Although the news of a Covid-19 resurgence in the community may be bleak, if the month of July is anything to go by, the country has a strong standing to bounce back strong, with new data revealing some record-breaking numbers for the month that is usually the quietest of the year.
To look into this a little further, we will break down the latest figures in terms of sales and listings.
According to data from Auckland’s largest Real Estate agency, it recorded its best July sales volumes in five years, selling 1095 residential properties in July, up 24.6% on July last year and the highest number of sales in the month of July since 2015.
Barfoot & Thompson Managing Director Peter Thompson praised the commitment from buyers, crediting them for taking the opportunities presented to them from low-interest rates and a flush market, “In July, buyers put aside any apprehensions they may have had about future market values, and committed,” Thomson also stated that these results have made him cautiously optimistic about the future of the market, “Normally as we approach a general election the market goes a little quiet, as buyers take a wait-and-see approach, but even this is not holding back activity.”
Figures form the Real Estate Institute of New Zealand echo this trend, with data revealing that housing market performed strongly in July, with sales volumes up 25% compared to July last year – and the highest number of sales made in the month of July in the last five years.
In Auckland, July sales were up 30.3% compared to July last year, which was also the best July month for sales in five years. For the rest of New Zealand (excluding Auckland) sales were up 21.5% compared to July last year, which was the best July for sales in 15 years.
Barfoot and Thompson also reported that new listings were also robust, with the agency adding 1518 new properties for sale in July, up 31.5% on July last year and also the highest number of new listings in the month of July since 2015. This was also echoed by data from leading property website Realestate.co.nz received 8808 new national residential listings in July, which was up 20.7% on July last year, and was the highest number of new listings for the month of July since the tail end of the last property boom in 2016.
This current of properties onto the market was particularly strong in Auckland where 3425 properties were newly listed for sale on the website in July, up 39.7% on July last year, and the highest number for the month of July since 2015.