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

 


Auckland house sales drop in August

Auckland house sales drop in August as winter, election weigh

By Paul McBeth

Sept. 3 (BusinessDesk) - Auckland house sales fell for a third month in August and the number of listings remained muted in the tail-end of winter and lead-up to this month's general election, according to realtor Barfoot & Thompson.

The number of sales fell to 909 in August from 983 in July, and 1,200 in the same month a year earlier, Auckland's biggest realtor said in a statement. New listings fell 19 percent to 1,129 in August from July, and were down 34 percent from a year earlier. The average sales price slipped 1.1 percent to $711,768, and was still up 9.9 percent from August 2013.

"This was not unexpected as the market invariably goes quiet in the build-up to general elections," managing director Peter Thompson said. "Certainty will return post the election, and the final three months of the year are likely to see greater activity than normal as the regular five-month spring/summer pre-Christmas season is compressed into three months of trading."

Both major political parties are promising shake-ups to the property sector to try and rein in housing affordability. The incumbent National Party will let prospective buyers access more of their KiwiSaver savings for more expensive housing, and has introduced rules to let councils fast-track residential development, while the opposition Labour Party has promised to introduce a capital gains tax, and embark on a major house building exercise over the coming decade.

Barfoot today said the busiest sector of the market was houses under $500,000, which accounted for about a third of all activity in August, up 5.2 percent from July. Activity in that sector was the hardest hit by the Reserve Bank's restrictions on mortgage lending with small deposits, which aimed to take the heat out of a bubbling property market.

The firm sold 149 million-dollar-plus houses in August, down 12 percent from July and the lowest number for four months.

At the end of August, Barfoot had 3,226 houses on its books, down 1.4 percent from July, though up from 2,999 in August 2013.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Inequality: Top 10% Of Housholds Have Half Of Total Net Worth

The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth. More>>

ALSO:

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news