Harcourts CEO Says Prediction of a Drop in Auckland House Market Might be Premature

Harcourts CEO Says Prediction of a Drop in Auckland House Market Might be PrematureOne of the biggest real estate agencies of New Zealand says that the speculation indicating the housing market is dropping could be just a pre mature assumption.

The housing market in the country had a strong beginning in spring revealed figures from the Real Estate Institute. The average house prices increased 4.2 percent for both Auckland and nationally in the preceding month.

The average price rose $771,000 or 25.4 percent more compared to last year September in Auckland. There was a sharp rise in sales within Auckland as well as outside. Nationally, the prices increased thirty eight percent compared to the previous year which signals that there may be a continuation for some more months.

CEO of Harcourts, New Zealand, Hayden Duncan said he was worried that assumption regarding the market in Auckland running out of its strong upturn revealed by the data.

He said, "The articles a month ago saying the market's slowing in Auckland were just simply not supported by independent data."

However, Colleen Milne, the chief executive of REINZ  said she was a somewhat surprised that the figures for Auckland increased, since the signs showed that there were "definitely" signs showing lesser number of people attending the auctions.

She added, "What is interesting is that I'm hearing from the regions that auctions are increasing as they have increasing numbers of purchasers and multiple offers, and lower listings."