CAUTIOUS ACTIVITY INCREASES . SPRING TRADING INCREASES IN RESTRICTIVE TRADING
“ While conditions remain restrictive , we have been able to engage our online strategies with our team continuing to be agile and responsive for buyers and sellers . There has been a good increase in the number of new listings coming to the market , and this is giving buyers the confidence to view property in safe conditions . Prices have been excellent , and demand is currently at a very high level .” Len Day , Ray White Austar Group Director with offices in New Lynn , Green Bay , Blockhouse Bay , Titirangi and Central West .
The uncertainty of the COVID-19 pandemic and the restrictions in place throughout New Zealand at varying levels has not yet become clear , given that the Delta variant is considered more transmissible and the strategy for the government has moved from elimination to now managing the virus through a high percentage of New Zealanders being vaccinated .
For the real estate market , while restrictive trading has seen sales numbers reflect the limitation of access and the movement to remote auctions , the prices have remained stable , and the buyer depth has continued to be active across all markets .
The Reserve Bank of New Zealand increased the Official Cash Rate by 0.25 basis points , now seeing the official cash rate at 0.5 basis points . There has been much commentary , and now further expectation that there will be continuing interest rate rises given New Zealand ’ s latest inflation figures measured by the consumer price index increased by 4.9 per cent . This is the highest level in the past 10 years .
Looking at the latest QV house price index for September 2021 : The average home value increased 3.6 per cent nationally over the past three-month period to the end of September , up slightly from the 3.3 per cent quarterly growth we saw in August , with the national average value now sitting at $ 977,456 . This represents an increase of 26.3 per cent year-on-year , down a fraction from 26.6 per cent last month .
% Change in 3 Months
$ 977,456 3.6 % ˄
Source : qv . co . nz / price-index /
In going through the regions , the QV report breaks down each of the main locations and reports on the regional areas .