When looking at the statistics from April, comparing figures with this time last year is somewhat meaningless, given the whole country was at Level 4 lockdown. This is particularly true with the number of sales, when only a small handful of properties traded hands during the same time period. That said, sales volumes are down month on month. Looking at the big picture, however, the number of residential properties sold in April across the whole of New Zealand was at its highest for an April month for five years, according to the latest data from the Real Estate Institute of New Zealand (REINZ). In Auckland, alone, a staggering 2,591 properties were sold in the month of April.
Wendy Alexander, Acting Chief Executive at REINZ, made this announcement with a note of caution, however, saying that whilst the national picture represents the busiest April in five years, the reality is that the number of sales have decreased when compared to March. “While in part this is what we expect to happen when moving from March to April, there is definitely a wait-and-see approach being adopted from a number of investors and also some first-time buyers,” she added.
Sales volumes were significantly definitely down in all the areas we operate in – by just under 30 percent in the city fringe suburbs, up to 55 percent in some of the outlying districts. Median prices, however, continue to rise in all but a few suburbs, albeit at a slower rate, driven mainly by an imbalance in the supply-demand equation.
Anecdotal reports from our agents out in the field tell us that investors have backed off, in light of the Government’s recent change in housing policy, but first-home buyers are still active in the market and looking to take advantage of the decreased number of attendees at open homes and auctions. Developers, too, have been active, keen to find nuggets of land that are suitable to build multiple homes or apartments.
Our auction stats haven’t missed a beat during the past month, accounting for over 70 percent of our sales. And our success rate of over 80 percent, with a further 11 percent sold prior to auction, remains the envy of the real estate market in Auckland.