PROPERTY MARKET UPDATE JULY 2024 BASED ON RESULTS FOR JUNE 2024
Get our Monthly Updates sent directly to your email: SUBSCRIBE
NORTHLAND in a SNAPSHOT: Volume is UP + 11.9% on 2023 and DOWN on last month – 11.2% with median price DOWN – 8.7% on 2023 and – 1.6% on last month, days to sell now sitting at 71 days.
The month of June continued pretty 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 Price looks to be down but in reality, prices are remaining relatively firm pointing to us continuing to be in a Flat market.
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)
“The typical winter lull, compounded by current economic conditions, has contributed to lower levels of activity in the market. This sentiment is reinforced by seasonally adjusted figures, which reveal a national sales decrease of 11.1% compared to May 2024, reflecting a market performance below expected levels” Says Jen Baird REINZ CEO
NATIONAL MARKET KEY INDICATORS:
NORTHLAND OVERVIEW: (by REINZ)
“Owner occupiers and first-home buyers were the most active groups. Most vendors across the region meet market expectations, either listing properties at market price or dropping initial prices to get enquiries.
There are slow increases in open home attendance numbers through new listings, but there’s been a decline in out-of-town visitors. Local agents reported that some vendors were electing to take their properties off the market as winter is approaching.
In Whangarei, more attendees have been seen in the auction room, and sales under the hammer for well-priced properties have improved.
The lack of out-of-town buyers and lack of buyer urgency influence market sentiment across the region. Local salespeople predict there will be lower listings as we enter the cooler months but remain cautiously optimistic this will pick back up in early spring.” Jen Baird REINZ CEO
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 JUNE 2024
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.
Please send us your feedback ie are our Monthly Updates giving you the information you would like, or is there something missing, please tell us. SEND FEEDBACK
