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

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news