North Shore & Milford Market Update For August 2021

Confidence remains in property prices, activity levels impacted by lockdown.

Median prices for residential property in North Shore increased from $1,120,000 in August 2020 to $1,295,000 in August 2021, according to the latest data from the Real Estate Institute of New Zealand (REINZ).

“Jen Baird, Chief Executive at REINZ says: “House prices have once again risen across the country, with every region seeing a year-on-year increase from August 2020. This latest lockdown has not dampened demand for, or confidence in, the housing market as we saw in early 2020. We have heard from across the industry that prices achieved on sales completed in the early part of this lockdown continue to illustrate an ongoing excess of demand over supply; prices are still rising.”

Auctions rooms may have gone quiet when Alert Level 4 came into effect, but the latest data indicates that this just meant a shift to the digital space, as August 2021 saw 26.0% of all properties sold by auction. This was the highest percentage of New Zealand homes sold by auction for an August month since records began.  At Harcourts Cooper & Co, we have been running effective auctions online which has meant vendors have been able to continue their sales process and buyers have not lost any of the transparency an auction affords.

Spring time is selling time, with many people preparing their homes for sale in anticipation for the usual increase in sales activity around this time of the year and it is expected that sales activity will be stronger this year as many buyers are still looking. According to Trademe Sales data, they saw a massive 20% increase in online property viewings after lockdown level 4 was introduced.

I am also excited to announce that we have just launched our Spring Specials marketing campaign at Harcourts Cooper & Co with many great discounts on marketing options. Get ahead of the rest and talk to myself or one of the Harcourts Milford Team today to talk about your options and our Spring Specials.