New Zealand records highest number of properties sold in 14 years

by Roxanne Libatique12 Mar 2021

The number of properties sold in New Zealand in February jumped by 14.6% when compared to the same month last year, the highest for a February in 14 years, according to the Real Estate Institute of New Zealand (REINZ).

REINZ’s latest data revealed that the number of properties sold across New Zealand increased from 6,951 in February 2020 to 7,964 in February 2021. Nine of 16 regions saw annual increases in sales volumes, with Auckland recording a 34.6% year-on-year increase from 2,061 to 2,775.

“Again, the Auckland market has seen one of the largest percentage increases in sales volumes across the country when compared to the same time last year, with a 34.6% uplift in the number of residential properties sold,” said REINZ chief executive Bindi Norwell. “This is remarkable when you consider Auckland had four days of Level 3 lockdown in February and shows how adaptable both agents and members of the public are at moving to technology solutions to buy and sell houses when physical viewings are extremely limited.”

Excluding Auckland, the number of properties sold in New Zealand increased by 6.1% compared to the same time last year (from 4,890 to 5,189).

“The unrelenting pace of property sales continued in February, with a 14.6% uplift on sales volumes compared to the same time last year, the highest number of properties sold for the month of February in 14 years,” Norwell said.

“It’s highly likely that some of this uplift can be attributed to both investors and owner-occupiers looking to purchase ahead of the LVR restrictions coming back into effect in March and the slight uplift in listings we’ve seen over the last couple of months.”

By contrast, seven regions recorded annual decreases in sales volumes. Those with the most dramatic decreases included:

  • Marlborough: -24.7% (from 89 to 67 – 22 fewer properties);
  • Hawke’s Bay: -22.3% (from 265 to 206 – 59 fewer properties);
  • Gisborne: -17.9% (from 78 to 64 – 14 fewer properties); and
  • Tasman: -17.9% (from 78 to 64 – 14 fewer properties).

Century 21 New Zealand owner Derryn Mayne said the property market in March looks promising, but it will rely on more listings.

“We know that if we can get the listings, we can definitely turn them into great sales. Those Kiwis contemplating selling should seriously consider this side of winter. The market is holding up really well with demand for housing still incredibly strong,” Mayne said.

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