(3-min read) Auckland’s median house prices increased by 9.2% to $928,000 up from $850,000 at the same time last year and up from $904,500 in May this year. This was the second highest median price on record for the City of Sails.
Bindi Norwell, Chief Executive at Real Estate Institute of New Zealand (REINZ) says:
“With wage subsidies and mortgage ‘holidays’ still firmly in place, and demand for good property exceeding supply, we wouldn’t be so bold as to say there won’t be an easing of pricing in the coming months when these support mechanisms come to an end.
But right now, Kiwis’ love affair with property continues unabated – especially with the low interest rates we currently have in the market,” she continues.
In Auckland, the number of properties sold in June increased by 9.4% year-on-year (from 1,878 to 2,054) – the highest for the month of June in 4 years.
The city saw the median number of days to sell a property increase by 9 days from 46 to 55 year on-year, also down from the 62 days seen in May.
What’s your prediction for 2020?
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