Vendors and buyers in Northland appear to have reacted positively to the Reserve Bank of New Zealand’s decision to drop the official cash rate (OCR) by 25 basis points in mid-August 2024.

In August, the sale count jumped by 22.7% month-on-month in August 2024 compared to August 2023, according to data from the Real Estate Institute of New Zealand (REINZ)[i], with the median sale price settling at $629,000.

Breaking it down, the median price in the Far North District is $585,000, while in the Whangarei District, the median price is $630,000. The Kaipara District that includes Mangawhai and Dargaville, stands at $690,000. Overall, the Kaipara District saw sales increase by more than 50% in August compared to a year ago.

According to Jen Baird, CEO of REINZ, owner-occupiers and first-home buyers were Northland’s most active buyer groups in August. “Most vendors are generally meeting market expectations; however, some are anticipating price increases due to lower interest rates,” she said.

“The number of attendees at open homes has increased, particularly for newer listings. Auction room attendance has increased, although buyer activity varied around the region.”

These market developments in Northland are significant with leading Australasian real estate group Raine & Horne opening offices in Dargaville and Mangawhai. The Raine & Horne Dargaville team, led by Mark Owers and Raine & Horne Mangawhai is under the leadership of Alan and Jill Corkin.

Mark Owers began his real estate journey in the early 2000s, and he operates on the notion that there is a buyer for every property and that it is his job to leave no stone unturned in finding the right purchaser. Mark initially opened an office in Te Atatu covering West Auckland but has since moved to Northland. Mark and the Raine & Horne Dargaville team are listing and selling residential and lifestyle properties in Dargaville, Baylys Beach, Ruawai, Paparoa, Maungaturoto, Pahi and surrounding areas in the Kaipara.

Alan and Jill Corkin love working and living in Mangawhai and introducing buyers to the town’s fabulous lifestyle choices. Alan takes prides in bringing a personal touch to his work. His extensive knowledge of residential building, property development, and investment also allows him to add value to every transaction for the vendor and buyer.

If you’re considering buying or selling a property, contact your local Raine & Horne office for expert advice and support.

[i] https://www.reinz.co.nz/Web/Web/News/News-Articles/Market-updates/REINZ-August-2024-data-Property-market-stable-as-sentiment-improves.aspx?name=REINZ-August-2024-data-Property-market-stable-as-sentiment-improves