Higher prices, fewer sales

House prices have continued to boom in Waipā.

Latest Real Estate Institute figure show the median price for houses rose 16.6% – from $720,500 to $840,000 in the year to August 2021.

But the number of sales plummeted – down from 90 in 2020 to 54.

Agents said that was a consequence of Covid lockdowns.

More-Re director Peter Tong said challenges caused by the move to Level 4 included settlement delays and properties going unconditional during the lockdown.

But one property was sold during the lockdown sight unseen.

Auckland buyer interest in the Waipā market remained very strong.

“Auckland buyer enquiry started for me on the first day of level four lockdown at 8.50am,” he said.

He said that since being in level three, he had seen many “on behalf of” attendees at open homes – people looking for family or friends who are still stuck in Auckland.

Tong said that with a low number of house listings, demand continued to climb and last month’s sale price was on average 44 percent above the capital value of properties and the median house in that time had reached $950,000.

First National Te Awamutu director Vayle Hammond said that sellers had sought to hold off during lockdown, but demand has now slowed.

Hammond said as prices are going up, buyer are becoming resourceful.

“What we find is people are getting creative, families, friends or flatmates are grouping together to purchase,” she said.

“This enables them to have a larger deposit, buy in a nicer area or price range and also share ongoing costs after purchase.”

But buyers were frustrated at the shortage of listings – and by properties listed without a price.

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