October 2017 Market Update - Whangaparaoa
The monthly median sale price for the Whangaparaoa region decreased from $935,000 to $840,000.
The average days on the market over October was 46, a slight increase on September that was sitting at 44.
The number of sales for October 2017 rose back up to 104 after a slower winter period; July – 90, August – 76, September – 84 sales.
What are people buying?
- 1 Bedroom: 2
- 2 Bedroom: 17
- 3 Bedroom: 40
- 4 Bedroom: 31
- 5 Bedroom +: 14
How does this compare to October 2016?
- Monthly Median Sales Price: $905,00
- Average Days to Sell: 38
- Number of Sales: 91
REINZ Auckland Region Commentary:
Compared to October 2016 the median price fell 3% to be $850,000. Papakura and Waitakere also had minor year on year falls whereas Manukau, North Shore and Rodney had minor year on year increases. The Auckland City TA had a massive drop year on year, but that was highly influenced by more apartment sales than usual this month. Compared to September 2017, most TA’s had an increase in median price with a tiny drop in Waitakere median and the afore mentioned Auckland City median being the exceptions. On a seasonally adjusted basis, Auckland’s median price had a 1% increase compared to September, indicating that the median price was a touch higher than what we’d expect in October.
Sales volume in the Auckland region decreased 0.9% compared to September, with large falls in sales numbers in Papakura District, Manukau City and Waitakere City (12% – 19% decreases). Compared to October 2016 sales fell 21% with volumes decreasing in all TA’s, except for Rodney District. Most notable drops occurred in Manukau City (-29%), Auckland City (-24%) and Franklin District (-22%). On a seasonally adjusted basis, sales volumes increased 4% compared to September indicating that the minor decrease in sales from September was a smaller drop than expected.
The number of days to sell did not change from last month, staying at 37 days. The number of days to sell eased by two days compared to October 2016. Over the past 10 years the average number of days to sell during October for Auckland has been 34 days. There are now 21 weeks of inventory in the Auckland region, an increase of 8 weeks compared to October 2016.
It’s clear that the volume of properties sold across the country is still significantly lower than it was this time last year. Therefore, we welcome the Reserve Bank’s comments last week that they will make an announcement later this month around reviewing the restrictions and the criteria that they would adopt for the removal of LVRs. This data is evidence that the LVR restrictions have done their job of slowing the market, which is why REINZ has repeatedly called for LVRs to be reviewed for first time buyers.
Uncertainty post-election remains as it did pre-election, with concern as to how the policies of the new Government will play out. There is much discussion about the effects new immigration policies and potential Overseas Investment Act changes may have on the market going forward. – Bindi Norwell, REINZ Chief Executive Officer