NEWSLETTER | FEBRUARY 2023
NORTH SHORE MARKET UPDATE
An insight into what is happening in your area. GLIMPSES OF NEW LIFE IN THE MARKET What a time we are having here on the North Shore. My deepest thoughts go out to those who have been affected by the recent weather events. I hope you have the support you need and are safe, dry and warm. If you do need any help or support and not sure where to turn, please do reach out and we will do what we can. I have added some information on the next page that might be useful. The Real Estate Institute of New Zealand’s (REINZ) January 2023 figures show house prices have declined but at a slower rate than seen previously. REINZ Chief Executive, Jen Baird says prices continue to ease but the pace of the decline is steadying, and the market has glimpses of a new life as January’s seasonally adjusted data shows. “January is traditionally a slower month as sellers and buyers are on holiday. This month is no exception, although intensified in Auckland by relatively poor weather, with the least number of sales since records began (excluding April 2020 during the country’s lockdown) at 943 sales. The rest of the country has also seen a record low for the month with less than 3,000 sales (2,759) nationally.” High interest rates, the ability to secure finance, commentary around a looming recession and this being election year can be added to factors for slow decision making from buyers. As a result, properties are spending longer on the market with 53 being the median days to sell for January 2023, 16 days longer compared to January 2022.”
Carla O'Neil
“Reports of more activity in the market are growing “Agents in many areas are reporting more attendance at open homes, more interest online and even more multi-offer situations. Inventory has increased 39.4% year-on year, now sitting at 27,732 properties which provides plenty of choice for buyers. Add to that prices that have eased over the last 12 months, and some less bad economic news coming out recently, it seems there are more buyers active in the market. February and March data will tell us if they choose to act” adds Baird.
Licensed Salesperson REAA 2008
P 0204 120 5961 E carla.oneil@harcourts.co.nz W www.carlaoneil.co.nz
“This is interesting data and does indicate a slowing of the decline. The coming months will be telling as the country braces for more activity both in the weather and the property market,” concludes Baird. Source: REINZ As always, I am here to help. Please reach of if you have any questions relating to the market, recent sales in your suburb or if you're wanting to know what your home is likely to sell for, I would love to assist. Until next time, keep smiling!
Carla