Spring enthusiasm despite suppressed volumes
There has been a notable ‘bounce in the step’ of the North Shore market with good properties commanding strong interest. Stories of multiple offers, competitive bidding, increased auction success rates & quick sales frequenting the real estate airwaves.
However, sales volumes remain suppressed. Whilst in September both the New Zealand & Auckland market saw volume increases from last year, the North Shore market volumes remain at some of the lowest this century as presented on the graph below, with just 242 sales.
The pendulum of market forces is swinging favourably for the real estate market with low interest rates, abolished capital gains tax, housing shortage, and increased buyer confidence. There is also growing acceptance of recent changes to legislation with the Overseas Investment Act, Brightline Test change, Anti-money laundering & Residential Tenancies Act.
The North Shore median price has remained stable at $990,000 in September.
All in all, a solid start to Spring, key indicators pointing towards a stable market with momentum building despite the lack of availability of quality listings restricting sales volumes.