NORTHLAND PROPERTY MARKET UPDATE ON RESULTS FOR SEPTEMBER 2021

Northland in a SNAPSHOT : Volume is DOWN on 2020 and median price is UP on 2020, and good properties continue to sell quickly with the overall selling days sitting at 40 days.

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Team Davis Properties For Sale October 2021

Northland continues to suffer from low stock, which means we will remain in a ‘SELLERS’ market with a lot more buyers than we have properties to sell.  That said we can see again that price seems to have peaked with September showing the same median price as the prior month of August 2021.  Our most active buyers are first home buyers, but we will continue to struggle to find the properties for their needs and budget.  See the price graph below

NATIONAL OVERVIEW: (by REINZ)

Median prices for residential property across New Zealand increased by 15.4% to $795,000 in September 2021 compared to $689,000 in September 2020, according to the latest data from the Real Estate Institute of New Zealand (REINZ).

NATIONAL MARKET KEY INDICATORS:

NORTHLAND OVERVIEW: (by REINZ)

“Median house prices in Northland increased 18.2% year-on-year reaching $650,000. Northland also experienced a new high of 4,212 in the REINZ House Price Index, up 33.7% from September 2020. Whilst COVID−19 restrictions slowed down activity in the market, buyer enquiry was strong, and a higher percentage of properties sold by auction — 24.2% in September 2021, up from 7.8% in September 2020. There was a low level of stock across Northland, down −45.0% from September last year. Further, listings remained low, with a −34.8% decrease year-on-year.

Low levels of inventory and listings have meant open homes have seen an uplift in attendees, with vendors asking for slightly higher prices and receiving prompt offers. Northland experienced its lowest September sales count in nine years, with 153 properties sold. First home buyers are finding it difficult to find properties in their price range, with 38.6% of properties sold for over $750,000 — up from 18.3% at the same time last year. With Auckland remaining at a higher alert level, there has been an increase of out-of-enquiries from Aucklanders looking to move out of the city. Over the next couple of months, as demand continues to outweigh supply, prices are expected to continue to rise with buyer activity picking up as we head into the warmer months.”  Jen Baird REINZ CEO

SUMMARY OVERVIEW AND DETAILED STATISTICS:

We are halfway through Spring and our number of properties for sale have not improved, so it would seem we are heading into our best-selling season of Summer with low stock which will continue to make it a real challenge for buyers to find the property they need. 

We have just listed 5 new properties in the last few weeks with still more to come, so our stock position has improved, but again we expect to see the good properties sell quickly.  While the lower end of the market looks to have peaked in price the middle and upper ends are still catching up with this movement and we do expect to still see some price movement in these segments.

This especially applies to properties offering lifestyle choices as we continue to see Aucklanders and returning Kiwis buying lifestyle properties in Northland.

5 YEAR MEDIUM PRICE MOVEMENT FOR NORTHLAND TO SEPTEMBER 2021

If you are thinking of selling but can’t find the right property to buy right now, you should still list your property even if we need to include a clause that you need to find a property to buy before your property will go unconditional.  Typically, this gives you between 20-40 days to find a property.  Please call us to discuss your property needs further.

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 0800 832 632 to discuss your property needs further.

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