Article supplied by REINZ
Median house prices across New Zealand increased by 19.8% from $605,000 in October 2019 to a new record median high of $725,000 in October 2020; and up from $689,000 in September this year (a 5.2% lift) according to the latest data from the Real Estate Institute of New Zealand (REINZ), source of the most complete and accurate real estate data in New Zealand.
Bindi Norwell, Chief Executive at REINZ commented “Median house prices in Auckland reached a new record in October of $1,000,000, up 16.3% from October 2019 as the percentage of $1 million plus properties sold exceeded the 50% mark for the first time. Sales volumes for the region were up 50.9% year-on-year with 3,140 properties sold in October, the highest level of sales in 67 months. October 2020 will go down in ‘housing history’ as being the point in time when Auckland region’s median house price hit the million dollar mark for the first time – something no one anticipated or expected just six months after the entire country came out of lockdown.”
“Multi-offers and pre-auction offers continue to be popular as demand outstrips supply despite new listings increasing 36.8% year-on-year with 4,877 new listings coming to the market in October. First time buyers remain active in the market, however, securing finance continues to be a challenge as banks are being more cautious and placing more emphasis on employment status and history. Additionally, banks are taking up to twenty days to approve lending and are getting stricter on properties that have LIM issues etc.” reported Bindi.
As always, if you would have any questions regarding the real estate market or are considering buying or selling, please contact a member of the team and we will be happy to help