Nicola Kelland - Market Update

The Real Estate market often records lower sales volumes during autumn & winter, mainly due to the fact that most vendors prefer to sell their homes in Spring or Summer, but what is happening to the prices?

Nationwide price values have increased 8% over the past year and 2.1% over the past 3 months. The Auckland region has increased 12.3% over the past 12 months & 2.7% over the past 3 months.
Some areas in Auckland, like Manukau East and North Harbour have recorded over 4% increase in value over the past 3 months indicating that those areas are the current hot spots.

In the Auckland region during April and May the total sales value was down on the peak period of March, as was the medium price, going from a high of $637,000 to $611,500 in April and then again to $625,000 in May.

While the market in Auckland has increased overall by 31.4% since 2007, it is interesting to note that when adjusted for inflation, values are up 10.6% over the past year and are 12.8% above the 2007 peak.

In the provincial centres the results are a mixed bag with some locations like Gisborne & Rotorua recording lower sales values while Marlborough  & Invercargill having increases.

I predict that in general in my market of Central Auckland, price increases will flatten off especially if we see a flurry of new listings in October. My recommendation to anyone thinking of selling is get on the market now just in case the volume of listings increases too sharply and starts to affect values.