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

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

ALSO:

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news