NEWSLETTER | JULY 2024
NORTH SHORE MARKET UPDATE
An insight on what is happening in your area. HOUSING MARKET SHOWS RESILIENCE AMID ECONOMIC CHALLENGES
The Auckland housing market reflects a blend of resilience and caution amidst ongoing economic challenges, according to the latest data from the Real Estate Institute of New Zealand (REINZ). The Auckland median price rose 4.8% year-on-year, while sales volumes declined by 35%. The lower activity levels can be attributed to the typical winter lull, compounded by current economic conditions. Despite this, there are still notable success stories for popular, well-marketed properties. Last week, in our auction rooms one property exceeded its reserve by $250,000, and another by $150,000.
The Consumer Price Index (CPI) figures released this week will influence the future direction of interest rates. The Reserve Bank has maintained the Official Cash Rate (OCR) at 5.5% but signaled a potential rate cut later in 2024 if inflation trends favourably. The median sale price for the North Shore dropped a mere 0.2% since June 2023 with the median days on market at 44 days. Transactions were down 33.8% since the same time last year - our observation is, that while there is still an appetite to purchase property, prospective buyers are taking longer to make decisions with no huge sense of urgency. In summary, while the market is still feeling the effects of economic pressures, the long-term outlook remains cautiously optimistic. As interest rates stabilise and potential cuts are discussed, the housing market is expected to regain its momentum, benefiting from increased buyer activity and controlled supply.
Carla O'Neil Licensed Salesperson REAA 2008
P 021 559 348 E carla.oneil@harcourts.co.nz W www.carlaoneil.co.nz
I AM ON THE MOVE I am excited to be joining the number 1 team for the Milford office - Team Roberts. I will be continuing my newsletter but will be sent via email - if you would still like to receive a copy, please scan the QR code below and join my enewsletter. I promise not to spam you. If you’d like to continue to receive a hard copy, please email me and I will add you the the mailing list. As always, if there is anything I can assist with in the future, or an opportunity to meet over a coffee, please don’t hesitate to contact me, I would love to meet you. Thank you for reading and for the continued support, I so appreciate it - I look forward to meeting you with soon one day. Keep smiling!
Carla