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New records reached despite the decrease in sales

By Alison Borland

ARTICLE SUPPLIED BY REINZ

Auckland’s Median house prices reached a new record of $1,125,000 in April – up 21.6% year on year and the third consecutive month of record prices with 2,591 properties sold.  This was the busiest April month in 5 years.

However, sales volumes eased from the high levels in March, down 34.7% month-on-month from 3,970 in March to 2,591 in April 2021.

Properties are still selling quickly, with days to sell down to 31 – the lowest level of April days to sell for the region since records began. Auctions accounted for 48.1% of all properties sold in April, the highest for an April month since records began. April saw a noticeable increase in developers looking for land for new builds.

Elsewhere in New Zealand, results showed the West Coast with 46 properties sold – the strongest sales volumes for an April month in 15 years, Canterbury with 1,076 properties sold – the busiest April month in 14 years and Waikato with 700 properties sold –  the busiest April month in 5 years.

Wendy Alexander, REINZ Acting CEO reported: “While the national picture represents the busiest April in 5 years, the reality is that we’ve seen the number of sales decrease when compared to March. While in part this is what we expect to happen when moving from March to April, there is definitely a wait and see approach from a number of investors and also some first time buyers,”

“The decreased number of sales in April looks to be a result of investors slowing down, particularly as there was a strong presence in March as purchasers rushed to beat the new Government restrictions.”

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