February Not The Last Of The Summer Wine For Property

“Real estate had a great February, with the hot market not over yet. We might’ve started March with an Auckland lockdown and the return of LVRs, but buyer demand remains strong and listings are still short,” says Derryn Mayne, Owner of Century 21 New Zealand.

REINZ has released its Monthly Property Report for February which it says shows ‘the unrelenting pace of property sales continued’.

Median house prices across New Zealand were up by 22.8% compared to February 2020. Now at $780,000, it’s a new record high for the country. Auckland’s median house price increased by 24.3% to $1,100,000 – also a new record for Auckland. In fact, 12 out of 16 regions reached record median prices as did 37 districts.

The number of residential properties sold in February across New Zealand increased by 14.6% to 7,964 when compared to the same time last year – the highest for the month of February in 14 years, according to REINZ’s latest data.

“There’s been a lot of talk that after a strong summer, autumn will look quite different. That certainly isn’t Century 21’s experience so far. First-home buyers are still keen to make the most of record-low interest rates and investors are keen to beat the 40% deposit requirement from 1 May and any other handbrakes the Government might introduce,” she says.

The Century 21 leader says no doubt there was a surge in February partly due to restrictions on loan-to-value ratios (LVRs) returning and some lift in listings nationwide, but it’s by no means the last of the summer wine.

“As long as interest rates remain low, rents stay high, and other investment opportunities look less appealing, the allure of property will continue for owner-occupiers and landlords alike.

“March is already looking good, but it will really rely on more listings. We know that if we can get the listings, we can definitely turn them into great sales. Those Kiwis contemplating selling should seriously consider this side of winter. The market is holding up really well with demand for housing still incredibly strong,” says Derryn Mayne.

www.century21.co.nz

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