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

 


Auckland Housing Market Makes Strong Start To The Year

Auckland Housing Market Makes Strong Start To The Year

The Auckland residential housing market made a strong start to 2014 following the Christmas/New Year break with the average house price for January reaching $647,207 and the median price reaching $580,000.

“While these values have eased back on those achieved during last November and December, this is part of the normal seasonal trading pattern,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“New listings at 1228 were excellent for a January, sales at 854 were up 4.1 percent on those for January last year and 4.5 percent on December’s, and we sold 91 homes for in excess of $1 million, which is exceptionally high for the first month of the year.

“All the indications are that the market is building to being extremely active during the first quarter of the year.

“January’s sales numbers at 854 are the highest in a January for 6 years.

“The average sales price for the month is up 7.7 percent on that for January last year, but down 7.6 percent on December’s, which itself was the highest average price ever achieved in a month.

“Buyer interest was not restricted to the top end of the market. During January we sold 334 homes for less than $500,000, or 39.1 percent of all the homes sold.

“This is the highest percentage of total sales since the Reserve Bank restrictions on bank mortgage lending were imposed, and indicates a little more flexibility on behalf of the banks towards low deposit borrowers.

“At the end of January we had 3371 properties listed, the lowest number in a January in more than 11 years.

“While this number is relatively healthy compared to many months in 2013, to be this low at the start of a year will inevitably increase pressure on prices over the next three to four months.

“Between now and May is normally one of the two high seasons in a year for house sales, and this strong start to the year suggests that the activity levels of 2013 will remain with us.”

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

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:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news