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

 

Reserve Bank: Official Cash Rate Unchanged At 1.75 Percent

Global economic growth has increased and become more broad-based. However, major challenges remain with on-going surplus capacity and extensive political uncertainty... More>>

Kaikōura Earthquake: Private Insurers Receive $1.8b Claims

Insurance Council Chief Executive Tim Grafton said most is for commercial loss at $1.36 billion, with residential claims amounting to over $460 million. “...We have a high level of confidence that most people will have received settlement offers by the end of this year." More>>

ALSO:

Forms And Data: New Proposals To Simplify Personal Income Tax

The Government is proposing to make tax simpler for individuals, with people whose only income is from a salary, wages or investments no longer being required to file tax returns to receive tax refunds or to calculate any additional tax. More>>