There was no sign of a winter slowdown at Harcourts last month, with sales around the country up 35% compared to July last year, although average prices have flattened in Auckland and are falling in Wellington and Christchurch.
In Auckland the average selling price of homes sold by Harcourts last month was $828,000, up just $330 compared with June but still up a whopping 24% compared with July last year (refer table).
In the Wellington region the average selling price in July dropped by just $315 compared to July, but was down a more significant $8092 (2.2%) compared to July last year.
In Christchurch, where Harcourts is by far the city's largest real estate agency, the average selling price in July declined by $19,280 compared to June and was down 4% compared to July last year.
Nationally July's average selling price of $517,903 was up 10% compared to July last year, while the number of homes sold was up 35% compared to a year earlier, giving the company its best July on record for the total value of homes it sold in a July month.
The standout performer for Harcourts last month was the central North Island which includes the Waikato and Bay of Plenty regions, where the number of sales was up 76% compared to July last year and prices were up 7% over the same period.
Harcourts chief executive Hayden Duncan said there was increasing evidence supporting the theory that Aucklanders were buying properties in the regions.
"The fact that sales figures are still healthy, despite the winter slowdown striking some regions, means the buyers are still out there and they're hungry for more," Duncan said.
| Harcourts average selling prices | |||
| July 2015 | June 2015 | July 2014 | |
| Auckland/Northland | $828,009 | $827,679 | $665,133 |
| Central North Island | $347,444 | $345,381 | $325,560 |
| Wellington | $354,079 | $354,394 | $362,171 |
| Christchurch | $472,710 | $491,990 | $491,677 |
| Rest of South Island | $337,811 | $316,516 | $322,724 |
7 Comments
Waikato and Bay of Plenty regions, where the number of sales was up 76% compared to July last year and prices were up 7% over the same period.
And why is that Duncan? Because....stuff that has sat around, for years in some cases, finally cleared, as a window of relief came in the form of a change in the LVR restrictions. 76% higher turnover, and 7 % rise in prices? That's not a sign of anything to come but disappointment. Disappointment for those who didn't get to escape velocity; who are still trapped by the price of previous purchase and who, if they don't get out at a small loss now, might either never get out, or will face a much smaller bank balance in the future. You can hear the sighs of relief all over the regions, and there will soon be buyer remorse setting in those same places!
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