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

 


Listings shortage boosts Auckland house prices

Listings shortage boosts Auckland house prices

A shortage of good quality listings was the major contributor to the increase in average Auckland property prices during June according to real estate agency Barfoot and Thompson.

Barfoot and Thompson’s sales figures show the price of the average Auckland house increased by $15,434 to $370,837 last month. This compares with $355,403 in May.

Barfoot and Thompson Director, Peter Thompson, says the market is being shaped by two opposing forces – continuing buyer demand and a shortage of good quality listings.

“The inevitable result is an increase in prices as buyers compete for a limited range of properties.”

“A good illustration of the situation is the fact our listings have not been this low since the winter of 1996.”

Barfoot and Thompson had 4,737 properties on its books at the end of May and its sales people made a total of 1,345 sales during June, equivalent to more than 28 percent of the available stock.

The high end of the market continues to flourish with 32.6 percent of sales recorded by Barfoot and Thompson achieving prices of half a million dollars or more.

Peter Thompson says, “clearly confidence in the residential property market remains high, assisted by the Reserve Bank’s recent interest rate cut which has flowed through to retail mortgage interest rates being offered by the major lenders.”

On the rental front, average rents increased slightly during June to $331 per week compared to an average of $328 the previous month.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news