After the expected seasonal slowdown over the Christmas and New Year period, the NZ property market is quickly ramping back up…
A look at the data:
The NZ Property report for January was published last week over at realestate.co.nz.
There was an influx of new listings across the country, with 9,267 new properties entering the market (an increase of 5% on Jan 2012). 13 out of 19 regions across NZ reported higher new listings with the most notable being the Coromandel, with a rise of 39.8% higher than the same time in 2013.
My theory on the Coromandel? Some holiday home owners have had enough of this kind of carry-on. Although, I can’t believe that would be the case for this Coromandel Coast property.
It’s hilltop perch looks pretty good to me:
The National asking price for January reached $476,767 creeping back closer to last year’s record high in October.
Looking at the regional data provided, Canterbury and Otago reached new record asking prices, with $449,149 for Canterbury (up 11.5% on January 2013); and Otago, reaching $304,720 (an increase of 1.6% on the same time last year). Auckland and Wellington both had small increases from last month and remain close to the records highs set in their respective regions in October 2013.
Real-estate.co.nz also indicating that buyer demand is on the rise, with a notable increase of visits to their site in January. Whether this translates into actual sales remains to be seen in the coming months.
The check out the report in full here
What others are saying:
Barfoot & Thompson enjoyed a nice boost after the Christmas period, with 1228 new listings in January. Managing Director Peter Thompson commenting that “the market is building to being extremely active during the first quarter of the year”.
QV.co.nz released their latest stats which show a decline in First Home Buyers over the last few months. By no means an unexpected result, with the LVR restrictions put in place in October.
A list of NZ regions showing percentage of first home buyers ‘Before and After’ LVR restrictions were put in place can be viewed on their site here.
QV predict that the increase in Nationwide values, which climbed steadily in 2013, would only increase modestly in 2014. Auckland values however, are expected to continue increasing throughout the year, with Waitakere, Manukau and North Shore City seeing the biggest increases in value in the past year.
What’s your story?
Are you a new home buyer that’s now struggling to buy with the new LVR’s, or are you a Coromandel home owner looking for drier pastures? Let us know your story. Get in touch with us in the comments below or visit us on facebook.