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

 


Auckland House Sales Numbers Fall

Auckland House Sales Numbers Fall As Listings Reach Seven Month Low

For the second consecutive month the number of homes sold in Auckland fell, prices remained stable while at the end of July the number of listings was at a 7-month low.

“The average sales price in July reached $719,312 for the month, which was less than a 1 percent increase over June’s average price,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“Sales values over the past four months have been moving around after reaching an all-time high of $725,708 in March.

“In April and May they edged down, and while they recovered some lost ground in June and again in July, prices have certainly not returned to those being achieved in March.

“Prices at present are best described as steady.

“In part that’s because a price and trading downturn is normal in winter, but another likely cause is the impending General Election.

“The housing market invariably goes quiet during a run in to an election.

“After improving modestly in the first four months of the year, by the end of July the supply situation had again become extremely tight with only 3273 properties on our books, the lowest number for seven months.

“We normally see new listings increase during August as vendors prepare to take advantage of the increase in sales activity as spring approaches. However, with a General Election in September, the potential exists that trading in August may not follow the normal pattern as the market awaits the Election outcome.

“A stand out feature of July’s trading was that we sold 169 homes for in excess of $1 million, which represents nearly one house in every six sold.

“Sales of homes in this price segment are currently running 28.7 percent ahead of where they were last year after the first 7 months of the year.

“Investing in a home to improve lifestyle has always been a strong feature of property buying in Auckland, and buyers with the financial resources to do so are still active in the top end of the market.

“At the same time there are large numbers of properties in Auckland’s outer southern, western and northern suburbs being sold for less than $500,000.
“Out of the total number of sales during July of 983, 29.4 percent or 289 were homes in the under $500,000 price category.”

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Brewing: Lion To Buy Cult Upper Hutt Brewer Panhead

Lion - Beer, Spirits and Wine (NZ), New Zealand's biggest beer maker, has agreed to buy Panhead Custom Ales from the family of founder Mike Neilson, its second such purchase of a popular craft brewer after the acquisition of Dunedin-based Emerson's Brewing Co in 2012. More>>

ALSO:

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news