Real estate: by the numbers

The worm has turned – or, in real estate parlance, the market is back on course.

Buyers and sellers took a break nationally last month – making up for the “sugar rush” experienced in November straight after the general election. But once they welcomed the New Year in, it was all back on, says Real Estate NZ spokesperson Vanessa Williams.

Waipā was no exception with listings up this month and eight sales made in Cambridge, three in Te Awamutu and two in Kihikihi, according to homes.co.nz, although Cambridge Real Estate sales’ consultant Trevor Morris says he understood there were even more.

Morris, who was born and brought up in Te Awamutu but has lived in Cambridge for nearly 40 years, said it felt more positive in the district than last year.

Waipā Real Estate consultant Vayle Hammond said her 2023 was better than the previous year and 2024 had started just as well with a “hiss and a roar”.

Te Awamutu real estate sales by the numbers the past three years.

Waipā rural information was not readily available although listings across the Waikato were down by 70 per cent and there were only 14 new listings last month.

“We’re seeing a correction in the property market,” said Williams.

Many people did not need to sell their property last year because of economic uncertainty, interest rate hikes and the cost of living.

“If there’s anything Kiwis love, it’s certainty.

“2023 was flat everywhere,” borne out by figures released this week which show the total value of residential properties was down by $28.6 billion over 2022.

The Real Estate Institute’s website, which reflects 97 per cent of all properties listed through licensed real estate agents and major developers, reports year on year listings in Waipā to the end of December were up 2.8 per cent, bucking a national and Waikato trend.

But average asking prices were down year on year by 16.4 per cent in Waipā, the second worst after Ōtorohanga on 18 per cent.

Asking prices in the district dropped below $850,000 for the first time since July 2021, when the average asking price was $830,118.

There were 73 sales in the district – with an average asking price of $849,423 – down from 139 and $1.018 million in November.

Sales do not include houses and villas in retirement villages.

It is a tale of the two tapes in Cambridge and Te Awamutu though when it comes to prices.

Houses for sale

In Cambridge 267 properties sold with a median sale price of $1.025 million, down 6.8 per cent on 2022.

In Te Awamutu, there were 298 properties sold with a median sale price of $691,000, down 9.7 per cent on the previous year.

Morris said Cambridge was “just a little mushroom” with plenty of interest.

“It’s the go to town in the North Island.”

Open home numbers were also up.

“Once they’ve got inflation under control, it will get better. That’s what I’m getting told.”

Hammond said she was stymied by the number of listings and needed more. She had been busy doing appraisals for potential sellers.

“You know in real estate you get your ups and downs and because Te Awamutu is a great little town with well-priced houses, people are looking here.”

Property buyers and sellers should not worry about the month on month figures or be fooled by headlines about property prices dropping, she said.

There were cash buyers looking in Te Awamutu, so it was a seller’s market provided properties were marketed right and presented well.

By the numbers, where Waipā ranks.