Warmer weather heats up housing market

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Here is another interesting Wellington real estate related news article that we thought may provide you with helpful information.


November 2017

Nationwide property prices rose 2.7% in October.

The Trade Me Property Price Index shows the national average for October rising by 2.7% to $623,700 from September.

It’s been lean pickings for buyers over the last five months, with little housing stock available nationwide, but October saw the market perk up with 30% more listings on the site than in September.

Trade Me Property head Nigel Jeffries says that this time of year is usually buoyant, but it’s taken longer than usual for the market to kick into action.

“Usually by this time of year we expect to see the property market in full swing, but with the election in play it’s pushed everything back. We’re starting to see some of the movement we’d normally expect in this peak buying and selling season,” he says.

Auckland property listings on Trade Me buck the downward trend revealed by the latest QV figures, rising by 2.2% from last year to $925,300.

“If we compare this with October 2010, we can see the massive changes in the Auckland property market over the past seven years. Since 2010, the number of houses for sale has dropped 58 per cent which has forced the average asking price up 88 per cent from a relatively tiny $487,250.”

This trend is mirrored in the capital, with average asking prices surging 11.7% from……..

Continue reading this article at the original source from Landlords.co.nz




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