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

 


Lack of housing affecting listings and sales

Please find attached full property market analysis for Auckland and Northland for July from New Zealand’s largest real estate group, Harcourts.

--

Regional Overview:

In July we have seen a noticeable decrease in the number of new listings and written sales in the Northern Region.

However, prices are continuing to rise year on year.

This indicates the hesitancy people have about listing their house for sale in the current market, where a continued lack of new construction, combined with Auckland’s growing population, means there is no certainty vendors will be able to rebuy a suitable property.

Harcourts CEO Hayden Duncan says people are also holding on to houses where they can, despite buying elsewhere, as rental yields are attractive.

Harcourts expects to see a correction in the market come spring time, which is always a popular time to list houses. The current climate is an opportunity for vendors looking to take advantage of lower levels of competition coupled with strong selling prices.

Rising interest rates and LVR restrictions are having an impact on first home buyers, and it is becoming increasingly common to look to the limits of the city for affordable property.

In parts of outer Auckland, particularly west and south, it is still possible to buy a three bedroom family home for less than $400,000. As a result, many first home buyers have become open to new locations, realising central Auckland is no longer a realistic option.

Northern_Region_MarketWatch_August_2014.pdf

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

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