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

 


NZ house sales fall in December, prices climb to new record

NZ house sales fall in December, prices climb to new record

Jan. 20 (BusinessDesk) - The number of houses sold in New Zealand fell in December from a year earlier, continuing a trend of a softening market, though the national median sale price rose to a new record, according to Real Estate Institute figures.

The number of houses sold fell 1.1 percent to 5,688 in December from the same month a year earlier, and were down 18 percent from November, a bigger drop than the average decline, REINZ said in a statement. The fall in sales volumes was led by Manawatu/Wanganui, where turnover dropped 37 percent, followed by a 27 percent slide in Southland and a 24 percent decline in Wellington.

The median sale price rose 0.5 percent to $427,000 in December, and was up an annual 9.8 percent. Prices in Auckland, which have been driving growth over the past year, fell 3.2 percent to $620,000, and were up 12 percent on the year.

“The softer trend in sales noted in November 2013 continued into December,” chief executive Helen O’Sullivan said. “Further data is needed over the next few months to determine if this is a new (price) trend, or a short-term effect caused by a change in the pace of sales at lower price points given the increased complexity some buyers in these price points now have to navigate.”

In October, the Reserve Bank imposed restrictions on lending with small deposits as bubbling housing markets in Auckland and Christchurch, which typically account for half the nation’s property turnover, raised fears about the nation’s financial stability if there was a sharp correction.

The stratified housing index, which looks to smooth out peaks and troughs, fell 1 percent in December, and was up 9.2 percent in the year.

The average number of days to sell a property slowed to 32 days from 31 days in November, and was unchanged from a year earlier.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

The Nation: Call For Cross-Party Auckland Housing Plan

Penny Hulse calls for cross-party accord on Auckland housing because “it’s too important to score political points on”. More>>

ALSO:

Flu Season: Overcoming Vaccination Reluctance

While research shows that 40% of New Zealand businesses offer free or subsidised flu vaccinations to employees this time of year, HR professionals say persuading staff to participate is the biggest challenge. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news