Market confidence and positivity are evident in the new data released today by the Real Estate Institute of New Zealand (REINZ). The market appears to have stabilised; this may be due to median prices remaining relatively level year-on-year across the country. Sales have increased nationwide, and local salespeople across the country have all commented on the growing positivity and activity they are observing at a regional level.
“The rise in market confidence, combined with the typical spring surge, has driven increased sales both year-on-year and month-on-month (up 15.4% nationally). Even after adjusting for seasonality, most regions show a positive shift, indicating that October performed better than expected. Feedback from local salespeople across the country supports this trend, with many reporting higher-than-anticipated activity, even if it occurred slightly later in the season than usual,”
says REINZ Chief Executive Lizzy Ryley.
The median price for Northland increased by 10.4% year-on-year to $690,000.
“Owner-occupiers and investors were the most active across the region. Some vendors were ready to meet the market regarding their asking prices, and attendance at open homes saw a strong turnout. Auction room clearance rates were up with good sales under the hammer, and steady numbers of bidders for each auction. Factors like increased stock and new listings on the market, the festive season starting next month, and the fact that the local market is fairly balanced, have all influenced market sentiment. Local salespeople predict that the coming months will bring more positivity and increased activity for both buyers and sellers.”
Lizzy Ryley
REINZ Chief Executive
*Sourced from the REINZ Monthly Property Report.