Monthly Market Update | November 2020
North Shore record price
The North Shore reached a new record median sale price of $1,225,000 in November, up 24% from the same month last year.
Volumes of sales are also up significantly with 559 properties sold on the North Shore in November – up 59% from November 2019. Nationally, the number of residential properties sold was the highest in 13 years.
The current red-hot property market was further fuelled in November by people wanting to buy and sell before Christmas and the Reserve Bank’s announcement that it is looking to reintroduce LVRs earlier than expected.
Data released this week by Statistics New Zealand showed home ownership is at its lowest level in 70 years. Lack of supply remains a key driver and the need to build at scale in an affordable manner is essential to reverse the current trends.
2020 has proven to be the year of extremes – the lowest volumes experienced in April and May due to Covid-19 and now some of the highest volumes. Moving forward into the festive season and 2021 all indicators remain strong.
Best wishes for a Merry Christmas & a happy & prosperous 2021!
Market update for North Shore market based on REINZ market statistics for November 2020, released 11th December.
Monthly Market Update | October 2020
Market momentum continues at full speed
2020 has been the year for extremes for the property market, amongst other sectors. October results producing some of the highest numbers in history both volume and price based, yet only 6 months ago with the country in lockdown, April showing some of the lowest ever seen. The big question remains is what will the next 6 months produce?
Demand remains strong across all sectors of the market, yet supply is still restricted. Whilst listing volumes are up, they are still struggling to keep up with the demand of active buyers. The Reserve Bank’s announcement this week that they are looking at reinstating LVR restrictions again in March 2021 is likely to further fuel demand prior to this. Investors who will potentially be most affected by the LVR restrictions will be particularly active.
Research this week released by KEA (Kiwi Expats Association) outlines that whilst over 50,000 kiwis have returned home this year, that it is likely to be just the beginning with expectations a further 250,000 will be looking to return in the next two years, placing additional demand on our already short supplied housing market.
Auctions remain a very popular method for both buyers and sellers to transact in a transparent manner in this quickly evolving market.
Auckland region’s median house price hit the million-dollar mark for the first time, setting a new record. North Shore’s median price for October was $1,150,000 up 17.3% from the same time last year, whilst average days on the market have reduced to just 32.
Low interest rates continue further fuel to an already hot market.
All in all very positive signs of a market remaining at full speed through the festive season.
Monthly Market Update | July 2020
Market maintains momentum
So far COVID-19 has proven no match for the Auckland real estate market. In the two days following Auckland’s move into Alert level 3 Harcourts Cooper & Co conducted 16 virtual auctions with 12 of these selling under the virtual hammer.
REINZ data recently released for July shows improvements in all major performance indicators of the North Shore market when compared to the same month last year; sales volumes were up 27% to 389, prices up 9% to $1,070,000 and days on the market reducing to 37.
Under level 3 online Auctions continue along with restricted one on one viewings & pre-settlement inspections. People can still buy & sell real estate and move homes.
Whilst it will take time to confirm the longer-term position of the market the factors that were driving the market pre Covid-19 predominantly remain and these have been further accentuated by the volume of New Zealander’s returning home.
Monthly Market Update | June 2020
June Property Surge
North Shore property sales in June exceeded predictions. Sales volumes jumping 14% on the prior year with a median price of $1,060,000 being 7.3% ahead of last year.
Harcourts Cooper & Co closely monitor market metrics and our internal data has shown an average of over 1,700 property inspections being conducted every week by our team over the past month. In June, 37% of the sales by our team were under $1M, 55% in the $1 – $2M bracket, and 8% of sales exceeded $2M.
Post-covid, the energy & optimism in the market is evident. In June Harcourts Cooper & Co conducted 96 Auctions, with 74% of them sold. The right properties, well marketed, are in hot demand and achieving fantastic results!
Whilst there were predictions that house prices would fall, we are yet to see any evidence of that happening. In June every region in the country saw an increase on the same period last year. Kiwi’s love affair with property continues fuelled by low interest rates and kiwi’s returning to New Zealand from abroad.