NEWSLETTER | AUGUST 2022
NORTH SHORE MARKET UPDATE
An insight into what is happening in your area. A LITTLE RAY OF SUNSHINE IN LATEST MARKET STATS There’s one encouraging trend to cheer about in this month’s REINZ data release of July real estate statistics. North Shore’s median price has gone up to $1.398 million and while our sales volumes are understandably down - given it is winter and mortgage interest rates are changeable, to say the least - we’ve seen a 2% increase on July last year. However, there were 209 sales, which is a drop of 47% on last year (397) and the number of days to sell has gone up 11 days to 44. North Shore’s median price in July 2020 was $1.075 million and in July 2021 was $1.37 million. Auctions are continuing to play out in Auckland, accounting for 17.1% of all property sales. REINZ says the increased volume of stock on the market (107.8% on the same month last year) is not the result of distressed vendors, as
New Zealand’s high employment rate and banks’ lending conservatism continues to support the ability for homeowners to handle the impact of rising interest rates. Rather it is because buyers have stepped back; some deterred by successive initiatives to dampen investor appetite, others hampered by changes to the Credit Contracts and Consumer Financing Act (CCCFA) and reintroduction of LVRs. “Prices have come down from their November 2021 peak, and in July we saw the annual median price decrease nationally — indicating many vendors are adjusting expectations to meet the market. Agents across the country report they are starting to see demand return from first home buyers in the market and some are seeing renewed interest from investors,” REINZ chief executive Jen Baird says.
Carla O'Neil Licensed Salesperson REAA 2008
P 0204 120 5961 E carla.oneil@harcourts.co.nz W www.carlaoneil.co.nz
Auckland’s July median price was down 5.6% to $1.15 million in today’s REINZ data release, compared to July last year. In July 2013, the median price was $560,000; in July 2018 it was $830,000; and in July 2020 it was $918,000. Harcourts Cooper and Co auction results continue to perform in the current market. You are welcome to tune into our live auctions every week, simply scan this easy access QR code below with your phone camera and join us. If you have any questions regarding the market, recent sales in your suburb or wanting to know what your home is likely to sell for, I would love to assist. Please feel free to call me anytime. Until next time, keep smiling!
Carla