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

 


Slight Cooling in April Real Estate Sales

May 5, 2014
Media Statement

Slight Cooling in April Real Estate Sales

Auckland residential property prices cooled slightly during April with sales down approximately 15 per cent over the same time last year, returning to 2012 levels.

Barfoot & Thompson Managing Director, Peter Thompson, said this was customary due to the Easter, Anzac Day and school holiday period, but a higher than normal number of listings (3623) was also adding to market competiveness.

“Undoubtedly, the loan-to-value ratio and interest rates were also keeping prices in check.”

Barfoot & Thompson sold 811 properties during April for an average price of $708,603.

“This average is higher than those achieved last year but more aligned to 2012 numbers. It shows ongoing support in the Auckland property market, but more listings creates more choice, and that ultimately softens prices.

“Sellers need to stay pragmatic about their property prices and not overprice them if they want them sold.”

The April median price was $619,550.

Mr Thompson said sales of homes over $500,000 continued to trade well with 547 homes sold in this price range during April, echoing the sort of figures achieved over summer.

This was reinforced in the higher price echelons with 286 homes sold over $750,000 and 120 sales realised over the one million dollar mark.

These were consistent with figures achieved from December 2013, through February 2014.

Mr Thompson said the market still showed buoyancy and will continue to hold its own over the cooler months.

“The economy is strong, and there’s a lot to choose from which is great for home buyers. But there’s realism in the market and prices are being pulled back into line. As experienced in seasonal trends, we can expect some price retraction over winter.”

Barfoot & Thompson knows Auckland best. It is the city’s leading real estate company, selling around one in three Auckland residential homes, significantly ahead of all other competitor brands.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Taxing Multinationals: EU Ruling Sours Apple

Shares of Apple slid, down 0.9 percent as of 3.08pm in New York, after the European Commission ruled that Ireland granted the company undue tax benefits of up to 13 billion euros (US$14.5 billion)—"illegal aid” under EU rules that the commission says Ireland now must recover from Apple. More>>

ALSO:

NZX Review: Best Practice Code Recommends Code Of Ethics

NZX, the sharemarket operator, is seeking feedback on proposed changes to its corporate governance best practice code including a published code of ethics, rules about share trading and continuous disclosure, and more transparency over board appointments and chief executive pay. More>>

ALSO:

Auditors:

Signs Of Life? SETI On Russian Space(?) Signal

A star system 94 light-years away is in the spotlight as a possible candidate for intelligent inhabitants, thanks to the discovery of a radio signal by a group of Russian astronomers... Could it be a transmission from a technically proficient society? At this point, we can only consider what is known so far. More>>

Post-Post: Brian Roche To Step Down As NZ Post CEO

Brian Roche will step down as chief executive of New Zealand Post in April 2017, having led the state-owned postal service's drive to adjust to shrinking mail volumes with a combination of cost cuts, asset sales, modernisation and expansion of new businesses. More>>

ALSO:

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news