An increase in supply and decrease in price growth are signs of a leveling market – it's a time where home buyers have an opportunity to be more picky on their home search. With median house prices increasing slightly less every year, we are starting to see more prospective and qualified buyers enter the market – which is good news for owners desperate to sell their home.
According to The National Business Review, the number of Auckland houses on the market in May 2017 is up by 43% compared to April 2017. Housing supply in Auckland is now the highest it's been since 2012, with May seeing 4,298 listed properties for sale. With this abundance of listings on the market, supply is catching up with demand.
Along with this increase in stock to the market, we are also seeing property take a longer time to sell, with some properties going unsold for months. REINZ data shows that over the past year, the median number of days an Auckland property takes to sell has increased by 8 days, rising to 40 days in May 2017.
This is fantastic news for those looking at North Shore homes as their first step onto the property ladder. More houses for sale means less competition in the market, which will keep property prices from spiralling out of the affordability range over the next few months.
In the year to May 2017, the growth in price for the median house dipped to 9.3 per cent in Auckland, and 7.9 per cent on the North Shore, according to Quotable Value. Yes, this means the median prices for Auckland real estate are 9.3 per cent higher than this time last year, but the key takeaway from these numbers is that growth is slowing.
In the year to May 2017, prices for the median house dipped to 7.9 per cent on the North Shore
Numbers for the North Shore are even more impressive. Between 2013 and 2016 median prices were growing by 14.3 per cent annually. The aforementioned 7.9 per cent growth for the year to May 2017 is a huge drop, and this indicates that growth is slowing across the board.
For the same period ending in May 2016, the increase in median house prices was 15.4 per cent. It was 16.1 per cent for the same period ending May 2015. This is the lowest annual growth we have seen for quite some time, but it is still growing.
In this forever changing market, it is now more important than ever to choose a Real Estate agent who will confidently help you through the process of selling, will never give up and will work tirelessly for you to receive the result you want for your home. Now is the time to buy and sell your North Shore property, so contact our team today.