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.
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 16th February 2021.
Monthly Market Update | December 2020
Record prices resulting from lack of properties
The property market sped through the festive season with December results out from the Real Estate Institute of New Zealand showing record prices, fast sales & low stock volumes.
North Shore sales volumes increased 52% in December with 540 sales for the month, producing a new record median price of $1,235,000, up 17.6% on December 2019. The median days to sell reduced to 29.
Nationally stock volumes are half what they were in December 2018, yet the number of sales in December 2020 was the highest in a December ever. The lack of choice fuelled by high demand & record low interest rates is driving urgency and confidence in buyers and adding pressure to prices. This has resulted in New Zealand seeing a new record median house price for the fourth month in a row.
The residential housing market remains exceptionally strong and predictions are this will continue throughout 2021 despite the Reserve Bank’s scheduled introduction of tougher lending rules for investors in March.
Market update for North Shore market based on REINZ market statistics for December 2020, released 15th January 2021.
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.