Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Auckland Property Market Bounces Back

Auckland Property Market Bounces Back

Auckland’s property market bounced back during March with the volume of residential house sales up 45 percent on the previous month according to the latest figures from real estate firm Barfoot and Thompson.

The Auckland housing market slowed during February with 1,087 sales, but that was reversed during March with 1,580 unconditional sales.

The average price being achieved reveals a similar recovery. The March average was $352,907, compared to $340,595 in February and $358,270 in January.

Barfoot and Thompson Director Peter Thompson says the recovery was expected.

“It appears that the drop in figures in February were as we anticipated due to the America’s Cup. Now that racing has concluded, the market has returned to its pre-Christmas activity level, with the recent increase in both average price and buyer enquiry levels indicating a confident market.”

“The top end of the market is particularly active with the number of sales in the over $500,000 price category setting a new record for Barfoot and Thompson during March.”

Last month the company sold 240 houses for half a million dollars or more, compared to 155 in February and 149 in January. This included several sales valued at $2 million or more. One in every three properties sold by Barfoot and Thompson during March was for more than $500,000.

Auckland residential rents are also on the rise with the average weekly rent reaching $335 during March, compared to $327 the previous month.

Peter Thompson predicts this figure will continue to climb as many landlords have recently imposed rental increases which have yet to take effect.

© Scoop Media

Business Headlines | Sci-Tech Headlines


BusinessDesk: Body massages and Uber are in, DVDs are out, says Stats NZ

Statistics New Zealand has rejigged the consumers price index basket in its latest three-year review, adding body massages, Airbnb and Uber and removing DVD and Blu-Ray players…More>>


StuffMe: Commerce Commission Welcomes Dismissal Of Merger Appeal

In a summary of their judgment released today, Justice Dobson and lay member Professor Martin Richardson dismissed the appellants’ process criticisms and found the Commission was entitled to place significant weight on the prospect of reduced quality of the products produced by the merged entity. More>>


Digital Futures: New Chief Technology Officer Role Created

Communications Minister Clare Curran has called for expressions of interest for the new role of Chief Technology Officer position to help drive a forward-looking digital agenda for New Zealand. More>>

Real Estate: NZ house sales slump in December but prices still firm

The number of property sales across New Zealand slumped 10 percent in December from a year earlier but prices continued to lift, according to the Real Estate Institute. More >>


Dry: Beef + Lamb Launches Drought Resources

The resources include a fact sheet outlining strategies to manage and mitigate the effects of drought, coping with stress on the farm and advice on feed requirements and animal welfare during the dry period. More>>


InternetNZ: Net Neutrality Failure In US "Will Hurt All Users"

InternetNZ Chief Executive Jordan Carter has condemned the decision by the United States communications regulator to undo 2015 open Internet rules, warning that all Internet users will end up worse off as a result. More>>