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

 

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:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news