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Housing Market Not Fazed By Latest Restrictions

Victoria Day – Harcourts Pukekohe

by Victoria Day, Harcourts Pukekohe

The Auckland housing sales data for the month of May is showing no hint that the restrictions introduced in March are having any impact on the prices or sales volume.

The median house price for Auckland for the period rose over the record achieved in April 2021 and the highest May on record for 4 years. The Auckland median price of $1,073,000 was up 2.2% from April which rose 3.1% and 17.4% from the previous May. The median house price 12 months ago for Franklin was $700,000 – now sitting at $822,000.

Mostly due to the tightened LVR limits for investors – which has reduced the number of buyers who have been able to leverage equity and achieve the higher sale prices.. The number of properties being bought by investors dropping from 41% in March to 36.6% in May. There are plenty of other buyers who have been able to fill the void left with first home buyers lifting from 21.1% of the market to 24.6% ensuing that values have remained firm.

Winter is upon us and it is traditional for the volume of sales and listings to drop during this period and not as a result of the investors reacting to the changes made by government in the interest deductibility or bright line test criteria. Guarding against a drop in values is a lack of supply – plenty of homes are coming to the market but the rate at which they turnover means that there is not enough to make up for the cumulative rate of sales over the last few years. For Franklin the numbers of days on the market was 31 increasing by one from April which was 30 – May 2020 - the number of days on the market was 58 so you can start to see the impact of the sales turnover.

If you are thinking about making the move this spring to make the most of the strong housing market then you need to be making that plan now. Spring is only just around the corner. Give Victoria a call and ask her about how she can support you to make your next move. She is the key to your next adventure!

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elocal Digital Edition – July 2021 (#244)

elocal Digital Edition
July 2021 (#244)

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