It seems that Auckland's real estate sector might have to deal with the stagnant growth as the region experiences a stalemate. According to the Property Investor, "It looks like Auckland real estate is facing a stalemate, with potential sellers reluctant to list their property."
It is largely due to the fact that there's little on the market to buy right now, and it's the ultimate cause that has led to the repetition of the present real estate condition of the region.
Also, the average sales price for the month were $869,492, down 0.8 percent in November's record average price, while the median price rose to an all-time high of $800,000, up 0.6 percent in November, as reported by the NZ Herald.
Moreover, Geoff Barnett, the national manager of Century 21 Real Estate, forecasts that the market will be more stabilized and strong for this year. It is also due to the heightened demand for housing in the regions, including the low interest rates and Auckland's relentless population growth.
Barnett further added seeing the auction clearance numbers that are mainly falling, while the average selling times have increased. In addition, the median house prices are not rising as fast, particularly in the surrounding areas of Auckland.
He further related, "Auckland will keep trucking along and it is not surprising that the market eased back in the last quarter of 2015 as overseas buyers were hit with the new IRD and Reserve Bank restrictions aimed at slowing down foreign investors."
Vanessan Taylor of RealEstate.co.nz also stated that the national average asking price for the month of December was $522,930. It continued a downward trend from the month of August with figures of $568,215.
Furthermore, the total number of new listings found all across the region during the month of December was 8,011. It was also down by 3.3 percent in comparison to the figures of December 2014.
On the other hand, it seems that China's economic situation also influences the real estate market of Auckland. Moreover, the stock market in China is focused on the South, which forecast changes to the present real estate sector of the region, thus leading to a stalemate economy.
