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Slow recovery from the impact of COVID

By Alison Borland

Article supplied by REINZ:

Today, REINZ is releasing its Monthly Property Report and HPI Monthly Data which provides a market leading level of detail and understanding of housing activity in New Zealand. The Monthly Property Report has shown the number of properties sold in May across New Zealand decreased by 46.6% from the same time last year – from 7,477 to 3,990 – as Alert Level 3 restrictions on the real estate market still made it difficult for property sales to occur.

Bindi Norwell, Chief Executive at REINZ says: “The number of residential properties sold across New Zealand decreased by 46.6% in May when compared to the same time last year which is not surprising given we had the Alert Level 3 restrictions for the first 12 days of May. These restrictions meant only two property viewings, per property, per day were allowed, making it difficult to get interested parties through a property in a timely and efficient manner.

In Auckland, the market has remained stable with a median price of $910,000, up 7.1% year-on-year, and an increase across all Districts except Rodney District, which dropped from $899,000 in May 2019 to $885,000 in May 2020. Days to sell increased by 16 days from 45 days in May 2019 to 61 days in May 2020, likely the result of many of the sales in May that were listed prior to lockdown in March. Market activity should continue to be steady over the next month or two before the normal winter slow down.”

To view the Press Release for May 2020 click HERE


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