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

 


Auckland House Prices Set A New High Water Mark At $627,000

December 5, 2012

Media statement

Auckland House Prices Set A New High Water Mark At $627,000

The average selling price for homes in the Auckland market took another large step forward in November, increasing by more than $9,000 on last month’s record price to settle at an average price of $627,721.

“In the past two months we have seen house values lift to a new high water mark,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“For much of this year the average price moved between $580,000 and $590,000 but with two consecutive months of trading at an average price well above $600,000, the entire pricing structure has lifted.

“While we may see some easing of average prices during the Christmas/New Year period, during the prime summer trading months of February and March average prices are likely to return to the low $600,000s.

“Telling signs that higher prices have become entrenched are the 146 homes that sold for in excess of $1 million, a quarter more than we have ever sold in one month previously, and that 43 percent of homes sold for less than $500,000, whereas on average the number is normally half.

“The driver that is causing homes values to increase so quickly is buyer demand.

“It has led to prices increasing across all price brackets.

“In November we listed 1769 properties, the highest number in one month for nearly five years, and combined with residual listing, there was a reasonable range of properties from which to choose.

“Listing are being helped with a greater number of home owners making the decision to follow through with their future housing intentions now that higher prices are being achieved.

“These buyers who are either trading up or down, combined with new arrivals or those looking for rental investments, were higher in number than available stock, and this led to keen buying, particularly at auctions.

“Sales numbers for the month at 1124 were up 4 percent on those for October and up 25.7 percent on those for November last year.

“At month end we had only 3816 properties on our books, the lowest number at the end of November for more than 10 years.”

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news