November 2019 has seen yet again another increase in the median selling price. A rise of $5,000 from the previous month now has the new record median sitting at $520,000. Compare this figure to last year of $430,000, which gives a12.9% increase overall.
Sales for the month were 197- this November figure is down in comparison to the corresponding month of 2018 which showed 244 sales. Our days to sell sit at 20 days, a change from last month’s 23 selling days. Listing numbers remain under 300 with the industry website www.realestate.co.nz showing 285 properties currently available. This figure appears to show listing numbers are reducing as the Christmas Period approaches.
This month our Cutlers Sales team has seen large numbers of buyers attending our open homes and we are seeing record prices being paid, often due to the multi offers being presented to the vendors. Again we also see several buyers being able to get themselves into an unconditional position in an attempt to get ahead of the competing buyers.
Speaking to some of the major bank lenders and brokers, they are all busy and are doing their best to help their clients achieve the Kiwi dream and secure that little piece of paradise. Interest rates remain low at present but with the Reserve Bank now asking the banks to hold a greater amount in reserve, this could, in the long run, see a rise in interest rates in 2020. Best advice get in early and lock in your rate.
At Cutlers we wish all our clients and friends a happy and safe Christmas and hope you all enjoy a wonderful holiday break. Our staff will be available to help and answer any questions over the Holiday break. Thank you for all your support and we look forward to seeing you all in 2020!