REINZ December sales data rounds off a strong year in the New Zealand property market, with prices and activity holding strong and steady. However, commentary from agents across the country suggest market headwinds are gathering strength, according to the latest data and insight from the Real Estate Institute of New Zealand, home of the most complete and accurate real estate data in New Zealand.
Here’s the monthly real estate market update for Taranaki:
In December 2021, Taranaki had an 18.0% increase in its median house price reaching $590,000. The South Taranaki District reached a record median high of $450,000. Many first home buyers have put their property plans on hold due to a shortage of stock combined with rising interest rates, rising prices, loan- to-value ratios and the new lending criteria — a similar story for investors. As a result, properties are spending longer on the market, with the median days to sell up by eight days.
Listings were also down in December, and the shortage of stock along with new build costs has enabled vendors to ask for higher prices. In the coming months, buyer demand is expected to increase with a low level of stock as summer comes to an end.
This data is provided by the Real Estate Institute of New Zealand.
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