BOP houses selling fast

File Image. Daniel Hines.

Houses in the Bay of Plenty may be going up in price, but they are not hanging around on the market.

That is according to new data from Trade Me Property which shows the Bay of Plenty region as one of the fastest selling housing markets in the nation.

The BOP region has seen a 40 per cent decrease in time houses spend on the market compared to the same period last year.

The statistic is part of a nationwide trend, with every region, other than Gisborne, seeing a drop in time taken to sell.

The Bay of Plenty is second only to neighbouring Waikato regarding the percentage of change year-on-year.

“The biggest jumps were seen in the Waikato, where houses sold in 27 days compared to 46 days last year, and the Bay of Plenty, where houses sold in 26 days compared to 43,” says Trade Me Property sales director Gavin Lloyd, whilst also speaking of the general trend across New Zealand.

“Prior to the Covid-19 lockdowns, in February last year, the average time onsite for a property was 45 days. In the past month, that’s dropped 40 per cent and houses are now spending less than a month on the market.

“It’s pretty astounding to see properties being snapped up so quick and this shows how much the New Zealand property landscape has changed in the last year.”

Gavin believes the increasing demand for property is behind the trend.

“In March, nationwide demand for properties for sale was up 26 per cent on the month prior,” he explains.

“We’re hearing anecdotally that buyers are pulling out all the stops to secure a property whether it’s handwriting a personalised letter or trying to bring tenders and auction dates forward.

“With winter approaching, we would typically expect to see things cool off as property buyers and sellers retreat for the colder months. However, looking at our data it doesn’t appear that this will be a normal winter for the property market.”

 

Average number of days properties listed on Trade Me Property in March 2020

Average number of days properties listed on Trade Me Property in March 2021

Year-on-year change

Auckland

34

28

-18%

Wellington

24

21

-13%

Bay of Plenty

43

26

-40%

Hawke’s Bay

32

23

-28%

Marlborough

39

34

-13%

Northland

91

56

-38%

Otago

34

29

-15%

Gisborne

28

31

+11%

Manawatū-Whanganui

32

22

-31%

Nelson/Tasman

34

22

-35%

Taranaki

33

26

-21%

Southland

36

27

-25%

Canterbury

43

29

-33%

Waikato

46

27

-41%

West Coast

84

62

-26%

National

36

27

-25%




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2 Comments

It's a market.

Posted on 22-04-2021 00:37 | By morepork

As such, it is subject to boom and bust. Unless immigration is tightened and more houses are built, you can expect to see the current trend continue.

Real estate agent heaven!

Posted on 21-04-2021 09:21 | By jed

This is why real estate agents are all driving new Range Rovers!

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