PHOTO: Sold properties
The number of residential properties sold in October across New Zealand increased by 25.0% from the same time last year (from 7,063 to 8,830) – the highest number of properties sold in 53 months (May 2016) and the highest October sales count since October 2006 (14 years).
For New Zealand excluding Auckland, the number of properties sold increased by 14.2% when compared to the same time last year (from 4,982 to 5,690) – the highest number of properties sold since March 2017 (43 months) and the highest October sales volumes since October 2006 (14 years).
In Auckland, the number of properties sold in October increased by 50.9% year-on-year (from 2,081 to 3,140) – the highest since March 2015 (67 months) and the highest October sales volumes since October 2003 (17 years).
In addition to Auckland, regions with the largest increase in annual sales volumes during October were:
- Gisborne: +43.2% (from 44 to 63 – 19 more houses) – the highest for the month of October since October 2005 (15 years)
- Waikato: +30.4% (from 737 to 961 – 224 more houses) – the highest sales volumes for the region in 53 months and the highest for the month of October in 17 years
- Marlborough: +29.3% (from 82 to 106 – 24 more houses) – the highest sales volume in 24 months
- West Coast: +28.2% (from 39 to 50 – 11 more houses) – the highest for an October month in 5 years
- Taranaki: +24.5% (from 159 to 198 – 39 more houses) – the highest for an October month in 14 years
- Southland: +23.2% (from 177 to 218 – 41 more houses) – the highest for an October month in 13 years.
Only one region, Nelson, saw an annual decrease in sales volumes with the number of properties sold in October falling by just one property from 102 in October 2019 to 101 this October. Wellington’s sales volumes remained flat at 750 properties sold.
“New Zealand’s housing market is extremely buoyant at the moment, with more than 8,800 properties sold around the country – that’s more than 283 properties sold every day in October. The last time we saw sales volumes of this magnitude was back in May 2016 when the market was very strong, and prices were rising across many parts of the country.
“Again, we’ve seen more than half (9 out of 16) of the regions across the country with annual sales volume increases in excess of 20% in October – this is just not what anyone expected to happen and shows just how much people’s concern around future price rises is adding to their determination to buy now before prices potentially rise even further,” continues Norwell.
“For two months in a row now, Auckland sales have been up more than 50% when compared to the same time last year, highlighting just how busy the market is right now. With a 36.8% uplift in new listings across Auckland in October, there’s a chance that November could be even busier for the City of Sails,” continues Norwell.