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

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

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:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news