Confidence is picking up for the huge Auckland housing market in spite of a tough winter and extremely low house sales nationwide
The latest market outlook survey by Massey University's Real Estate Analysis Unit found that 25 per cent of those questioned now expect the Auckland residential property market to improve over the next six months. Just five per cent expect it to deteriorate and the remaining 70 per cent expect it to stay the same.
That mightn't sound too impressive, but it's a major lift from the June doldrums when a massive 39 per cent expected the market to get worse and only seven per cent picked an upturn. The latest improvement is being put down to seasonal expectations - that is, a upbeat mood for spring and summer - and the recent easing in mortgage rates.
Meanwhile, house sales took a pounding last month: just 5017 were sold throughout the country compared with 6293 for September 1999. The Real Estate Institute said this was the lowest monthly total so far this year - and July's 5168 sales were already a 12-year low for that month.
However, while sales were down, house values were holding firm or even improving in some areas. The national median sales price for the September quarter was $3,000 higher than the June quarter at $173,000.
Massey's surveys are based on questionnaires sent quarterly to a group of bankers, lawyers, estate agents, valuers and others involved in the local housing market.
