PHOTO: Vanessa Williams, spokesperson for realestate.co.nz. FILE
Auckland and Waikato Lead in Home Sales Frequency in New Zealand
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According to the latest data from realestate.co.nz, it appears that residents in Auckland and Waikato sell their homes more frequently than people in other parts of New Zealand. The data examines the duration for which properties are held before being resold, revealing that, on average, Auckland and Waikato have the shortest property holding periods. The average time between property sales in both Auckland and Waikato is approximately 5 years and 3 months. In contrast, Taranaki and Manawatu/Whanganui have the longest holding periods, with an average of around 6 years and 4 months.
Nationally, properties in New Zealand are sold on average every 5 years and 6 months. Vanessa Williams, spokesperson for realestate.co.nz, explains that people choose to sell their homes for various reasons related to lifestyle preferences, such as seeking a lifestyle block, downsizing, or accommodating a growing family.
Certain regions, such as Auckland, Waikato, Nelson & Bays, and Bay of Plenty, have witnessed a higher frequency of property transactions over the past 14 years. Vanessa suggests that the size and employment opportunities in these regions contribute to their popularity among buyers looking for a second home or a change in lifestyle.
Within Auckland, property owners in Franklin tend to move on the fastest, with an average holding period of 4 years and 10 months. On the other hand, Hauraki Gulf Islands have the longest holding period, averaging at 5 years and 11 months. In Auckland City, the average holding period stands at 5 years and 6 months.
In the Waikato region, properties in Waikato and Waipa districts have the highest turnover rates, with average holding periods of 4 years and 11 months and 5 years and 1 month, respectively. South Waikato experiences a slower turnover rate, with properties being resold every 5 years and 5 months, just slightly below the national average.
Several other regions also have property turnover rates higher than the national average. These regions include Nelson and Bays (5 years and 4 months), Bay of Plenty (5 years and 4 months), Canterbury (5 years and 5 months), Coromandel (5 years and 5 months), and Marlborough (5 years and 5 months). Vanessa suggests that regions with a greater range of property options, such as Auckland, Waikato, Nelson & Bays, and Bay of Plenty, may lead to spontaneous purchases.
Conversely, Taranaki, Manawatu/Whanganui, Gisborne, West Coast, and Hawke’s Bay are regions where homeowners tend to hold onto their properties for longer periods. The average holding periods in these regions range from 6 years to 6 years and 4 months. Smaller towns in these regions typically have fewer properties available for sale, which may explain the longer holding periods.
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Regarding financial gains, Vanessa highlights that average asking prices generally increase in the long term. However, the extent of the increase varies by region. For instance, in Auckland, the smallest financial gain was observed despite having the fastest turnover rate over the past five and a half years. On the other hand, Gisborne experienced substantial price growth, with average asking prices more than doubling over the same period.
Vanessa advises potential buyers to consider their individual circumstances rather than relying solely on market predictions. The article concludes by mentioning that more than a million homes in New Zealand have never been sold on realestate.co.nz, reflecting the strong attachment that Kiwis often have to their properties and locations. Vanessa expresses curiosity about whether this trend will continue as lifestyles change.
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