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Buyer demand skyrockets in New Zealand’s property market
Great to welcome Sam from Trade Me Property to our office to catchup with our team and of course Tenz our border collie. Very interesting property report from Trade Me.
Buyer demand in New Zealand’s property market has soared as we head for what could be a very busy winter.
Buyer demand in New Zealand’s property market has soared as we head for what could be a very busy winter, according to the latest Trade Me Property Price Index.
Trade Me Property spokesperson, Aaron Clancy, said there were a number of positive signs that showed buyer interest was up in May. “May was a very busy month for prospective property buyers and we saw a spike in activity on Trade Me Property.
“Views last month were up 11 per cent on April and up 69 per cent when compared to May 2019. We also saw increases in the number of email enquiries and watchlist adds from our members.
“It’s great to see the New Zealand property market begin to get some momentum back after several months of lockdown. While the property market typically cools during the winter months, we’re already seeing signs that the COVID-19 enforced lockdown could see New Zealand buck this trend in 2020 and we might be in for a very busy winter ahead.”
Nationwide, supply also increased markedly, with a 24 per cent increase in the number of properties for sale last month when compared to April. “It seems that sellers in our larger cities are a little slower coming back to market with supply down in Auckland and Wellington, but elsewhere we’re seeing lots of activity. The increase in both supply and demand around the country are signs New Zealand’s property market is in a positive frame of mind.”
Young buyers are in the market
Mr Clancy said younger buyers continued to keep a close eye on the market, with double (54 per cent) the number of 19-30-year-olds browsing property in May when compared to the same month last year.
“This is a continuation of the trend that first emerged in April, when we saw a 38 per cent year-on-year increase in the number of under 30’s browsing property when compared to the same month in 2019. With the LVRs scrapped and interest rates at all time lows it’s an attractive time for young house buyers to get a foot on the property ladder.”
The most popular property on Trade Me last month was a three-bedroom house on Arama Avenue in Titirangi, Auckland. “The listing had over 12,400 views, with the balance of bush, privacy and water views appealing to first-time buyers and seasoned property investors alike.”
Prices remain steady across the country
The national average asking price reached $701,150 last month, a 6 per cent increase when compared to May 2019.
Mr Clancy said so far property prices are holding firm, despite the lockdown and restrictions that have been in place in the months since. “It remains to be seen if confidence in the market continues, but for now we’re certainly seeing a lot of interested buyers which is keeping prices high.”
Auckland prices see biggest growth in over 12 months
Property prices in the Auckland region saw their largest year-on-year increase in over 12 months in May. “The average asking price in the Auckland region was up 6 per cent when compared to the same month last year, to $957,350.”
The total number of properties available for sale in the Auckland region was down 29 per cent compared to May last year, but up 22 per cent compared to April.”
Demand for listings in Auckland was up last month, reflecting the national trend. “The number of views on Auckland properties for sale rose a substantial 63 per cent in May when compared with last year, and 114 per cent when compared to April.
“The average asking price for a house in Auckland City was $1,025,050, up 7 per cent when compared to May 2019. Apartment and townhouse prices were also up by 3 per cent, with average asking prices of $703,800 and $843,300 respectively.
“If you’re thinking about selling your property in Auckland at the moment, now looks like a great time. There’s a lot of interest out there.”
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