Monthly Market Update | April 2020
Indicators point to a swift recovery of the property market
The Harcourts Cooper & Co sales team are reporting strong activity in the market. Despite sales volumes in April being down just shy of 80%, in the 7 days following NZ moving into alert level 3 the team completed 785 physical property inspections across Auckland’s North Shore & North West. This resulted in 87 written offers and 36 contracts. Whilst these numbers are far lower than usual, they are encouraging for the first week in level 3.
As we moved into level 2 this week it adds further momentum to the property market with open homes & Auctions recommencing and real estate offices reopening. All of which are subject to strict criteria to protect the health & safety of all.
Pre Covid-19 the Auckland market was in a strong position with increasing sales volumes and prices and early indicators suggest this momentum is rebuilding post Covid-19 restrictions. 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.