Harcourt's Market Watch
The New Zealand real estate market finally started to see some increased action last month according to our latest figures.
In November Harcourts recorded a good increase in written sales when compared with October as the highly anticipated Spring lift in activity finally occurred, however the volume was still behind the same month in 2009.
In addition our figures show that in November a lot of people obviously decided that the time was right to sell, and as a result we saw a significant increase in new listings across the country when compared to October.
Buyers still have significant choice, with the number of properties available up on the same month in 2009, and with interest rates remaining low astute purchasers will know now is a good time to act so it will be interesting to see what level of activity there is over the coming weeks. Perhaps the holiday period will not be as quiet as it is traditionally?
Hayden Duncan, CEO
Harcourts New Zealand
| Northern |
Nov 2010 |
Nov 2009 |
% Change |
| New Exclusive Listings |
483 |
546 |
-12% |
| New Auction / Tender Listings |
157 |
174 |
-1% |
| Property on Hand |
3,352 |
3,858 |
-13% |
| Written Sales |
414 |
398 |
+4% |
| Average Price |
$496,000 |
$537,000 |
-8% |
|
Sales numbers increased, with a return of buyers in this market. The number of properties available has reduced due to stronger demand than supply.
|
|
| Central |
Nov 2010 |
Nov 2009 |
% Change |
| New Exclusive Listings |
433 |
477 |
-9% |
| New Auction/Tender Listings |
57 |
65 |
-12% |
| Property on Hand |
3,109 |
3,395 |
-8% |
| Written Sales |
247 |
320 |
-22% |
| Average Price |
$344,000 |
$400,000 |
-14% |
|
The Central region market continues to endure a tough trading environment however the number of properties available is tightening. Astute purchasers will be buying here now.
|
|
| Wellington |
Nov 2010 |
Nov 2009 |
% Change |
| New Exclusive Listings |
458 |
431 |
+6% |
| New Auction/Tender Listings |
59 |
55 |
+7% |
| Property on Hand |
2,726 |
2,399 |
+14% |
| Written Sales |
307 |
334 |
-8% |
| Average Price |
$359,000 |
$381,000 |
-6% |
|
Wellington's average price continues to strengthen and the sales figures, although down on the same month last year, are significantly up on October.
|
|
| Christchurch |
Nov 2010 |
Nov 2009 |
% Change |
| New Exclusive Listings |
617 |
775 |
-20% |
| New Auction/Tender Listings |
111 |
178 |
-38% |
| Property on Hand |
3,238 |
3,581 |
-10% |
| Written Sales |
383 |
530 |
-28% |
| Average Price |
$374,000 |
$432,000 |
-13% |
|
Activity in this market continues to surprise with 383 written sales in the month demonstrating that normality is returning more rapidly than many predicted.
|
|
| South Island Provincial |
Nov 2010 |
Nov 2009 |
% Change |
| New Exclusive Listings |
365 |
387 |
-6% |
| New Auction/Tender Listings |
35 |
56 |
-38% |
| Property on Hand |
2,747 |
2,592 |
+6% |
| Written Sales |
201 |
240 |
-16% |
| Average Price |
$316,000 |
$300,000 |
+6% |
|
Slowing of sales has affected the level of property-on-hand giving purchasers more choice. Prices continue to firm in the region with a 5% increase in the average sale price.
|
|
This report has been published courtesy of Stu Jenner - Harcourts, to view Stu's listings click here.
Posted: 22 Dec 2010
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