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

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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