As we tick off the first quarter of 2021, the sizzling Auckland property market continues on high heat, with records falling in nearly every statistic we can measure.
The number of residential properties sold in February across New Zealand increased by 14.6% when compared to the same time last year (from 6,951 to 7,964) – the highest for the month of February in 14 years, according to the latest data from the Real Estate Institute of New Zealand (REINZ)
In Auckland sales volume increased by a massive 34.6% year-on-year (from 2,061 to 2,775), and the city’s median house price increased by an equally impressive 24.3% from $885,000, to $1,100,000 – a new record for Auckland.
In her March 2021 report, Bindi Norwell, Chief Executive at REINZ commented that the Auckland market has seen one of the largest percentage increases in sales volumes across the country when compared to the same time last year. “This is remarkable when you consider Auckland had four days of Level 3 lockdown in February and shows how adaptable both agents and members of the public are at moving to technology solutions to buy and sell houses when physical viewings are extremely limited. Even with LVRs coming back into effect in March, we would expect to see sales volumes continue at a solid pace over the next couple of months; but this will in part rely on a steady stream of new listings coming onto the market.”
Another amazing statistic coming from the REINZ is that, in February, almost one third of the homes sold in New Zealand in February were sold by auction – the highest level of auctions ever – up from 16.4% at the same time last year.
Stock continues to be an issue and that has made the market very competitive, with properties continuing to sell quickly. The median number of days to sell was down five days annually to 34 days, the lowest for a February month in 17 years.