October results a mixed bag

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.