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

 


Auckland House Prices Hold On To Higher Values In December

January 8, 2013

Media statement

Auckland House Prices Hold On To Higher Values In December

The average price of homes sold in Auckland increased by $41,590 or 7.7 percent in 2012 to $584,715 when compared to 2011’s average price.

“While this is the highest percentage increase in five years, it follows on three years of average price increases that failed to keep pace with the rate of inflation,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“December was another month of strong trading, with 920 sales in the month at an average price of $624,015.

“This was the highest number of sales in a December for eight years.

“The average price achieved remained high, with it being down less than $4000 on November’s all-time record average price of $627,721.

“The average price for each of the past three months has now exceeded $600,000, setting a new benchmark.

“While new listings in December are normally relatively low compared to the rest of the year, this December’s new listings at 697 were exceptionally modest, and the lowest recorded in a month for the past decade. They were down 17.6 percent on those for last December.

“It was also the first time in the past decade when we listed fewer homes in a month (697) than the number of homes sold (920).

“At the end of December we had only 3410 properties on our books, the lowest number since records have been kept, and 10.6 percent lower than we had at the end of November.

“December’s trading followed the same trend experienced for most of the second half of 2012.

“87 homes, or 9.5 percent of all homes sold in December, reached values in excess of $1 million while 42.8 percent of all the homes sold were for less than $500,000, in line with the percentage for this price category in November.

“With new listings and the total number of listings being at all-time lows, and with mortgage lending rates forecast to remain steady for the first half of 2013, the outlook for the early part of this year is for prices to hold on to the gains made in the last quarter of 2012.”

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>

ALSO:

Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>

ALSO:

Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>

ALSO:

Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>

ALSO:

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news