February National Market Report

Harcourts National Market Report - February 2018

The latest national residential property figures from Harcourts NZ shows a settled market continuing into February.

The average national house price in February was up by 8% to $584,729, when compared to the same period last year, driven in part by strong activity in the Central Region.

The average price in the Central Region, which takes in Bay of Plenty and Waikato, rose 24% to $529,111 last month compared to February 2017. The provincial South Island also saw an average price increase, year on year, of 14% to sit at $461,315.

Wellington Region (which includes Taranaki, Manawatu and Hawkes Bay) also had a good February with sales up 6.4% and the average price is 4% to $449,020.

By contrast it was a quieter month in both Christchurch and Auckland with average prices down slightly in both cities.

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Harcourts NZ CEO Chris Kennedy says when you look at the country as whole, the market is looking very healthy with plenty of activity from both buyers and sellers.

“The fact that both Christchurch and Auckland had quieter months really reflects a market that is returning to a more settled normal, after the extremes and volatility of the past couple of years.”.

The drop in auction business will also be impacting the overall figures for February, Kennedy says.

“For some reason many clients don’t trust auctions in a quieter market. I don’t agree, but aside from that, it’s also important to remember that other methods such as sale by negotiation often take longer.

“Sales are still happening they’re just taking longer than the three weeks of a typical auction campaign. So I would expect to see that reflected in the figure for coming months,” he says..

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“To make the most of the market conditions I’d advise sellers to make sure they are working closely with their sales consultant to create the best possible marketing campaign to connect them with the right buyers, for the best result.

“When the market is quieter a good sales consultant can really prove their worth.”.