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

 

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news