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Auckland Apartment Report – November 2023

By Daniel Horrobin

Time to get on with it!

“Let’s get on with it – and it looks like people are doing exactly that in the real estate market,” says Director of City Realty Group, Daniel Horrobin.

“With the General Election now in the rear view mirror, our listings board is already the healthiest it has been for at least a year. On the back of that our auction pipeline is loading up nicely pre-Christmas with auctions also already booked for 2024,” adds Daniel.

The wider property commentary recently would appear to endorse renewed confidence is afoot.

NZ Herald One Roof property reports “It’s evident that optimism is on the rise in the real estate market. Strong open home attendance and impressive auction results are painting a promising picture as we head towards the end of 2023”.

Economist Tony Alexander’s regular investor survey finds “anticipation that interest expense deductibility will be restored is being greeted positively by investors.”

October audience data from real estate website portal is also encouraging. “People searching for property on increased by 7% in October compared to the previous month and by 3% compared to October last year. 

Enquiries about residential properties for sale were up by 10% this October compared to October last year. New listings in October were up 22% compared to September, exceeding previous Octobers’ average lift of 16.0%.”

Daniel says: “apartment stock for sale on TradeMe is at last trending upwards and climbing back above the historical low we saw of only about 500 apartment listings. We will certainly be tracking that with interest over the coming months.”

Of course handbrakes persist. Interest rates and inflation are unlikely to improve in the short term although there are some reports that inflation is slowing.

Auckland’s central city rental space continues to prove positive for owners. A combination of high immigration numbers and city centre preference for many renters coupled with a desire to rent smaller, more affordable properties is a recipe that has seen (year on year) :

  • Inquiry up 11% 
  • Available properties down 16%

 which together have resulted in upward pressure on weekly rents.

“So – let’s get on with it,” says Daniel. “It’s a sprint through to Christmas”.

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