National Overview – February 2017
In Auckland, the property market is showing signs of having cooled, with written sales dropping by 18.6% compared to the same time last year and the average price down.
And across the country, sales have dropped off in all the regions.
Harcourts CEO Chris Kennedy says it shows the market is readjusting after the period of fast, and ultimately unsustainable growth, we saw in 2015/2016.
“I don’t believe we are going to see a large drop in sales or prices, however I also do not believe we can realistically expect the market to continue the growth of the past few years. We are returning to a balanced property market.”
Nationwide the average price now sits at $540,678, which is an 11% drop from November 2016’s all-time high of $608,510.
Kennedy says we can expect prices around the country to even out, following Auckland’s lead.
“The market cool down means sellers will have to be more discerning about the ways in which they market and present their properties to captivate buyers.
“It means if you choose the right sales consultant and market your property well, you will achieve a good price. We’ve been spoilt by a strong market for a long time now, but with sales dropping a little it’s important not to be complacent.”
Chief Executive Officer
Harcourts New Zealand