January 2018 National Market Watch

The latest national residential property figures from Harcourts NZ show the busy finish to 2017 has continued into January.

Though traditionally a very quiet month in the market, the number of residential sales across the country jumped 8% last month, when compared to January 2017.

The average national house price in January was also up, by 6% to $554,021, when compared to the same period last year.

Harcourts NZ CEO Chris Kennedy says the activity in the market, among both buyers and sellers, is very encouraging as the year gets underway.

“I believe a busy January bodes well for the rest of the year. The average house price is still rising indicating there’s plenty of buyers out shopping already.

“I think that’s a sign everybody is starting the year feeling pretty confident about where things are going.”

Some areas, such as the Central Region covering Tauranga and Hamilton, has had a particularly busy January recording 16.7% increase in sales, compared to the same period last year. Meanwhile Christchurch recorded a 15% increase in sales compared to January 2017, with Wellington at 12%

Auckland is also seeing plenty of activity among both buyers and sellers with a 10% increase in listings in January year on year, and an 8.4% increase in sales.

The average house price in Auckland for January held steady compared to the same period last year, at $935,773.

“What we have at present is a great scenario to start the year – a relatively balanced market with plenty of opportunity and activity amongst both buyers and sellers,” Kennedy says.

The number of auctions around the country dropped by 8.3% compared to January 2017. But Kennedy believes those numbers should start to rise, as people see the results others are getting at auction, and as the market continues to show plenty of activity.

Chris Kennedy, CEO
Harcourts New Zealand

© Scoop Media