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.