National Overview – August 2017
Across New Zealand, new listings were down in August by over 21% compared to the previous year. However, this is to be expected in the month leading up to an election, with listings generally down by around 20% before we go to the polls. Sales were also down by 11% nationally compared to 2016, with the biggest drop in the central region of 20%. Harcourts NZ CEO Chris Kennedy says he expects to see a recovery after the election, when speculation around the government is over.
“However, it is also undeniable that there has been a general slowing in the housing market across New Zealand, and particularly in Auckland, due to Reserve Bank restrictions and a sharp decline in the number of foreign buyers.”
Kennedy says there will not be a “crash” as low supply and high demand remain the main drivers of New Zealand’s property market. Net immigration in the year to March 31 was close to 72,000, with construction of new houses not coming close to keeping up with demand.
Chief Executive Officer
Harcourts New Zealand
National: Average sale price year to date
National: Property on hand year to date