What people are searching for online is often an early indicator of market trends and consumer behaviour. Today’s stuff.co.nz article (see below) makes a very interesting read as all digital signs are pointing to less interest in the Auckland property market. Why? With the median property price reaching an all time high the Auckland region has simply become out of reach for most. Certainly for those on or anywhere near the average income.
On the flip-side, searches in places such as Whangarei, Tauranga & Central Otago are up significantly where houses are still much more affordable in comparison. Please check out our latest listings or for more information don’t hesitate to contact our friendly sales team.
Buyers may be giving up on Auckland and instead looking for houses further north, new data suggests.
Date: 1 July 2016
Author: Susan Edmunds
Property website realestate.co.nz said Auckland’s average asking prices rose to another all-time high in June, of $888,493, but the number of people searching for properties in the city had dropped.
Chief executive Brendon Skipper said it could be a turning point for Auckland.
“With prices now at an all-time high they’re almost out of reach for the average income earner, with first-home buyers the hardest hit,” he said.
During June, the number of users searching Auckland houses for sale on realestate.co.nz fell by 19.33 per cent compared to the same time last year. The site also measures engagement and in June it fell by more than a third across the Auckland region when compared to June 2015.
Instead, they seemed to be turning to places such as Northland, Hamilton, Tauranga and Queenstown, where the number of searches was up significantly, year-on-year.