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

 


Auckland house sales fall in June, listings dry up: Barfoot

Auckland house sales fall in June, listings dry up, Barfoot says

By Paul McBeth

July 3 (BusinessDesk) - Auckland house sales fell in June, with listings at a five-month low, as the property market enters the traditionally slower winter period, according to realtor Barfoot & Thompson.

The number of sales fell to 1,037 in June from 1,059 a year earlier, and were down from 1,109 in May. The average sale price rose 1.6 percent to $714,054 in June, and was up from $649,945 a year earlier.

Auckland's biggest realtor had 3,274 properties listed at the end of June, the lowest number in five months, though up from 2,873 a year earlier when listings were at an 11-year low. The number of new listings fell to 1,149 in June from 1,318 in May, and were down from 1,189 in June.

"While a fall in new listings is a trend commonly seen at the start of winter, it will add pressure to lack of choice in coming months," chief executive Wendy Alexander said in a statement. "Compared to the number of properties available at this time of year over the past 10 years, choice remains very limited."

The strength of Auckland's property market has been a cause of concern for the Reserve Bank as prices accelerated in the face of a supply shortage, and last October introduced restrictions on low-equity home lending as a means to cool the sector, without having to resort to early interest rate hikes. Since then, the bank has embarked on a tightening policy, hiking the official cash rate three times to 3.25 percent.

About a third of properties sold in June were below $500,000, while $1 million plus houses made up about 17 percent.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news