Auckland Market is showing signs of having cooled in Feb

What's been happening in Auckland?

Auckland Overview - February 2017 Total listings in Auckland year to date

The Auckland property market is showing all the signs of having cooled in February.

There are more properties available to buy overall, up nearly 40% on the same time last year.

By contrast, sales have dipped by 18.6% and average prices are slightly down- by 1.1% compared to February 2016.

The drop in sales can partially be ascribed to a fall away in the number of 700 property investors, following the tougher loan to value rations introduced last November, Harcourts CEO Chris Kennedy says.

“The incredibly heated market of 2015/2016 was not sustainable long- 500 74 term and believe we are returning to the healthy activity levels seen in 2014.”

However, Kennedy does not expect to see a dramatic drop in the market, particularly given Prime Minister Bill English has said immigration levels are about right.

“In the 12 months to January, we had a net gain of 71,305 migrants, and of those around 65,000 have chosen Auckland as their new home. New builds are not keeping up with our growing population, so existing houses will remain sought after.”

Kennedy says the market cool down means sellers will have to be more discerning about the ways in which they market and present their properties to captivate buyers.

"It means if you choose the right sales consultant and market your property well, you will achieve a good price. We've been spoilt by a strong Written Sales market for a long time now, but with sales dropping a little it's important not to be complacent.”

Auckland_Marketwatch__Feb_2017.pdf

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