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

 

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

The Price Of Cheese: Cheddar At Eight-Year Low

Food prices decreased 0.5 percent in the year to June 2016, influenced by lower grocery food prices (down 2.3 percent), Statistics New Zealand said today. Compared with June 2015, cheese prices were down 9.5 percent, fresh milk was down 3.9 percent, and yoghurt was down 9.2 percent. More>>

ALSO:

Financial Advisers: New 'Customer-First' Obligations

Goldsmith plans to do away with the current adviser designations which he says have been "unsatisfactory" in that some advisers are obliged to disclose potential conflicts of interest and act in their customers' best interests, but others are not. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news