Harcourts Market Watch National Overview - July 2018

Di Austin Real Estate

The latest national residential property figures from Harcourts NZ shows stability across most of New Zealand for July 2018.

The average national house price in July improved on last year’s July 2017 figure of $577,599 by 3.6% to now sit at $598,409.

The average house price in Auckland was $877,088 in June 2018, a decrease of 13.08% when compared to the same period last year.

What’s also been evident is the increase of new listings in the city, which were up by an impressive 37.29% compared to last year, from 472 to 648.

Wellington which includes Taranaki and Hawkes Bay, average house price has continued to rise and since last year has increased from $457,353 in July 2017 to $513,180 in July 2018. The city’s written sales have also seen a 2.96% upturn on 12 months ago.

Christchurch city is seeing uplifts across the board from this time last year and impressive increases in several key areas, i.e. auctions are on the rise from July 2017 by 42.2%.

The average house price has increased 13.8% on this period in 2017 with the July 2018 average sitting at $555,772.

Central Region, taking in Bay of Plenty and Waikato, saw good sales activity and a small dip in average sale prices. Written sales were up 18.3% on July 2017. The average sales price decreased 1.3% from $476,193 on the same period last year to now sit at $469,798.

In provincial South Island the average house price has increased by around $48K (12.6%) on the same period in 2017 with the July 2018 average sitting at $429,234.

There has been a notable 53.8% increase in listings for this same timeframe. It will be interesting to see how this filters through over the incoming months.

Harcourts NZ CEO Chris Kennedy says, “although it is not a trend in every province, overall nationally auctions have been on the increase in July. We urge anyone who is on the fence about their method of sale to remember that an auction’s greatest strength is that it will give you an accurate reflection of exactly where the market is and what your property is worth.’