Auckland Real Estate market regains confidence

Photo by Phil Hearing on Unsplash

Supplied ContentAuckland, September 25, 2021

“Auckland buyers and sellers are not waiting for Level 2 but are springing into action now, Century 21 New Zealand Owner Tim Kearins has said.

According to him, real estate activity in Auckland has quickly reawakened.

His comments come as the Auckland region entered Level 3 (on September 22, 2021), after five weeks at Level 4.

Significant difference

For real estate, the difference is significant with early indications from Century 21’s Auckland offices that both enquiries and activity are back, he said.

“Level 3 is already making a big difference to the Auckland market. Although it takes an appointment, with restrictions and strict protocols in place, Auckland buyers can now at least view properties in person,” he said.

Mr Kearins said that mask-wearing, social distancing, strict hygiene practices and contact tracing requirements continue, even as property viewings, pre-settlement inspections, settlements, and moving house take place in Level 3.

Property appraisals by agents can also happen with strict protocols in place, but ideally should be carried out remotely, he said.

“We are seeing some pent-up demand now being unleashed around Auckland. Our offices there report both very strong buyer demand and prices,” Mr Kearins said.

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Median Price rises

In its Monthly Property Report for August 2021, the Real Estate Institute of New Zealand said that Auckland achieved another median price record – up 26.4% in 12 months to $1,200,000.

The Report said that shortage of houses available for sale continues, with August showing another record low level of inventory.

“There are so few houses on the market, yet there are so many Auckland buyers who have now reactivated their interest in buying a house. That is good for prices and with Auckland under Level 3, the industry will undoubtedly start seeing more transactions inked. Lower alert levels not only make the likes of physical viewings possible, but buyers become more comfortable and confident in making decisions,” he said.

When the rest of New Zealand went down alert levels, Century 21 offices outside Auckland reported a rush of listings going live and viewings in demand. Strong prices such as those seen in Waikato continue to be achieved, he said.

“In Palmerston North, where I am based, we had more listings in Level 3 which are translating into great sale prices in Level 2. Overall, the numbers remain incredibly strong. With Aucklanders now enjoying a few more freedoms, spring is looking up,” Mr Kearins said.

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