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


Auckland produces ‘buyers market’ in February

6 March 2008

Media Release

Auckland produces ‘buyers market’ in February

The Auckland property market continued its slower pace in February with just over 600 sales, down a third on the same month last year. Fewer transactions also translated into a lower average sale price – down 4.3% on January (January $517,613; February $495,272).

Managing Director Peter Thompson says the general picture can only be described as a buyers’ market.

“The company experienced a good level of new listings coming onto the market during February (2,049) which means buyers have plenty of choice. Our salespeople also report good levels of enquiry and negotiations, but vendors need to be realistic to achieve a sale.

“Generally, vendors have been slow to adapt to the changing market conditions. It will take time for some vendors, who are selling and then buying on the same market to accept that the result is often financially neutral as they are probably able to buy better than they may previously have thought.”

“Property markets are cyclical. We are reaching the end of a very busy phase that has its origins back in 2001/02. While we can expect a flatter market for a while, there is no doubt that this too will give way to another period of increased activity and more sale price rises.”

On the property management front, February produced a busy month with 714 new houses and units let for an average weekly rental of $382. This is down slightly on the record setting January result of $396 per week.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>


By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>


Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>


Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>


Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>