PROPERTY MARKET UPDATE MAY 2024 BASED ON RESULTS FOR APRIL 2024Team Davis your local Real Estate Experts with Harcourts in Whangarei

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NORTHLAND in a SNAPSHOT: Volume is UP + 36.3% on 2023 and DOWN on last month – 3.8% with median price DOWN – 1.4% on 2023 and – 1.4% on last month, days to sell now sitting at 56 days.

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Properties For Sale by Team Davis with Harcourts Whangarei

April has seen our market continue much the same as previous months this year.  We have a high number of listings and fewer buyers continuing to make our market a ‘Buyers’ market.  We are still seeing a high number of first-home buyers active in our market followed by existing property owners looking to move. This is continuing to skew our medium price a little as higher value homes are not selling as much in volume and so our Medium looks to be down but in reality, prices are remaining firm pointing to us being in a Flat market. Higher end properties continue to be a challenge to find buyers, and as buyers have more choice, properties that are well presented are selling better and faster.

If you are thinking of Selling, we would love to work with you to get the best result, so call us now for a FREE Property Appraisal and we’ll discuss this with you.

For overall Price Movement – See the 5 year price graph below which highlights pricing movement

NATIONAL OVERVIEW: (by REINZ)

“Sales activity lifted in 15 of 16 regions, compared with April 2023. Ten of those regions recorded increases of over 20%, with Marlborough (45.8%) recording the highest year-on-year lift in sales. The April 2024 sales figures reflect greater demand, after the impacts of weather events in early 2023. However, sales figures are still below long-term averages in many regions.”  Says Jen Baird REINZ CEO

NATIONAL MARKET KEY INDICATORS:

Property Market Data by Team Davis

NORTHLAND OVERVIEW: (by REINZ)

“The median price for Northland decreased 1.4% year-on-year to $690,000. Local agents report that first-home buyers and owner-occupiers remained the prominent buyer groups across the region. Investors and developer enquiries are also increasing in Whangarei. Most vendors are willing to meet the market’s expectations, while some are taking longer to adjust. Open home attendance was variable, with the lower-priced listings seeing a lot of activity.

The number of auctions increased compared to this time last year, but sales through this method remained light. Local agents predict that activity will remain consistent but could shift later in the year depending on how investors react to upcoming policy changes.” Jen Baird REINZ CEO

Property Market Data by Team Davis

Our market is continuing to improve in sales volume and a little in price, but the challenge will be finding the best buyers for your property to ensure you get the best result.  We have the skills to do this for you.

5 YEAR MEDIUM PRICE MOVEMENT FOR NORTHLAND TO APRIL 2024

Property Market Data by Team Davis

If you want to sell your property, please give us a call as now is a good time to be talking and looking at the best method of taking your property to the market.

Please call us 021 820 015 to discuss your property needs further.

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