The number of residential properties sold in February across New Zealand increased by 14.6% when compared to the same time last year (from 6,951 to 7,964) – the highest for the month of February in 14 years, according to the latest data from the Real Estate Institute of New Zealand (REINZ), source of the most complete and accurate real estate data in New Zealand.
BINDI NORWELL, REINZ CEO
For New Zealand excluding Auckland, the number of properties sold increased by 6.1% When compared to the same time last year (from 4,890 to 5,189).
In Auckland, the number of properties sold in February increased by 34.6% year-on-year (from 2,061 to 2,775) – the highest for the month of February in 14 years.
In February, 9 out of 16 regions saw annual increases in sales volumes. In addition to Auckland, regions with the biggest increases were:
• West Coast: +58.0% (from 50 to 79 – 29 more houses) – the highest it’s been since March 2004 (203 months) and the highest for the month of February ever
• Taranaki: +31.4% (from 153 to 201 – 48 more houses) – the highest for the month of February in 4 years
• Northland: +22.5% (from 191 to 234 – 43 more houses) – the highest for the month of February in 4 years.
Seven regions saw annual decreases in sales volumes, those with the biggest decreases were:
• Marlborough: -24.7% (from 89 to 67 – 22 fewer properties)
• Hawke’s Bay: -22.3% (from 265 to 206 – 59 fewer properties)
• Gisborne: -17.9% (from 78 to 64 – 14 fewer properties)
• Tasman: -17.9% (from 78 to 64 – 14 fewer properties).
Bindi Norwell, Chief Executive at REINZ says: “The unrelenting pace of property sales continued in February, with a 14.6% uplift on sales volumes compared to the same time last year; the highest number of properties sold for the month of February in 14 years.
“It’s highly likely that some of this uplift can be attributed to both investors and owner-occupiers looking to purchase ahead of the LVR restrictions coming back into effect in March and the slight uplift in listings we’ve seen over the last couple of months,” she continues.
“Interestingly, sales volumes in the West Coast were the highest we have seen in nearly 17 years, with a 58.0% increase on the same time last year. Conversations with local agents have highlighted that there has been an uplift in enquiries across the region in part due to the
affordability of the West Coast but also for lifestyle reasons and that expectations are the West Coast is likely to remain busy for the next couple of months,” points out Norwell.
“Again, the Auckland market has seen one of the largest percentage increases in sales volumes across the country when compared to the same time last year, with a 34.6% uplift in the number of residential properties sold. This is remarkable when you consider Auckland had four days of Level 3 lockdown in February and shows how adaptable both agents and members of the public are at moving to technology solutions to buy and sell houses when physical viewings are extremely limited.
“Even with LVRs coming back into effect in March, we would expect to see sales volumes continue at a solid would expect to see sales volumes continue at a solid pace over the next couple of months; but this will in part rely on a steady stream of new listings coming onto the market,” continues Norwell.
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