Property market rebounds in October following a September dip as activity increases and prices remain strong, according to the latest data from the Real Estate Institute of New Zealand (REINZ), source of the most complete and accurate real estate data in New Zealand.
Here’s the monthly real estate market update for Taranaki:
Taranaki saw a median house price of $630,000, up 31.1% from October 2020 — a new record high. The New Plymouth District also saw a record median of $700,000, exceeding its previous record set in August. Taranaki is still experiencing a low level of stock, which is down 18.2% compared to October 2020. Demand continues to outweigh supply, which has had an impact on the prices vendors ask for.
New listings have started to make their way onto the market, and these properties are selling quickly. The median days to sell has decreased by 14 days when compared to last month. However, it has increased by six days — from 21 to 27 — year- on-year. Some first home buyers are feeling disheartened by the rising prices in the region, with 26.1% of properties now being sold for between the $250,000 to 499,999 price bracket, compared to 49.8% a year prior.
This data is provided by the Real Estate Institute of New Zealand.
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