Market summary: 3rd Quarter 2016

Market summary: 3rd Quarter 2016

After a quieter 1st quarter we’ve just come out the other end of an explosive 2nd quarter in the western fringe apartment market.

When we look at the stats, we can see growth of 12% in the average sale price, a $90,213 increase from $746,090 to $836,503.

This is a big jump and by the looks of things we haven’t quite seen the end of it, though there is mounting pressure on the reserve bank and government to take action to curb the Auckland market.

In recent years we’ve seen prices for apartments grow significantly through the winter months due to a lack of supply in the market. This was evident last year where price growth was the strongest over the winter yet tailed off Oct through February (the more traditional selling months).

Due to the large shortage of stock in the market, those that have chosen to sell recently are reaping the rewards. So don’t wait for spring if you are thinking of selling, don’t be put off by these colder months; conditions are great for sellers right now!

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Phillip Haeder | Kellands

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