As the summer heat intensifies across New Zealand, it’s not just the weather that’s sizzling—the property market is also experiencing a surge. In this blog post, we’ll explore the current state of the property market, including record-breaking house prices, improved business confidence, and the promising outlook for the building sector.
Record-Breaking House Prices
The property market in New Zealand continues to soar, with the median house price reaching an unprecedented high. In November, the median house price skyrocketed by 8.6% to a staggering $630,000. This remarkable increase brings great news for property owners and investors alike, signaling a strong and thriving market.
Record-Setting Regions and Auckland’s Property Market
Ten regions in New Zealand have recently achieved record-breaking housing prices, highlighting the widespread growth across the country. Notably, Auckland’s property prices have reached their highest value in thirty-two months. These significant price gains have collectively propelled the median Kiwi house price above $600,000 for the very first time, as reported by the Real Estate Institute of New Zealand.
Decreasing Time to Sell
In addition to the surge in housing prices, the property market is witnessing a decrease in the number of days it takes to sell a property. This trend indicates high demand and a competitive market, with buyers actively seeking opportunities. Many industry experts predict that this upswing in the property market will continue throughout 2020, making it an opportune time for investments and purchases.
Seize the Opportunity with Norfolk
With the property market in New Zealand showing unprecedented strength, it’s important to make informed investment decisions. At Norfolk, we are here to support you every step of the way.
Whether you’re an experienced investor or a first-time buyer, our dedicated team is ready to assist you in navigating the dynamic property market. We offer a range of services and personalised solutions to ensure you make the most of the current opportunities.
Invest with confidence and take advantage of the hot summer and thriving property market in New Zealand with Norfolk Mortgage Trust.