Provisional housing market update

Provisional housing market update

June 2015, Auckland and Northland

Provisional residential data from New Zealand’s largest real estate group Harcourts for the month of May shows the strong demand experienced over the past two months has continued. Written sales for May were up 34.4% compared to the same period in 2014.

New listings were up on the same period last year, but by just 0.7%, while overall inventory was down 15.2% indicating the ongoing continued tightening of supply.

The average house price in the Northern region was up 14% on May 2014 to $795,932 from $696,188.

Harcourts CEO Hayden Duncan says Harcourts had its strongest May ever on the back of continued high levels of buyer activity through the first five months of 2015.

“Economic conditions, competitive mortgage packages and a growing population continue to fuel the property market in Auckland,” says Mr Duncan. “The biggest issue facing the market is a shortage of supply, given the unprecedented levels of buyer interest. But that continued level of demand is keeping our volumes looking very healthy.”

ENDS

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