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June 2018 Market Update

June Market Update

WINTER CHILL IMPACTS REAL ESTATE SALES VOLUMES, BUT NOT HOUSE PRICES SAYS REINZ

The winter chill has impacted real estate sales volumes across the country in June but has done little to halt price rises in most regions, according to the latest data from the Real Estate Institute of New Zealand (REINZ), source of the most complete and accurate real estate data in New Zealand. 

While the Auckland median has stabilised, we’re seeing an increase in the number of 1 and 2 bedroom houses sold and a decrease in the number of 3 bedroom houses as people look to downsize or get a foot on the Auckland property market. First home buyers are still dominant at open homes, especially with properties under $700,000. When the price goes above that mark, attendee numbers drop, as some may not qualify for loans above that price. We are also seeing lower listing numbers, mostly due to seasonal effects. Well marketed, newly listed properties continue to get good attendance at open homes and are selling quite quickly. It also means that more vendors are choosing to go for a priced strategy as this can be an effective approach to gain interest from buyers. 

Silverdale/Millwater June 2018

  • Median Sale Price = $1,128,000
  • House Sold = 19
  • Median Days on the Market = 43

Orewa June 2018

  • Median Sale Price = $871,000
  • House Sold = 21
  • Median Days on the Market = 35

Red Beach June 2018

  • Median Sale Price = $1,065,000
  • House Sold = 8
  • Median Days on the Market = 43

Stanmore Bay June 2018

  • Median Sale Price = $806,000
  • House Sold = 18
  • Median Days on the Market = 53

Median Sale Price from June 2017 to June 2018

June 2018.PNG