14 Mar Hibiscus Coast Market Update – Feb 2019
Hibiscus Coast at a glance
Sales Volume – 76 February 2019, up from 70 in January 2019
Median Sale Price – $829,000 in February 2019, down from $860,000 in January 2019
Average days on Market – 40 in February 2019, down from 51 in January 2019
Number of houses sold falls by 9.5% across the country in February
The number of properties sold in February for Auckland fell from 1,654 to 1,358 (17.9%) year-on-year, making February 2019 the lowest non-January sales month since October 2010. Traditionally sales in February pick up as kids return to school and housing activity picks up again after the holidays, however this year the number of properties sold has decreased in 13 out of 16 regions across the country. Bindi Norwell, Chief Executive at REINZ attributes the lower level of sales volumes to a number of things – legislative changes impacting the housing market, increasing difficulty in obtaining finance and vendor’s pricing expectations.
We are seeing this ourselves in conversations we are having with our clients. Many people are currently taking a “wait and see” approach to making decisions on what to do with property investments.
Despite lower sales volumes, many regions across the country have experienced annual increases in the median house price, although for Auckland the median house price was $850,000, down slightly from $855,000 in February last year, but up from $805,000 in January. The slight fall in median house prices in Auckland can be attributed to slightly fewer million dollar plus properties being sold in February, however some areas of the super city saw prices increases over the same period.
Median house prices on the Hibiscus Coast have dipped slightly from the same period last year, from $870,000 in February 2018 to $829,000 in February 2019.
If you would like to know how changes in the market may impact your property, please contact us for a chat.