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

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news