Weekly Property News 13th Edition 2021

Trans Tasman Growth

Hi Guys, it’s Dean O’Brien from OBrien Real Estate with the 13th edition of the Property News for 2021 where real estate information is on the house.

With the impending Anzac Day commemorations, it’s fitting the New Zealand / Australian travel bubble has now been reinstated, meaning Aussies and Kiwis are free to travel between NZ and OZ without having to quarantine. Considering NZ and Australia are like close cousins, I thought it might be worth updating you on the performance of the NZ property market and how it is fairing in comparison to ours.

Realestate.co.nz recently reported asking prices are up 16.9% nationally on a year-on-year basis comparing March 2020 to March 2021. The national average asking price for Kiwi properties last month was $834,769 costing on average $120,449 more than the same time last year with New Zealand’s largest city Auckland attracting an average asking price of just over $1,100,000. Whereas Melbourne’s combined dwelling median house price is just over $736,000.

The Numbers – Let’s take a quick look at the numbers for the week. Auctions results across Victoria remain very strong at a clearance rate of 89% for last weekend with 731 selling under the hammer. Private sales reported across Victoria was a healthy 1592 sales. The same time last year we had only 149 auctions sales and 659 private sales transacting in Victoria. Looking at OBrien Real Estate numbers for the week, with school back listing momentum is returning to normal levels we saw with 81 new listings hit the market, with 90 properties go under offer and 106 confirmed sales and a top price of $2.4 Million.

Here are the news edits making the headlines this week:

• The latest data out of China showed the economy growing at the fastest rate on record; GDP grew
  at a record 18.3 per cent annual rate.
• Luxury vehicle sales now represent just over 12.5 per cent of total new vehicle sales – a record high.
  In fact Porsche sales in March were the second highest for any month on record.
• Over the past six months, arrivals to Australia averaged around 30,000 a month while departures
  were just over 40,000 a month. Before the pandemic, arrivals and departures were closer to 1.8
  million a month.
• It is expected that calls for the opening of international borders to skilled workers will get louder as
  2021 unfolds. Pre pandemic levels saw 80,000 skilled workers arriving a month versus today it being
  closer to 4,000.
• The Reserve Bank minutes from its meeting earlier this month was released and the RBA isn’t
  spooked by rising home prices. It notes price gains are higher in many overseas countries.

Lastly for this week’s market update, the theme for Anzac Day 2021 is called “Light Up The Dawn”. Similar to last year you can either light up the dawn from 6am at your own driveway or you can attend a traditional dawn service at your local cenotaph to honour our veterans.
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That’s all for this week, I’m Dean O’Brien and remember the information provided is of a general nature you should always seek independent legal, financial, taxation or other advice in relation to your unique circumstances.