NORTH SHORE MARKET UPDATE
HOUSING MARKET SHOWS RESILIENCE AMID ECONOMIC CHALLENGES
The Auckland housing market reflects a blend of resilience and caution amidst ongoing economic challenges, according to the latest datafromtheRealEstateInstituteofNewZealand(REINZ)
The Auckland median price rose 4.8% year-on-year, while sales volumes declined by 35%. The lower activity levels can be attributed to the typical winter lull, compounded by current economic conditions Despite this, there are still notable success stories for popular, well-marketed properties Last week, in our auction rooms one property exceeded its reserve by $250,000, and another by $150,000
The Consumer Price Index (CPI) figures released this week will influence the future direction of interest rates The Reserve Bank hasmaintainedtheOfficialCashRate(OCR)at55%butsignaleda potentialratecutlaterin2024ifinflationtrendsfavourably.
The median sale price for the North Shore dropped a mere 0.2% since June 2023 with the median days on market at 44 days. Transactions were down 338%sincethesametimelastyear-ourobservationis,thatwhilethereisstill anappetitetopurchaseproperty,prospectivebuyersaretakinglongertomake decisionswithnohugesenseofurgency
Insummary,whilethemarketisstillfeelingtheeffectsofeconomicpressures, the long-term outlook remains cautiously optimistic. As interest rates stabilise and potential cuts are discussed, the housing market is expected to regain its momentum,benefitingfromincreasedbuyeractivityandcontrolledsupply
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