12 Apr Hibiscus Coast Market Update – March 2019
Hibiscus Coast at a glance
Sales Volume – 113 March 2019, down from 223 in March 2018.
Median Sale Price – $850,000 in March 2019, up from $785,000 in March 2018.
Average days on Market – 48 in March 2019, up from 41 in March 2018.
Number of houses sold falls by 12.9% across the country in March
The number of properties sold in March for Auckland fell from 2,451 to 2,006 (-18.2%) year-on-year, the lowest for the month of March since March 2008. Bindi Norwell, Chief Executive at REINZ cites upcoming possible legislative changes (particularly with respect to a capital gains tax) and increasing difficulty in obtaining finance as key impacts on the housing market in terms of sales volumes. As we saw in February, people are increasingly taking a “wait and see” approach to making decisions on what to do with property investments, despite extremely competitive mortgage rates and a high chance of an OCR cut in the future.
Coupled with lower sales volumes, for Auckland the median house price was $856,000, down from $880,000 in March last year, but up from $851,000 in February. Despite the year-on-year fall, prices in March for Auckland were the highest Auckland has seen for 2 months.
Median house prices on the Hibiscus Coast have gone up from the same period last year, from $785,000 in March 2018 to $850,000 in March 2019. What we are seeing are fewer houses being sold, but those still fetching good prices are quality homes in sought-after areas.
If you would like to know how changes in the market may impact your property, please contact us for a chat.