East Coast Bays Riding High in National Real Estate Sales

East Coast Bays median sales price is riding high compared to the national median sales price. Already the second most expensive place to buy a house in New Zealand, the North Shore continues to bound ahead.

In January the number of  property sales across New Zealand fell to their lowest level in nearly two decades, according to the Real Estate Institute of New Zealand. However East Coast Bays was a little sheltered with our share of the national sales figures increasing. But the median price of $555,500 was 12.3% higher than January 2009, this compares with a national growth of 7.7%. And while the national sales price fell $10000 from Dec 09 to Jan 10, it increased in East Coast Bays by $22000, thats a 4% growth month on month!

The days to sell a house has increased from a low of 30 back in November and December to 38 days in January. These is a normal trend when buying a house comes second in priority to taking a summer break.

The main reasons for this continued high performance is immigration and a lack of residential building in the last few years. We need 1400 homes a year and only built 500 last year. See my earlier blog.

Here are the numbers( if you want specific figures for your street or ‘burb let me know!) :