REINZ May Report 2017
The Real Estate Institute of New Zealand (REINZ) have released their market report for the month of May today which has shown some surprising results. With so much pressure in the market for prices to drop further the median sales price has actually increased. What we’ve noticed in the apartment market is that buyers are still looking but taking more of a “wait and see” approach right now. It’s not hard to see why with all the negative press that’s been flying around in the news, however the key factors driving the market remain strong with immigration and low housing supply so pressure is still building on buyers who’ll soon want to stop waiting and start buying. On the other side there is no reason for mass forced sales with vendors who are not being forced to sell at lower prices, why would they? Instead they’re choosing not to sell and to wait and see as well. This has left us in a stalemate situation for the last couple of moths with the properties selling achieving good prices in our local apartment catchment, there have just been a lot fewer of them…
“National median house prices increased 6.7% to $540,100 (up from $506,000) in the year to May 2017, according to the latest data from the Real Institute of New Zealand (REINZ) – source of the most complete and accurate real estate data in New Zealand. Seasonally adjusted, this increase is 6.2%.
Bindi Norwell, Chief Executive Officer at REINZ, says: “May housing activity clearly shows continued buoyant activity across a number of regions which contrasts with the continuing stability of the Auckland region. We saw record median prices achieved in 4 of the 14 regions we measure – Northland ($450,000), Manawatu/Wanganui ($269,000), Nelson/Marlborough ($483,250) and Southland ($238,000) – suggesting that the regions continue to hold up overall. “Auckland median house prices increased 5% year-on-year to $865,500, showing continued growth in the Auckland housing market, albeit at a slower rate than the previous year. Compared to April it increased 1.6%,” continued Norwell.” – REINZ