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

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news