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

 


Provisional housing market update: February 2014, Auckland

Provisional housing market update: February 2014, Auckland and Northland

3 March 2014

Provisional data from New Zealand’s largest real estate group Harcourts for the month of February shows there is continued pressure on the housing market in Auckland and Northland, with the average sales price sitting at $644,613 – up 13% on the same time last year.

Harcourts CEO Hayden Duncan says each month Harcourts’ data is repeatedly demonstrating that the LVR restrictions have not had the intended effect, with prices and written sales continuing to increase.

First home buyers and investors, who were initially dissuaded from entering the market because of the restrictions, have found their way around the need for a 20% deposit through the assistance of second tier lenders and family loans.

Harcourts sales consultants continue to report increased interest in properties on the outer edges of Auckland, as buyers look to make affordable purchases away from the heated central suburbs. Competition for these properties is also becoming fierce.

Rising immigration and falling unemployment have contributed to the overall confidence in the housing market and demand for property remains extremely high.

Interest rates are expected to rise from this month; however, this is unlikely to dampen a market fuelled by unprecedented high demand.

Full statistical data from Harcourts for the month of February will be available on 10 March.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news