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

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news