For those who like their stats, these three graphs tell an interesting story if you like following the trends in property. I thought it would be interesting to look at how prices have increased over the last 20 years and specifically capturing the month of July in 1994, 2004 and 2014. Also, it is interesting to look at how the Government Valuation (GV) has related to sale price over time, but remember there is a lag in the GV as these are assessed every three years and from the graph you can see that in 2004 the GV did not equate to the sale price at all. In fact, in 2004, the average sale price of a Dunedin house increased 52%!!!! The graph showing the sales volumes really illustrates the low stock numbers on the market now versus 10 and 20 years ago.....why is this? There are many theories, but based on the evidence of the past, we will see the sales volumes of the past again one day but exactly when is anyones guess. Perhaps we have to get this election out of the way first. In the meantime, supply and demand rules do apply and homes are getting great prices in the current market while supply is low, so if you are thinking of selling now, your timing may be spot on. (Figures courtesy of the REINZ).
Posted on: Tue, 02 Sep 2014 04:33:07 +0000
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