Click on the graphs to zoom in for a better view
Average sale prices are on the bounce back as demand works to increase the pressure on buyers at the coalface. Multiple offer scenarios are expected on tidy, well marketed homes through out the Northern Suburbs.
The number of sales (turnover) has certainly been much healthier in the last five months, almost doubling the turnover for the same time last year and beating the 2007 turnover figures for the winter months also.
The average time to sell is plummeting on the back of an acute shortage of homes on the market. This is predicted to drop further in the short term, though the rise in usage of Tender marketing may see this balance out as real estate agents seek to balance demand with the need to expose the home to the market for a reasonable time period in order to ensure the best price for vendors.
Rentals are still slowly rising for bigger family homes but gently easing for smaller two bedroom accommodation. Rentals for three bedroom homes in the Johnsonville/Newlands area has plateaued.
This statistical info has been summarized from the Real Estate Institute monthly sales data and tenancy services. These sites provide house sale and rental data for suburbs nationwide. They are a great resource, go visit them and look up your own suburb.
July 23 2009 | North Wgtn House Market Trends | No Comments »
The latest stats released this week by reinz.co.nz show continued improvement in the North Wellington Market. Prices have firmed quickly in May to set a new record median on the back of three months of good sales activity in which we have seen a clearing out of much of the stale stock left over from Summer and vigorous competition for new well presented homes entering the market. The average time to sell has fallen below 30 days for the first time since Feb 08 and will show further falls if the current activity in the market place continues through the rest of June. I don’t need to say anything more but will let the stats speak for themselves.
Click on the graphs to zoom in for a better look.
The rental info above has been summarized from the tenancy services website. It is for Johnsonville and Newlands which I find gives a good estimation of fair market rentals for the other surrounding suburbs except for Khandallah/Ngaio. You can go to their website and print out rental stats for any suburb in the country.
June 12 2009 | North Wgtn House Market Trends | No Comments »
The Price Plateau continues….
Most agencies around the Northern Suburbs are reporting a busy Feb with multiple offers on many properties especially in the first home buyers bracket under $400k. This won’t be brought out in the stats for another month but expect to see a lift in turnover. The young buyers I have contact with are all talking about wanting to get into the market with low interest rates being a big driver.
Days to sell jumped in Jan (as happens in most Januarys with the market traditionally quiet from mid Dec to mid Jan. I would expect to see this drop back to around 40 days to sell when the Feb stats are released in three weeks time.
The number of homes selling are still at all time lows. There is definitely a shortage of property on the market in the Northern Suburbs with homeowners either just sitting tight to see what happens to the market or considering adding on to or updating their existing homes. This is leading to multiple offers on well priced, tidy homes.
Rental values still holding in value though anecdotal evidence suggests that the number of places being let is down.
March 02 2009 | North Wgtn House Market Trends | No Comments »