Manukau market wrap

So how is the market?

There has been a notable ‘bounce in the step’ of the Manukau market with good properties commanding strong interest. Stories of multiple offers, competitive bidding & quick sales frequenting the real estate airwaves.

Sales volumes remain suppressed and we put this down to the subdued stock levels of properties. Whilst in September both the New Zealand & Auckland market saw volume increases from last year, the Manukau volumes remain at some of the lowest at 129 in September.

Manukau’s statistics

The Manukau median price has remained stable at $710,000 in September and average sale time sits at 30 days. Manukau is up by 1.5% last month compared to the month previous and has increased 7.5% this time 5 years ago.

Market highlights

Median house prices across New Zealand increased by 6.6% in September to a record high of $597,000, up from $560,000 in September 2018.

September was a strong month price wise, with record median prices recorded in four regions – Manawatu/Wanganui, Southland, Taranaki and Hawke’s Bay. New Zealand as a whole saw a record median price of $597,000. Overall, median prices rose in 13 out of 16 regions."

Auckland saw the first annual increase in median prices for the region in 11 months.

In summary

The pendulum of market forces is swinging favourably for the real estate market with low interest rates, abolished capital gains tax, housing shortage, and increased buyer confidence. There is also growing acceptance of recent changes to legislation with the Overseas Investment Act, Brightline Test change, Anti-money laundering & Residential Tenancies Act.

There are always markets within markets but all in all, a solid start to Spring, key indicators pointing towards a stable market with momentum building despite the lack of availability of quality listings restricting sales volumes. The year on year median sale price difference has risen to realistic levels.