections, settlements, and moving house can all take place in Level 3. Property appraisals by agents can also happen with strict protocols in place, but ideally should be carried out remotely.
“We’re seeing some pent-up demand now being unleashed around Auckland. Our offices there report both very strong buyer demand and prices,” he says.
REINZ recently released its Monthly Property Report for August which saw Auckland achieve another median price record - up 26.4% in 12 months to $1,200,000. REINZ also reported that the shortage of houses available for sale continues, with August showing another record low level of inventory.
“There are so few houses on the market, yet there are so many Auckland buyers who have now reactivated their interest in buying a house. That’s good for prices,” he says.
The Century 21 leader says with Auckland under Level 3, the industry will undoubtedly start seeing more transactions inked.
“Lower alert levels not only make the likes of physical viewings possible, but buyers become more comfortable and confident in making decisions,” he says.
When the rest of New Zealand went down alert levels, Century 21 offices outside Auckland reported a rush of listings going live and viewings in demand. Strong prices in the likes of the Waikato continue to be achieved.
“In Palmerston North, where I’m based, we got more listings in Level 3 which are now translating into some great sale prices in Level 2. Overall, the numbers remain incredibly strong. With Aucklanders now enjoying a few more freedoms, spring is looking up,” says Tim Kearins.