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

 


NZ Property Report February 2014

NZ Property Report February 2014

Residential property asking prices reach all-time high
Record asking prices in Auckland push up the national average


AUCKLAND, 4 March 2014 –Average asking prices for New Zealand homes for sale hit a new record high in February, as sellers responded confidently to continued strong buyer demand for the limited number of properties available.

The record high average asking price of $483,099 – revealed today in the NZ Property Report, a monthly report of housing market activity compiled by realestate.co.nz – was driven up by new record asking prices in Auckland ($677,370), where asking prices have risen by 12% in the last 12 months.

Paul McKenzie, National Marketing Manager for realestate.co.nz, says the new high is part of a continuing growth pattern. “While the asking price did reach a new high, a nine per cent increase from the same time last year, it is only a one per cent increase on last month. Asking prices are trending upwards and look set to remain high into the spring season.”

Mr McKenzie said, “buyer interest is at an all time national high”, with more than 1.7 million visits to realestate.co.nz sites in the last month (source – Google Analytics).

“While this high level of buyer interest is underpinning seller confidence, buyers will be disappointed with the higher average asking prices and relatively low levels of new listings,” Mr McKenzie said.

February saw 12,167 new properties come to the market, up 31% on the prior month (due to seasonality) and down 7% year-on-year, “but this did nothing to ease the market pressure, evidenced by a fall in inventory”, he said.

“The number of homes available for sale eased to 26 weeks of stock, well below the long-term average of 37 weeks, which is another indication that the market is in the seller’s court.”
Mr McKenzie said asking prices were higher in February across more than half of the country with 11 regions reporting a rise. Apart from Auckland, big rises were also seen in Wairarapa, up 24% year-on-year to $329,396, Marlborough up 16% to $418,945, and West Coast up 8% to $320,245.

- ENDS –

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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