2018 an “interesting” year - REINZ

REINZ has released its annual “year in review” data for 2018 and it paints a picture of a solid market – which stands in stark contrast to markets across the Tasman.

However, while 2018’s results were healthy, price growth was off the pace seen in 2017.

It shows the national median sale price increased by 10.6% from January - November 2018 (from $520,000 to $575,000). But this is as compared to 11.2% the same period last year (from $485,500 to $540,000).

In a similar vein, the Auckland median sale price increased by 5.7% from January - November 2018 (from $820,000 to $867,000). But this is as compared to 6.0% for the same period last year (from $830,000 to $880,000).

In contrast, the sales count for New Zealand from January - November 2018 totalled 72,188 which is a 4.2% increase on the same period last year

The sales count in the Auckland region from January - November 2018 totalled 21,202 which is a 4.0% increase on the same period last year.

Days to sell actually decreased both nationally and in Auckland in the January – November 2018 period. Nationally, they were down from 46 to 35 days, while in Auckland they fell from 45 to 37 days.

REINZ chief executive Bindi Norwell says the 2018 property market was dominated by a number of key themes.

These included the “foreign buyer ban”, the stabilisation of pricing in the Auckland market, the strength of the regions in terms of price growth, and an increased spotlight on the property management industry.

But 2018 has certainly been an interesting year for the real estate industry, she says.

“We’ve seen record median prices reached in many parts of the country, strong sales volumes, a significant amount happening on the regulation front and just recently the foreign buyer ban and the changes to the LVRs.”

“All in all, we expect 2019 to be another good year for the industry,” Norwell adds.