The first week of September continues to see very strong listing and selling activity across all markets throughout New Zealand. Auckland has recently come off restrictive trading and this is seeing auctions being conducted live and also open homes now being active across the market with social distancing and safe practices.
Supply and demand have always largely determined the outcome of the real estate market. Our live listing data shows that the amount of property listed this week has reduced slightly with the overall numbers being 20.45 per cent higher than the same time last year. This is somewhat out balanced by the sales numbers which have increased by 38.12 per cent. In real terms, this is approximately 30 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.
Outside of Auckland, trading has continued and for many of the regional areas the momentum in the market continues. Main centres including Wellington and Christchurch have had success in their auction clearance rates sitting at the highest levels they have for 2020. Auckland has now returned to live auction rooms and this has also seen a lift in the number of properties being submitted to auction.
