As we come into the first week of September with a degree of restrictive trading across the country, this has had a small effect on the momentum within the market. This has been emphasised in the Auckland area where the number of sales has come off the recent highs and while still ahead of the same time last year, momentum has eased slightly and we put this down to the ability to inspect properties effectively.
Supply and demand has always largely determined the outcome of the real estate market. Our live listing data shows the amount of property that we are listing sits at 27.1 per cent higher than the same time last year. This is somewhat out balanced by the sales numbers which have increased by 30.2 per cent. In real terms, this is approximately 10 per cent higher and creates 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, trading largely continues with safe practices and there is ongoing confidence in all areas across New Zealand.
