Saturday, 25 May 2019

WHITIANGA WEATHER

Real estate - the Coromandel remains a sellers market

Real estate data released by property website realestate.co.nz for December 2018 indicates that the Coromandel remains the third most expensive region in New Zealand in terms of the average property asking price. The average asking price on the Peninsula increased by 6.1 per cent compared to November last year to $709,570. The national asking price in December last year was $673,043, up three per cent on the month before and up 1.9 per cent on December 2017.

Only Auckland ($953,950) and the Central Otago/Lakes region ($841,195) recorded a higher average asking price than the Coromandel in December. The average asking price in Auckland increased by 0.5 per cent compared to November last year. In the Central Otago/Lakes region, the average asking price was down by 1.8 per cent on November 2018.

In terms of housing stock, a total of 531 properties were for sale on the Peninsula on 30 December last year. That’s 10.6 per cent down on the number of properties that were for sale on the same day a year earlier. Nationwide the number of properties for sale on 30 December 2018 were only 1.8 per cent down on the number of properties for sale on 30 December 2017.

In December last year, 149 properties were listed for sale on the Coromandel. That’s a decrease of 16.3 per cent on the properties that were listed for sale in December 2017. Across New Zealand the number of listings in December last year decreased by 13.3 per cent compared to a year earlier.

If all the properties that were available for sale on the Coromandel in December last year were to sell without any new listings coming onto the market, it would take 31 weeks for the inventory of listings to sell. That’s significantly below realestate.co.nz’s Long Term Average for the Peninsula of 135 weeks. Nationwide it would take 17 weeks to sell the inventory of listings that were available for sale in December 2018 if no new stock came onto the market. That’s also below realestate.co.nz’s New Zealand-wide Long Term Average of 30 weeks.

According to realestate.co.nz, the fact that the number of weeks to sell the inventory of listings on the Coromandel in December last year was significantly below the Long Term Average means that property market on the Peninsula remains a strong sellers market.

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