MartketWatch Analysis for Auckland/Northland - March 2015

The latest MarketWatch Analysis from Harcourts for Auckland/Northland shows that prices and new listings are up, inventory is down and almost one in two new listings are auctions.

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REGIONAL OVERVIEW

Total new listings for Auckland/Northland were up 23.6% compared to last year to 908. This is the highest volume of new listings since March 2014 and a sign that vendors are rushing in before the winter months.

Despite the increase in new listings, property-on-hand is down 4.9%. The continued tightening in supply will put upward pressure on prices.

Average sale price increased 20.0% compared to last year to $768,128. Despite rising house prices, written sales were up 6.8% compared to last year, demonstrating that buyers acknowledge that property prices will not abate in the foreseeable future.

Auction listings were strong in February accounting for almost one in two of all new listings.

Harcourts CEO Hayden Duncan says that with the end of summer upon us, vendors recognise that auction sales are the best way to get the result they’re looking for within an established timeframe.

“We’ve seen a big upswing in new listings as vendors rush in to capitalise on the last of the good weather and longer daylight hours. With vendors and buyers now thinking about the winter months ahead, auction sales provide the results both parties are looking for within a timeframe that works for them.”

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