If you have been considering selling your house in New Zealand, it may be a good time to do so as prices in the country rose in September, according to the Real Estate Institute of New Zealand (REINZ).
Home values nationwide increased 1.2% to $525,000 from the same month in 2016. Property owners, however, seemed to hold on tight to their assets due to a slump in sales in September.
In case you intend to put your home on the market, a real estate agency could improve your chances of finding a buyer with the highest possible bid. Some companies such as Prestige Real Estate International Ltd. allows your listing to be in the best position within the market, which increases the possibility of closing a sale.
Homes that exchanged hands in September dropped by 26.2% year over year. The REINZ said that this market the lowest volume in the last eight months. The recent elections have influenced this trend across the country, according to REINZ CEO Bindi Norwell. However, median price growth in a majority of cities provides some encouraging news for sellers.
The median home price in Auckland amounted to $845,000 in September, which exceeded the national median. In the past two months, the median price in the city has increased by $15,000, according to the REINZ. Norwell said that this trend reflected a resilient market despite several challenges, including a wet winter season and some lending restrictions.
Home sales also dropped in the city, yet this may be due to a decline in consumer spending in recent months. Westpac chief economist Michael Gordon said that the housing market shares a strong connection with consumer spending in the country.
Homeowners in New Zealand should consult a real estate agent for professional advice for a potential sale, especially if higher home prices are not enough to convince them of putting their home on the market.