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

 


Auckland average house price rises to record in December

Auckland average house price rises to record in December as supply dwindles in peak selling season

By Tina Morrison

Jan. 8 (BusinessDesk) – Auckland’s average house price rose to a record in December as property values benefited from a lack of supply heading into the peak summer season.

The average sale price rose to $700,387 in December, from $684,646 in November and $624,015 in December 2012, according to realtor Barfoot & Thompson. The median price rose 1.2 percent from November to $629,000 and was 14 percent ahead of the year earlier month.

New Zealand’s Reserve Bank introduced restrictions on high debt mortgage lending from October last year in an attempt to cool rising house prices, driven by shortages in Auckland and Christchurch, on concern a house price bubble could cause financial instability.

“Seasonal trends which traditionally see higher value properties traded have not been offset by recent Reserve Bank changes and nor would they given the next three to four months of high summer season,” Barfoot & Thompson managing director Peter Thompson said in a statement.

“With listings being so restricted and buyer demand so high, it suggests that as we enter the New Year, the Auckland real estate market will experience a strong first quarter.”

The company had just 2,969 listings on its books at the end of December, close to the firm’s record low of 2,837 listings at the end of July.

Barfoot & Thompson sold 817 houses in December, down from 1,118 in November and 920 in December 2012. Still, it is the second highest sales amount for a December month in the past 10 years, the company said.

The real estate agency added 631 new listings to its books in December, down from the 1,665 new listings added in November and 697 additional listings in December 2012.

At the end of the month, the firm had 18 percent fewer listings on its books than at the end of November, and 13 percent fewer than December 2012.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news