Provisional market update, Sept 2014, Auckland and Northland

Provisional housing market update

September 2014, Auckland and Northland

Press Release: Harcourts

4 September 2014

Provisional residential data from New Zealand’s largest real estate group Harcourts for the month of August shows there has been a significant decrease in the number of new listings and sales. As is usual, the run up to the election is affecting people’s decisions around buying and selling, with many adopting a “wait and see” approach. We expect to see a correction next month after the election, and as the weather gets warmer.

Despite recently announced housing policies, the root problem of red tape surrounding development has not been addressed. Housing developers will remain reluctant until fees and building costs are reduced and the Government expedites the consents process.

Harcourts continues to be in favour of removing LVR restrictions, which remain a barrier to all first home buyers.

The average sales price in Auckland and Northland sits at $656,198, which is up 8% on the same time last year.

Full statistical data from Harcourts for residential sales in the month of August will be available on 10 September.

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