Average New Zealanders are now selling their homes after just 5.5 years, a shorter time-frame as compared to the traditional ‘seven-year itch’.
New data released by realestate.co.nz suggests concept of the ‘forever home’ appears to be fading in New Zealand with Kiwis now holding onto their homes for lesser period.
Over a million homes, however, have never gone up for sale on realestate.co.nz, despite the site listing 935,048 individual properties since records began 17 years ago. This suggests Kiwis tend to have a strong connection to property and place, according to realestate.co.nz.
Auckland has seen its properties change hands the most often and fastest, and the time between sales for properties was approximately 5.3 years. At the other end of the scale, Kiwis held onto their properties for the longest in Taranaki (6.5 years) and Manawatu/Whanganui (six years and four months).
Other regions where property moved more quickly than the national average were Waikato, Nelson and Bays, and Bay of Plenty,where the average time between sales was five years and four months.In Waikato region, the average time between sales was 5 years and 4 months.
“People move for many reasons—employment opportunities, the desire for more space, the need to accommodate aging parents, or even downsizing after the kids have left. This frequent movement is likely a reflection of changing lifestyle needs and opportunities across New Zealand,” says Vanessa Williams, realestate.co.nz spokesperson.
The districts where properties were sold the most often were Selwyn in Canterbury (4.9 years), Franklin in Auckland (4.10 years), the Waikato district (5 years), and Papakura in Auckland (5 years).
Kiwis held onto their homes longest in Taranaki (6.5 years), Manawatu/Whanganui (6.4 years), Gisborne (6.3 years), West Coast (6.2 years), and Hawke’s Bay (6 years).
At a district level, properties in South Taranaki were held the longest (6.8 years), followed by Tararua in Manawatu/Whanganui (6.6 years) and Ruapehu in Central North Island (6.6 years).
All regions saw a lift in their average asking prices, regardless of how long properties were held between sales. However, there were some regional differences.
Vanessa Williams advice to potential buyers is to buy based on their personal circumstances, rather than trying to predict what the market might do.
