Infographic: New Zealand’s first home sellers
So much attention is often paid towards first home buyers in New Zealand, but being a first home seller can be just as challenging. When you’re new to the property selling game, it’s important to understand the market you are entering into, and what you can expect to find when you contact your real estate agent to list your home.
How much are New Zealanders spending on new homes?
Median housing prices in New Zealand have been showing strong growth for the past several years, and this year has been no exception. Annual growth to September 2015 is approaching 11 per cent nationwide, and has reached as high as 22.4 per cent in the hottest national housing market – Auckland.
According to the Real Estate Institute of New Zealand, the nation’s median house price nationwide hit a record high of almost $485,000 in September, before settling in November to just under $460,000.
How many homes are selling in New Zealand each year?
With such high median prices up and down the country, the Reserve Bank of New Zealand has listed the total value of the country’s entire housing stock – around 1.8 million homes – at $821billion. That’s a massive amount of money to be wrapped up in property, money which people are more and more eager to get their hands on through housing sales.
Figures from CoreLogic found that while almost a third of New Zealand’s houses are being held by one owner for over 20 years, 47 per cent of all homes were resold within 10 years. In the Auckland property market, however, 55 per cent of all properties were resold within the first decade.
How often do New Zealanders relocate?
Surprisingly, a study by the government’s Social Policy Evaluation and Research Unit found that New Zealand has the highest rate of annual residential mobility in the western world. There are a number of reasons for choosing to move to a new home, but the most common explanation was the desire to live in a better neighbourhood.
Those considered the most likely to move to a new house include young mothers, solo parents, Maori and shared houses made up of individual renters.
How long does it take to sell?
With the real estate market being as hot as it is, in 2015 the nationwide average time needed to sell a house is just 31 days. In some parts of the country, however, that figure can be as low as 26 days.