Spring - September 2022

September Market Update:

The fourth quarter of 2022 is now here. Where did the year go? Our team is in full swing with the usual rush of Spring listings albeit wet weather which has put a bit of a damper on photos and launches. This is an active time of year with a series of events leading into Xmas including the reopening of Kainui Road’s Saturday concerts in the vineyard; the half marathon and Kerikeri Street party; and various Xmas events organized by Our Kerikeri.

Some serious roadworks are happening in late October through November around the Packhouse markets west of Maraenui Drive. This will mean no exit from town to the State Highway on Kerikeri Road. The suggested route is to head out on Waipapa Rd to get to the State Highway and now for news on the Kerikeri property market.

How is the Greater Kerikeri Market?

The same story continues for a further month with median house prices still remaining strong in Kerikeri despite further drops in other parts of Northland and most parts of the rest of the country.

The question is will this continue or is this a lag on trends in other markets around the country. The truth is we still don’t really know. The number of homes for sale, or inventory, has increased only slightly in the past few months. This suggests properties are turning over at a rate not dissimilar to the rate they are coming onto the market. However, we typically get a Spring rush of new listings over the next few months which could create more competition between vendors. We have been encouraging our clients to “beat the rush” if they have plans to move.

The Sales Data:

The median house sales price (on a quarterly moving average basis**) increased 13.5% from September 2021 compared with a drop of 7.6% for the same period in the Auckland region and a drop of 1.2% for all New Zealand. Kerikeri median prices are level with last month at a record level of $1,050,000 versus a 15.5% drop in the Auckland region and a drop of 10.4% for all New Zealand. Kerikeri median prices are the closest to Auckland median prices in many years and are up 50% from 3 years prior. The median days to sell is at around 50 days which is slightly better than our average level for the last 10 years.

The volume of bare land sales is still much lower than prior years.

Only one section sold in September, being a 3045m2 riverfront lot for $650,000.

There were 14 less sales recorded in September 2022 than in August 2021. 3 sales were between $1.5million and $2 million. This brought the volume of total property sold this year through September 31st to 30% down from the same period in 2021. This is slightly worse than the 29% lower comparison of year-on-year sales levels last month.

Enquiry Levels:

This month saw enquiry levels and viewings at open homes drop a little, possibly with bad weather and holidays taking attention away from buying and selling homes. Buyers tend to be waiting until their homes are selling before making their moves. Our typical feeder markets, Wellington, and Auckland, continue to show even lower median prices and lower sales volume.

Our office recorded another 5 sales in September and had 28% of the total residential sales recorded in Greater Kerikeri. Through collaboration, sharing workloads and helping each other, we maintained our share of the residential sales recorded in Kerikeri this year to 35%. This continues our unbeaten record of producing the highest number of residential sales in Kerikeri, year in and year out, for nearly 20 years.

If you want to find out more about how our unique, high-performance system can help you achieve your property goals please give us a call or pop into our office anytime. We would be glad to show you around and make you a coffee while you are here.

Please Note:

*Greater Kerikeri approximated the Kerikeri High School enrolment zone and includes Waipapa, Doves Bay Peninsula, Inlet Road Peninsula, Kapiro, Waimate North Road and branch roads, Wiroa Rd and branch roads, Pungaere Rd and branch roads,  Puketotara Rd and branch roads, Waipapa West Road and branch roads, Takau Bay.

**We use quarterly moving averages as these mitigate some of the wild monthly variation that occurs when reporting monthly medians on smaller number of sales.