PROPERTY MARKET UPDATE NOVEMBER 2024 BASED ON RESULTS FOR OCTOBER 2024
Get our Monthly Updates sent directly to your email: SUBSCRIBE
NORTHLAND in a SNAPSHOT: Volume is UP +25.0% on 2023 and UP on last month +15.6% with median price DOWN –5.8% on 2023 and DOWN –3.5% on last month, days to sell sitting at 56 days.
We are seeing good signs of improvement in our Market with more buyers attending Open Homes and more enquiries coming online. With further reductions in interest rates and more on the horizon buyers are back looking to buy, especially first home buyers and investors. Sellers are continuing to show confidence in our market as more are listing their properties for sale.
We are also now seeing more existing property owners looking for their next property. High end ie. Properties over $1m are still slow as we have yet to see a good return of Auckland buyers in our market, this will come as the Auckland market also improves. With the higher number of first home buyers in our market the medium price is being influenced by this compared to last year esp. whereas current prices seem to be firming.
If you are thinking of Selling, we would love to work with you to get the best result, so call us now for a FREE Property Appraisal and we’ll discuss this with you.
For overall Price Movement – See the 5 year price graph below which highlights pricing movement
NATIONAL OVERVIEW: (by REINZ)
“Spring has officially arrived and has brought a wave of positivity and optimism to New Zealand’s property market as we recover from a subdued market. October proved to be a more positive month, with increases in sales and ever so slight increases in median prices.
There seems to be light at the end of the tunnel. Although challenges like the cost of living remain, positive signs are emerging. Falling interest rates, increased inventory in the market, and greater activity during open home events are all reflected in the data for October.” says Jen Baird REINZ CEO
NATIONAL MARKET KEY INDICATORS:
NORTHLAND OVERVIEW: (by REINZ)
“Owner-occupiers and first home buyers were the most active buyer groups, with increased investor activity in Whangarei. Most genuine sellers serious about selling were realistic about price expectations; others expected immediate price increases and were not entertaining the lower offers presented. Attendance at open homes increased for properties priced to meet current market conditions as more buyers saw an opportunity to get in the market while interest rates fell. Auction attendance was low, with properties mostly passed in. However, attendance increased, and more bidders were active in Whangarei.
Market sentiment was influenced by factors like interest rates, media coverage, and the slowed availability of new stock. Local agents report more confidence and signs of an improving market in October. Local salespeople predict increased activity as we move from spring to summer, and with increased appraisals, listing stock might rise before Christmas.” Says Jen Baird REINZ CEO
Our market is continuing to improve in sales volume and a little in price, but the challenge will be finding the best buyers for your property to ensure you get the best result. We have the skills to do this for you.
5 YEAR MEDIUM PRICE MOVEMENT FOR NORTHLAND TO OCTOBER 2024
If you want to sell your property, please give us a call as now is a good time to be talking and looking at the best method of taking your property to the market.
Please call us 021 820 015 to discuss your property needs further.
Please send us your feedback ie are our Monthly Updates giving you the information you would like, or is there something missing, please tell us. SEND FEEDBACK
