The number of residential properties sold across New Zealand in August decreased by -6.1% from the same time last year to 5,959 (down from 6,346), the lowest level of sales for 7 months, 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.
For New Zealand excluding Auckland, the number of properties sold decreased by -6.9% when compared to the same time last year (to 4,198 down from 4,509).
Regions with the greatest decrease in annual sales volumes during August were:
- Southland: -33.2% (from 187 to 125 – 62 fewer houses)
- Hawke’s Bay: -18.4% (from 223 to 182 – 41 fewer houses) – the lowest number of sales in 19 months
- Taranaki: -16.6% (from 187 to 156 – 31 fewer houses).
Regions with the greatest increase in annual sales volumes during August were:
- Tasman: +12.3% (from 57 to 64 – 7 more houses) – the highest for the month of August in 3 years
- Bay of Plenty: +7.7% (from 441 to 475 – 34 more houses) – the highest for the month of August in 3 years
- Nelson: +2.9% (from 68 to 70 – 2 more houses) – the highest for the month of August in 3 years.
Bindi Norwell, Chief Executive at REINZ says: “Despite a good uplift in sales during July, August saw sales volumes fall by -6.1% from the same time last year – the lowest level of sales for 7 months. This was a bit of a surprise given the strength of July’s figures, however, an extremely wet August across most parts of the country and the past three months having the lowest number of new listings of any consecutive three months since records began in 2007 look to have been contributing factors.
“Additionally, we’ve had 3,624 fewer new listings than at the same time last year. With limited choice in many parts of the country in terms of new listings, we’re hearing from a number of agents that people are waiting to purchase before they put their own property on the market, which is slowing the whole market down. Hopefully as confidence starts to improve over the coming months, we’ll start to see this flow through to new listings which leads to more choice for buyers,”
continues Norwell.
House prices continue to rise & 4 regions see new record median prices.
Median house prices across New Zealand increased by 5.5% in August to $580,000, up from $550,000 in August 2018. These results are in line with the REINZ House Price Index (HPI) which saw property values increase 2.9% annually.
Median price increases for New Zealand excluding Auckland were even stronger, increasing by 9.5% to new record high of $498,000, up from $455,000 in August last year.
Median house prices in Auckland fell by -3.5% to $820,000 – down from $850,000 at the same time last year.
Record median prices were recorded in:
- • Southland with a 29.2% increase to $310,000 up from $240,000 at the same time last year
- Manawatu/Wanganui with a 25.6% increase to $390,000 up from $310,500 at the same time last year
- Hawke’s Bay with a 12.4% increase to $500,000 up from $445,000 at the same time last year
- Northland with a 10.8% increase to $507,500 up from $458,000 at the same time last year.
In August the median number of days to sell a property nationally increased by 2 days from 37 to 39 when compared to August last year. However, this was down 1 day on last month’s figure of 40 days.
For New Zealand excluding Auckland, the median days to sell increased by 2 days from 35 to 37. Auckland also saw the median number of days to sell a property increase by 2 days from 42 to 44 when compared to the same time last year.
Manawatu/Wanganui had the lowest days to sell of all the regions at 28 days, up 1 day from the same time last year, and the only region below 30 days.
*Sourced from REINZ residential press release – August 2019
