Market summary: 4th Quarter 2016
After continued growth through the first 3 quarters of 2016 we saw a decline for the first time in Q4. The only exception was the average m2 price for 2 bedroom apartments which peaked a fraction higher than Q2 after a decline in Q3.
November & December were certainly a lot less active as the sense of urgency among buyers seemed to drop considerably in the apartment market. Properties took longer to sell and some prices being achieved were lower than the previous quarter in many buildings in the area.
The good news is open home numbers have jumped back up and there seem to be a lot of new buyers looking for homes this year.
With an increase of supply in the apartment market on the way we expect to see a leveling in price growth through 2017, with sales volumes to remain high on the back of Auckland’s continued population growth.
What the future holds is anyone’s guess but when we look at historical prices 12-18 months ago, now is still a good time to sell as demand in Auckland continues to grow and prices are still historically high.