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The 2017 year in review for the real estate industry

Contributor:
Fuseworks Media
Fuseworks Media

Median Sales Price

- The National median sale price increased 11.2% from January - November 2017 (from $485,500 to $540,000) compared to 16.1% the same period last year (from $448,000 to $520,000). The median sale price for the 2017 calendar year (excluding December) for New Zealand is $527,500

- The National excluding Auckland median sale price increased 13.1% from January - November 2017 (from $398,000 to $450,000) compared to 13.7% for the same period last year (from $365,000 to $415,000). The median sale price for the 2017 calendar year (excluding December) for NZ ex Auckland is $429,000

- The Auckland median sale price increased 6.7% from January - November 2017 (from $825,000 to $880,000) compared to 18.2% for the same period last year (from $740,000 to $875,000). The median sale price for the 2017 calendar year (excluding December) for Auckland is $850,000 (up from $830,000 for the same period in 2016).

Sales Volume

- Sales volumes for New Zealand from January - November 2017 totalled 68,787 which is an 18.1% decrease on the same period last year

- Sales volumes for New Zealand excluding Auckland from January - November 2017 totalled 48,645 which is a 15.7% decrease on the same period last year

- Sales volumes in the Auckland region from January - November 2017 totalled 20,142 which is a 23.2% decrease on the same period last year.

Days to sell

- The days to sell for New Zealand decreased by 19.5% from January - November 2017 (from 41 to 33 days)

- The days to sell for New Zealand excluding Auckland decreased by 22.0% from January - November 2017 (from 41 to 32 days)

- The days to sell in the Auckland region decreased by 14.6% from January - November 2017 (from 41 to 35 days).

Bindi Norwell, Chief Executive at REINZ says: "The 2017 property market has been dominated by 4 key themes:

1. The slowdown in sales volumes, particularly in the Auckland market - although prices have remained steady in the country’s biggest city

2. The strength of the regions in terms of price growth

3. The difficulty for first time buyers to get a foot on the property ladder

4. The impact LVRs and bank lending is having on the market.

"This year has been an interesting one with one of the wettest winters in a long time and the uncertainty created by an election. When you combine those factors with the LVR impacts and the tightening of bank lending, it’s certainly kept the industry on its toes. But now the warmer weather has returned, there is the prospect of reduced LVRs in the New Year and there is more certainty post-election, we’re looking forward to things returning to normal," concludes Norwell.

New Zealand / YTD November / Count / Sale Price (Median) / Sale Price (Sum) / Sell Days (Median)

2016 / 83,941 / $492,500 / $51.54b / 30

2017 / 68,787 / $527,500 / $44.13 / 33

% movement / -18.1% / +7.1% / -14.4% / +10%

New Zealand excluding Auckland

YTD November / Count / Sale Price (Median) / Sale Price (Sum) / Sell Days (Median)

2016

57,702 / $390,000 / $25.59b / 30

2017

48,645 / $429,000 / $23.52b / 32

% movement / -15.7% / +10% / -8.1% / +6.7%

Auckland

YTD November / Count / Sale Price (Median) / Sale Price (Sum) / Sell Days (Median)

2016 / 26,239 / 830,000 / $25.95b / 30

2017 / 20,142 / 850,000 / $20.61b / 35

% movement / -23.2% / +2.4% / -20.6% / +16.7%

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