When is the right time to buy?
New statistics show the residential property market in Auckland is holding steady from a value perspective. Preview examines the latest figures to assess if it’s a ‘buyer’s’ or ‘sellers’ market…
The latest statistics released by the Real Estate Institute of New Zealand (REINZ) show that the residential property market in New Zealand is booming – in all regions.
According to the latest REINZ data, the Auckland residential property market is currently holding firm – with its annual rate of increase in median price at 7.5 percent. The national median price increase rate of 10 percent.
The median price for a residential property in Auckland is currently at $805,000 – up from $749,000 year-on-year, but down 0.9 percent on April 2016 from $812,000.
May 2016 was a record month for median house prices nationally, as the price passed $500,000 for the first time. In addition, record high median sale prices were also recorded in the regions of Waikato/Bay of Plenty, Taranaki, Wellington, Canterbury/Westland and Central Otago Lakes.
REINZ commentary attributes these record figures to the confident residential property market in Auckland, which he says helped to drive demand in regional markets with lower interest rates, easier borrowing conditions outside of Auckland and generally good economic conditions contributing to the boom.
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