Article supplied by REINZ
Despite most New Zealanders taking a summer holiday in January, the housing market was busier and more buoyant than we would usually see at this time of the year, 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 says: “Usually, in January the residential property market slows down, and prices ease off a bit as people head to the beach for their summer holidays. However, the first month of 2021 was
anything but normal, as house prices across the country, have continued to rise with January seeing four regions reach new record median prices and one region equal its December record.
Although the median house price in Auckland was down from December 2020, it increased 14.9% year-on-year to $1,000,000 in January 2021, up from $870,000 in January 2020. The fear of missing out continues to be a factor in the increased volume of sales as January saw a 37.6% increase from the same time last year, with owner-occupiers and investors acting quickly before LVR restrictions are reinstated in March this year.
“The increased sales volume activity has resulted in busier open homes and the speed at which properties are selling has remained low for this time of the year. New developments across the region have added to the stock level, contributing to the 37.4% increase in listings and has meant that only a slight decrease in total inventory levels from the same time last year.”
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