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

 


Average Auckland home sales price more than $645,000

$1 million sales lift average Auckland home sales price to in excess of $645,000


An abnormally high number of sales above $1 million has seen the average sales price for property in the Auckland market reach $645,928 in March.

“This is our highest ever average price and exceeds last month’s average price by 6.9 percent, and the previous highest average price of $627,721 achieved in November last year by 2.9 percent,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“While we expected to see a major lift in the average price between February and March, as it is a trend evident in our sales statistics since 2010, the most critical factor in the price increase was undoubtedly the number of homes that sold for in excess of $1 million.

“186, or 13 percent of all our sales, were for more than $1 million, whereas the percentage last year was 8.5 percent of sales.

“This is the highest number of sales in excess of $1 million we have ever sold in a month, with the highest concentration of sales being in the eastern and central Auckland areas, and along the North Shore beach suburbs.

“A higher-than-normal number of sales at the top end of the market does have a significant impact on the average price, and the same influence was felt when our previous highest average price was established in November, when we sold 146 homes for more than $1 million.

“We experienced an exceptional month’s trading in March, and we sold a total of 1430 homes in the month, our highest number in a month for nearly 10 years.

“While there was a great deal of focus on top-end homes, market activity was also strong in the under $500,000 price category where we sold a total of 550 homes, making up 38.5 percent of total sales.

“New listings during March at 1476 were solid, but down 15.8 percent on those in February and down 4 percent on those for last March.

“The level of new listings combined with high March sales saw available listings at month end at 3721, down 6.7 percent on those at the end of February and down 22 percent on those last March.

“It is the second lowest number of listings at a month’s end for more than a decade, and is yet another sign of the acute shortage of property available for sale in Auckland.”

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news