Monthly Market Update - March
The numbers released by REINZ for the month of March show listings were down by 7% from the same time last year.
The limitation on foreign property ownership and directional uncertainty continues to see its impact in our marketplace. A positive indicator from these measures sees first home buyers enjoying favorable lending rates and reduced competition at auction to purchase resulting in a 30% increase for ownership for them compared to this time last year. March is a traditionally strong activity month for Harcourts, the smell of the sun block starts to fade and the kids are back into their full school cycle leaving time for the decision makers to contemplate their real estate ambitions. While others enjoyed their long Summer slumber our consultants were back into their stride with another strong month. Although our listing numbers followed the REINZ stats, we saw a slight increase in our auction listings verses March 2018. A two year record on settled volume was a pleasing highlight and this was followed by a two year record settled value month. The Canterbury median house price was marginally up by 1.1% now sitting at $460,000.
Indicators from these statistics clearly show that the market is constrained but steady and balanced with the public hunger for property related information at an all time high.
The new anti-money laundering legislation that came into effect on the 1st January this year (AML) continues to see the brakes applied on the speed of the listing and transaction whilst we complete our information gathering under this legal requirement. For many of you that have transacted in real estate this year you will know this process and acknowledge we are just following the legal requirements placed on us. I’m delighted to say after visiting many of our offices we are showing true directional leadership in this area.
There is no company who can offer the results that Harcourts can, list with Harcourts and know we have the training, expertise and resources to get you through this new legislation, while also achieving the required results for you.
Property listings are the life blood of any Real Estate business and the volume of listings coming into Harcourts across the city continues to track well. Harcourts continues to be the preferred company across the city with close to every second new property to the market being listed by your cities favorite company, Harcourts.