09 Dec A recent NZ Property Report as shared by Auckland Lawyer – Ian Mellett of Quay Law
Please find below a recent report as releasesd by realestate. co .nz. The conveyancing legal team at Auckland law firm Quay Law share this report with you for your interest. At Quay Law our property lawyers / conveyancers understand that property conveyancing transactions are diverse and can range from the sale or purchase of a residential house or apartment to something more complex. The more information that both the property buyer and property seller have to ensure a positive outcome for their own personal circumstances – the better.
Asking prices reach new high
• Asking prices rose to a new high of $445,529 up 4% in the month and up 5% as compared to a year ago. Record high asking prices were also seen in both
Auckland and Canterbury.
Significant rise in new listings
• New listings rose significantly in October with 12,688bought to the market. As compared to October last year, new listings are up 12%. And listings are up 14% from September.
Inventory levels rise
• The stock of unsold houses in October rose slightly to 33.1 weeks of stock (based on the rate of sale). This increase was witnessed by 17 of the 19 regions.
However is still well down on the long-term average of 39 weeks (9 months), and down 19% on October2011.
Market still favours sellers
• Across the country the inventory levels eased in October, but continue to sit below long-termaverages indicating a continuing tight market; this is more pronounced in Auckland and Canterbury.
The property market continues to show signs of confidence and heightened activity as compared to the past few years. The confidence amongst sellers bringing their properties onto the market has pushed up the (seasonally adjusted) truncated mean asking price to a new high of $445,529 – the highest level since the collection of data began in 2007. This rise in asking price was noticeable right across the country, with Auckland reaching a new record high of $611,864, and Canterbury reaching a new high of $414,070. October saw a good rise in new listings (up 12% on October 2011), and this rise has lead to some balancing of the property market in both Wellington and a number of provincial regions. While inventory levels across the country balanced in October, the market remains a firm sellers market across 12 of NZ’s 19 regions. Overall stocks of unsold houses rose slightly to 33 weeks of inventory (long term average = 40 weeks). Both Auckland and Canterbury remain firmly sellers markets, with overall inventory levels continuing to remain well below long-term averages.
The next data for November will be interesting to review as to the final flush of new listings coming onto the market in Spring – November is traditionally one of the biggest listings months of the year. Last year that total was just over 13,000 – that at a time when inventory was considerably higher than today.
Asking Price The seasonally adjusted truncated mean asking price for listings rose 4% (from September) to an all time high of $445,529 in October. This new record asking price level was up from the prior peak of $435,887 reached in May this year.
The trend as seen in the chart opposite continues to show strength in seller expectation and strong demand in the main centers.
New Listings The level of new listings coming onto the market in October continued to increase, with 12,688 listings in the month – up from 11,514 in September (14% increase). October also saw big increases on last year, with an increase of 12% in listings. On a 12 month moving total basis the number of new listings that have come onto the market in the last year totals 132,291, as compared to 124,503 in the prior 12 month period, this represents a rise of 6.3%. Inventory The level of unsold houses on the market at the end of October (43,921) remained stable, when compared to September (44,063) as measured on a seasonally adjusted basis. The inventory as measured in terms of equivalent weeks of sales rose last month to 33.1 weeks last month. This rise was witnessed across 17 of the 19 regions. But overall inventory levels still fell well below the longterm average of 39 weeks. For more click on link below.