The median house price for Auckland increased 1.4% to $852,000 in August and above average temperatures are being attributed to this.

It could also be an indication that the bottom of the price cycle is likely to have been reached with confidence returning. There may also be the last rush to purchase before the 22nd October and the overseas buyers ban!

The number of available listings at August end were the lowest since September last year, and this low number is also likely to have an effect on prices as spring advances. Nearly a third of all the homes sold in the month exceeded $1M.

First-home buyers are back with one in every four houses sold in New Zealand in August went to a first-time buyer - a level not seen since prior to the GFC in 2006/07.

First-home buyers’ good fortune has come at the cost of investors. 42,000 people have now registered with Kiwibuild and will seek lending pre-approval. Major banks are now poised to lend 90-95% of the value and with $2K cash rewards.

Geraldine Zareian, MREINZ
Barfoot & Thompson, Browns Bay Office
Free dial: 09 215 2773 M: 021 184 0312 E: g.zareian@barfoot.co.nz