Winter chill biting property sale numbers - but this time of year can still be a good time to sell

July 18, 2018

CEO Bindi Norwell says, despite the slowing in volumes, prices are still good.

The Real Estate Institute of New Zealand says property sale volumes have dropped, but that winter can still be a good time to sell or buy.

The number of houses sold in Auckland in May was 2445 - in June it was down to 1834 - and volume drops have been noted in half of the 16 regions around the country.

CEO Bindi Norwell, speaking this morning to TVNZ 1's Breakfast, said there has a been a slowdown - as usual - in the number of properties bought and sold, but that it remains "a mixed market" with some regions outperforming others.

"It does traditionally get quieter during winter," Norwell said, "the busiest times for the year are between October and March".

Ms Norwell said despite the slowdown, winter can actually be a good time of year to sell because there is "less competition".

She said those looking to sell should steer clear of adding too many renovations to a property, because it may not match the taste of buyers and people like to put their own mark on a home.

Norwell also recommended using a real estate agent who had specific knowledge of the area.

Despite the winter cooling, growth in many regions remains high, she said, especially in places like Hawke's Bay, where prices have gone up about 20 per cent, year on year.

"With increased tourism, its putting Hawke's Bay on the map and people want to move there and stay there," she said.

REINZ figures show the median residential house price is $460,000 across New Zealand, which is up 7 per cent from June of last year.

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