We enter into the last week of August with a degree of restrictive trading across the country. This had a small effect on the momentum within the market and this has been emphasised in the Auckland area where the number of sales has come off the highs of July. While still ahead of the same time last year, momentum has eased slightly and we put this down to the ability to inspect properties given that there can be no open homes or gatherings of more than 10 people.
Supply and demand has always determined largely the outcome of the real estate market. Our live listing data shows that the amount of property that we are listing sits at 25.5 per cent higher than the same time last year. This is somewhat balanced out by the sales numbers which have increased by 36.2 per cent. In real terms, this is approximately 40 per cent higher and this is creating the depth of the market that is being experienced by sellers both through the methods of marketing and also the number of potential offers that are coming from the depth of the buyer pool.
We have pivoted our business towards online auctions in Auckland and this has provided a secure platform for both buyers and sellers to sell in confidence and allow the momentum of the market to continue. Outside of Auckland largely trading continues with safe practices and there is ongoing confidence in all areas across New Zealand.