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

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news