October results a mixed bag
Tuesday 14 November 2017
Harcourts figures for October show a housing market that is slowing down, but still positive for investors according to CEO Chris Kennedy.
The national house price in October stood at $586, 954, which represents at 1% decrease compared with last October. Auckland showed better signs of growth, up 4.73% when compared to last October, with an average house price of $963,359.
The total number of new listings around the country has also held steady, with just 0.4% few new listings than last year.
But it’s auctions that have taken the biggest hit, down 19.9% since last October. Harcourts CEO says that there is a general consensus that auctions work best in a booming market.
House prices in the South Island held their course in October, with an unspectacular 1% on last year to an average of $382, 493. This figure pales in comparison to September’s vertiginous rise of 19% when compared year on year, but Kennedy says there’s no need to press the panic button just yet.
“This part of the country represents incredible value for money and that will be enough to keep sales moving.”
He continues by adding that markets around the country are fluctuating at present, and the South Island is no different.
“Things will settled as buyers and sellers get a read on the new government and start looking for the best buys around the country,” he says.
Comments from our readers
No comments yet
Sign In / Register to add your comment
New Select Committee recommendations on tenant liability for damage are needlessly complicated and simply unfair to landlords, investor advocates say.
Post-election property market uncertainty looks to be dissipating with a new survey revealing that house price expectations are on the rise again.
Moving into commercial property is an increasingly attractive option for many investors, so here’s the lowdown from some who have already taken the plunge.
Investors are not rushing back into the market after the easing of the LVRs, with new mortgage lending running low and pessimism settling over the industry.