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

 


Auckland House Price Retreat May Be Short Lived

Auckland House Price Retreat May Be Short Lived

Auckland residential house prices in February have retreated from the record prices set in the second half of last year but are still higher than where they were at the same time last year.

“The average sales price at $822,024 in February was up 1.3 percent on the average price for January and up 10 percent on that for February last year,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“The median price at $738,000 was down 2.9 percent on January’s but up 7.5 percent on last February’s.

“While prices are down from their record highs, based on past trends prices in coming months are most likely to build modestly.

“This trend has occurred over the past 9 years where Auckland house prices have followed a cycle of falling in the first quarter of the year and then rising from autumn on.

“We have now had two months of trading where prices have been higher than they were in their equivalent months last year, and in the past that has meant prices have risen throughout the year.

“The most significant figures in February’s data were that sales numbers stalled and new listings doubled.

“The number of properties sold at 698 was the lowest in any month for 3 years. The reason was that at the start of February the number of properties on the market was at its lowest number for 20 years, and buyers had limited choice.

“However, as the month progressed more properties were listed, and we finished the month with 2,060 new listings, the highest number in the past six months. There are currently an extremely high number of properties in the pipeline for settlement in March and April.

“At month end we had 3,318 properties on our books, the highest since March last year, and we anticipate an extremely busy period through autumn.

“Another factor that affects the average and median sales price in the early part of the year is the summer break results in a relatively low number of sales in the $1 million plus price category. Throughout last year on average we sold 332 properties a month in the $1 million plus price category but in February the sales in this price category numbered 187.

“Sales of properties for under $500,000 in February made up 20.6 percent of all sales, whereas throughout last year they averaged 14.9 percent of sales.”

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Constructions Builds: Consents Top $2 Billion For The First Time

Building consents reached a record $2 billion in March 2017, boosted by new homes and several big non-residential projects, Stats NZ said today. This was up 37 percent compared with March 2016. More>>

Other Stats:

Health: Work Underway To Address Antimicrobial Resistance

As part of a global response the Ministries of Health and Primary Industries have today jointly published ‘Antimicrobial Resistance: New Zealand’s current situation and identified areas for action’ to respond to the changing pattern of antimicrobial resistance in New Zealand. More>>

ALSO:

Employment: Vodafone Announces Family Violence Policy To Support Team

From today, any of Vodafone’s 3,000 workers affected by family violence will be eligible for a range of practical support, including up to 10 additional days of paid leave per year. More>>

Burning Up Over Saturn: Cassini's Grand Finale

With propellant running low, NASA scientists are concerned that the probe might accidentally crash into one of Saturn’s nearby moons, which could contaminate it with Earthling bacteria stuck to the spacecraft. Instead, the spacecraft will be safely "disposed" in Saturn's atmosphere. More>>

ALSO:

Our Fresh Water: Monitoring Report Confirms Serious Challenges For Rivers

• nitrogen levels are getting worse at 55 percent and getting better at 28 percent of monitored river sites across New Zealand • phosphorus levels are getting better at 42 percent and getting worse at 25 percent of monitored river sites across New Zealand More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news