Article supplied by REINZ
Auckland’s median house price increased by 18.5% from $945,000 in March 2020 to $1,120,000 in March 2021 – a new record for Auckland. Additionally, Auckland City, Manukau City, North Shore City, Papakura District and Rodney District all reached new record median highs. Wendy Alexander, Acting Chief Executive at REINZ says: “March was another incredibly strong month from a price perspective with 12 regions and 32 districts across the country seeing record median prices. The national median also reached a new record, increasing by $46,300 since last month, showing just how much pressure has been placed on house prices and how we desperately need more supply to come to the market.
In Auckland, activity has remained strong for the majority of the month as investors moved to secure property prior to the new legislation and as first home buyers continue to secure property where they can. 3,872 properties were sold in the Auckland region during March, up 49.9% year-on-year resulting in the second highest level of sales on record. Although, since the announcement of the changes to the bright-line test and tax deductibility rules, investor interest levels have eased a bit.
Auctions remain a popular choice for vendors in Auckland with 52.4% (2,029) of properties sold under the hammer at auction, up from 38.4% (992 properties) at the same time last year. This was the highest percentage of auctions in a March month ever.
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