SOUTHERN WIDE REAL ESTATE NEWS
New Zealand Realtors Network
Selling 1 in Every 4 Properties in New Zealand
The change in season traditionally means a slow down in the number of sales for the country however nationally the volumes are up on the same month last year by nearly 16%. This is reflected by the group results as the NZ Realtors Members sold over $1 billion of residential real estate and the Rural and Lifestyle teams sold $270 million worth of property for May. The number of properties available for buyers is still somewhat restricted which is keeping prices steady however some sellers are now having to adjust their price expectations. This combined with the increases in the Official Cash Rate we are seeing buyers being more cautious with their buying decisions as they consider the higher costs of borrowing.
REINZ report dwellings took four days longer to sell in May compared to April at 38 days. Compared to May 2013, the median number of days to sell was three days longer. Four regions saw an improvement in the number of days to sell between May 2013 and May 2014. For May, Canterbury/Westland and Auckland recorded the shortest days to sell at 34 days, followed by Otago at 40 days, Wellington at 43 days and Taranaki at 44 days. Manawatu/Wanganui recorded the longest number of days to sell at 62 days, followed by Northland and Hawkes Bay with 61 days.
The NZ Realtors Network sell 1 in every 4 residential properties in New Zealand. We are the largest group of independently owned and operated real estate agencies spread throughout the country. Our expert local knowledge is backed up by our established nationwide referral network. This allows us to put you in touch with the local expert around the country. We welcome opportunities to represent clients at all levels throughout New Zealand.
The New Zealand Realtors Network does not warrant or assume any legal liability or responsibility for the accuracy, completeness, or usefulness of any statistical information published herein. This information has been supplied by individual members from the New Zealand Realtors Network without verification by any independent party. The views and opinions of authors expressed herein do not necessarily state or reflect those of the New Zealand Realtors Network or any other parties.