Sales up 34.8%

Days to sell decreased 9 days to 33 days, well below the 10 year average of 44 days.

The REINZ House Price Index for New Zealand, which measures the changing value of property in the market, increased 9.4% year-on-year.

“In July, the Waikato market achieved another record median price of $615,000. The Waikato has had a record price for the third month in a row and has seen 7 of the last 12 months with record prices, plus an equal record. There has been a noticeable increase in the number of multi-offers across all price points, particularly with first home buyers. Everything is selling well with buyer competition the new norm, often with 10+ offers. Properties in the $650,000 to $850,000 price bracket are selling quickly. Investors appear active, especially from Auckland, however they are commonly beaten by homeowners who seem willing to pay more to secure the property. Open homes are busy with visitor numbers up and mostly local with some out of town buyers relocating or investing. Vendor’s price expectations have increased as they grasp onto the shortage of stock and buyer demand, resulting in interesting sales prices.”

Neville Falconer
REINZ Regional Director

Source: REINZ

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