The arrival of the spring market was somewhat delayed due in part to the shortage of available listings. As a result, September sales volumes across the market were conservative and at similar levels to 2017. However, listings were strong in September, and it is anticipated this will fuel sales in the lead up to Christmas with October, November & December traditionally being 3 of the biggest months of trading for real estate.
Auckland region had 1,616 sales in September with a median price of $850,000 – the same as September 2017. It appears buyers and sellers have settled into a happy median with values.
North Shore’s median price bounced back from a drop in August to $980,000 in September, still 7.4% down from $1,058,000 in September 2017. North Shore sales volumes for September were 291, compared to 298 in August and 280 in September 2017.
The changes to the Overseas Investment Act come into force on Monday 22nd October which will require all purchasers of residential land, regardless of whether they are an “overseas person” or not, will need to complete a new document called ‘Residential Land Statement’.
It is a great market for both buying and selling real estate with lots of energy and activity in the run up to Christmas. There are lots of factors to give cause for buyers & sellers to act now; increased listings, auctions brought forward, low interest rates, stable prices, stable days on market… not to mention ‘it’s a great place to live’… all contributing to confidence in the stability of the market moving forward.
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