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2020 Heats up with upswing in the Auckland Apartment Market

By Daniel Horrobin

Happy new year everyone. With 2019 now in our wake, all signs point towards a definite surge in Auckland’s apartment market, setting 2020 up to be an exciting year indeed.

The early-adopter investors who spearheaded a return-to-market trend at the end of last year have generated good competition within the investment property sector. As a result, increasingly more Auckland apartment owners who have been sitting tight and waiting for the winds to change are going to market. And we’re seeing the results.

Having finished last year off strong in our auction rooms with our overall auction clearance rate sitting at 77.07%, buyer demand is growing every day, and there are a lot of opportunities within Auckland’s apartment market for sellers and buyers alike. So if you’d like to take advantage – whether you’re buying, selling or investing in city apartments – get in touch and we’ll help you put your best foot forward in 2020.

Before we sign off, we were very proud to finish 2019 raising over $4,000 for Ray White’s ‘Little Ray of Giving’ charity campaign. A wonderful community initiative where offices across NZ and Australia get behind families in need at Christmas, the money went towards activities for the children and petrol and food vouchers for parents staying at Ronald McDonald House. Thanks to everyone who played a part.

2019 year in review for the real estate profession – REINZ.CO.NZ

Median Sale Price: The Auckland median sale price decreased -0.6% for the 11 months ending November 2019 ($845,000) when compared to the 11 months ending November 2018 ($850,000).

Sales Count: The number of residential properties sold across Auckland region for the 11 months ending November 2019 totalled 20,663 which is a -3.8% decrease on the same period last year when 21,475 properties were sold.

Days to sell: The median number of days to sell a residential property across Auckland region increased 5 days for the 11 months ending November 2019 compared to the 11 months ending November 2018 (from 36 to 41 days).

“2019 has been another interesting year for the real estate industry – we’ve seen record median prices reached in many parts of the country, with November itself seeing 10 new regional records and one record equal. The strengthening prices across the country have potentially had an impact on the sales volume with numbers down -2.6% across the country. However, when we look at the total value of property sold in the 11 months ending November 2019 compared to the same period in 2018, we see a 0.2% increase, showing that the overall spend across New Zealand in the property market throughout the year is remaining rather steady,” continues Norwell.

“We are expecting 2020 to be another good year for the industry, with regional growth continuing and Auckland potentially starting to see some uplift in the year to come,” concludes Norwell.

Strong sellers market for decade end, with three national records in December – realestate.co.nz

The total number of homes available for sale reached never before seen lows around New Zealand, while the national average asking price sat over $700,000 for the first time since records began 13 years ago. 

Closing the decade with 18 record-breaking statistics, the New Zealand property market remained a seller’s game in December 2019. For the first time, data from realestate.co.nz showed all-time high national average asking prices, combined with record lows in new listings and total homes available for sale. 

Vanessa Taylor, spokesperson for realestate.co.nz says “this is the first time since our records began in 2007 that we have seen three national records in the same month. There have been years where we have seen a combination of two, but never all three.” 

“Low stock, teamed with high asking prices sees us close out the decade as a strong sellers’ market,” says Vanessa.  

Last month’s trends have also been largely driven by regional New Zealand. 

“Generally, we look to our main centres to lead what is happening in the market, but last month we saw our regions really driving national trends,” she says.

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