Monthly Market Update | January 2021

Record results for January sales

The North Shore market continued at full speed through January – achieving another record median sale price of $1,255,000, this was up on December’s record of $1,230,000.

Sales volumes are also some of the highest seen, and in January what is usually a low volume sales month there were 323 North Shore sales, up 59% from the same month last year.

An acute shortage of quality stock remains a key driver, although we are seeing a slow yet steady increase in available listings moving into the year.  This is often the case as the seasonal school holidays and long weekends come to end.

Good properties remain in hot demand – last week Harcourts Cooper & Co sold 81% of the auctions called under the hammer and reports of large open home attendance.

2021 is shaping up to be a hot year for property with low interest rates & high demand.  There is a continuing trend of expats returning to New Zealand looking to purchase.  Recently announced LVR restrictions may steady the market although unlikely they will impact the current trajectory up of house prices.   The current mini lockdown reminds us what a desirable place the North Shore is to live and a chance to spend more time in our homes and consider if they are best suited for our needs & desires.

Market update for North Shore market based on REINZ market statistics for January 2021, released 16^th February 2021.