A notable cooling in the market is reflected in February’s Real Estate Institute of New Zealand data. This highlights opportunities for buyers and a more manageable market for consumers to transact in.
The median sale price increased 3.7% to $1,370,000 compared to February 2021, yet down 11.9% from the peak of $1,555,000 in November last year. It should be noted that recent market changes have impacted the various segments of the market differently. Sales over $2M have remained relatively strong with the percentage of sales over this threshold doubling for Harcourts Cooper & Co from 8% of total sales in February 2021 to 17% last month. This in turn also impacts the median sale price.
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