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

 

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>


Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>

ALSO:

Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>

ALSO:

CO2 And Water: Fonterra's Environment Plans

Federated Farmers support Fonterra’s bold push to get to zero emissions of CO2 on the manufacturing side of the Co-operative, both in New Zealand and across its global network. More>>

ALSO:

Fisheries: Decision To Delay Monitoring ‘Fatally Flawed’

Conservation group representatives say a decision by the new Minister of Fisheries, Stuart Nash, to delay implementation of camera monitoring of fishing efforts in New Zealand is ‘fatally flawed’. More>>

ALSO:

Kaikōura Quakes: One Year On

State Highway One and the railway were blocked by damage and slips and the Inland Road suffered significant damage. Farms, homes and businesses suffered building and land damage. Power and internet went down, drinking water systems, sewage systems and local roads were all badly affected... More>>

ALSO:

 
 
 
 
 
 
 
 
  • Bill Bennett on Tech