PROPERTY MARKET UPDATE DECEMBER 2024 BASED ON RESULTS FOR NOVEMBER 2024Team Davis your local Real Estate Experts with Harcourts in Whangarei

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NORTHLAND in a SNAPSHOT: Volume is 0.0% on 2023 and UP on last month +4.8% with median price UP +8.1% on 2023 and UP +17.6% on last month, days to sell sitting at 57 days.

Properties For Sale by Team Davis with Harcourts Whangarei

In November we experienced a higher number of buyers in the market, and this continued throughout December too with more buyers attending Open Homes and more enquiries coming online.  With further reductions in interest rates and still potential for more on the horizon, buyers are back looking to buy, especially first home buyers followed by existing property owners looking for their next property.  High end ie. Properties over $1m also experienced an increase in buyer interest with sales reflecting this in November and the positive increase in the medium price year on year. 

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)

“As we approach summer, market activity is on the rise. In November, the property market experienced a wave of confidence, as evidenced by the latest figures from the Real Estate Institute of New Zealand (REINZ).  Buyers are showing increased interest, spurred by the recent reduction in the Official Cash Rate (OCR), prompting more transactions nationwide. At the same time, fewer sellers are bringing their property to market, which is reflected in the nationwide decline in property listings.

“There’s been a shift in market sentiment nationwide in November. After a challenging year, recent data indicates promising signs of increased activity, which we hope will continue into 2025. This is a good time to make transactions, as prices remain stable, and interest rates decrease.” says Jen Baird REINZ CEO

NATIONAL MARKET KEY INDICATORS:

Graph 1 Nov

NORTHLAND OVERVIEW: (by REINZ)

“First home buyers and owner-occupiers were the most active buyer group, with a slight absence of investors in the market as first home buyers were purchasing lower-priced properties.

However, some vendors expected slightly elevated property prices after the recent OCR decline. Improved attendance at open homes was observed over November, as increased stock and settled weather positively influenced numbers, especially for well-presented new listings.

Market sentiment was influenced by an increase in buyers, a lift in stock numbers, increased confidence, lower interest rates and buyers and vendors feeling the slow shift toward a favourable vendor market.  Local agents feel the market will stay steady, with inquiries and listings to stay strong over the summer. They anticipate a buoyant market into early 2025.”  Says Jen Baird REINZ CEO

Graph 2 Nov

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

Graph 3 Nov

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.

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Merry Christmas from Team Davis with Harcourts Whangarei