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 11^th December.