Monthly Market Update | February 2021

Third consecutive month for North Shore record median price

The property market maintained massive momentum throughout February, with the North Shore reaching a new record median selling price for the third consecutive month.  The new record price of $1,321,000 was 14.3% ahead of February last year.

Low interest rates and a shortage of listings continue to fuel urgency and competition amongst buyers.  Its highly likely that additional energy is being created by investors & owner occupiers looking to purchase ahead of the LVR restrictions coming into effect.

Nationally, the number of residential properties sold in February was the highest for the month of February in 14 years.  North Shore sales volumes are also some of the highest seen as depicted below, and in February despite 4 days of a level 3 lockdown there were 460 sales, up 36.4% on the same period last year.  This also demonstrates the ability for both salespeople and the public to adapt with technology and continue to transact despite lockdowns.

There remains no sign of any slow down on the horizon and all indicators pointing towards a very busy and active property market.

Market update for North Shore market based on REINZ market statistics for February 2021, released 11th March 2021.