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

 

Auckland House Prices On The Move

September 5, 2018

August sales data statement


Key price indicators are pointing to Auckland residential house prices starting to rise.

“In August the average sales price at $928, 266 and the median price at $840,000 increased over those for the previous month and were also higher than their equivalents last year,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“Another indicator that prices are edging up is that the average and median prices in August are higher when compared with the average prices paid across May, June and July.

“The increases we are seeing in the market are unlikely to be the forerunner of another seller’s market.

“Rather they are an indication that the bottom of the price cycle is likely to have been reached, confidence in prices is returning and that as spring advances buying pressure will increase.

“Sales numbers in the month at 795 were still modest, and down 4.2 percent on those for July. Traditionally, August is the month when the lowest number of sales are recorded in a year whether prices are rising, declining or neutral.

“Another positive sign the market is gearing up for a positive spring is new listings hitting 1331, a quarter higher than those for July and 5.6 percent higher than for the same month last year.

“The number of available listings at month end at 4022 are the lowest they have been since September last year, and this low number is also likely to have an effect on prices as spring advances.



“During the month 12.6 percent of all homes sold were for under $500,000. The number of sales in this price category have been climbing in the past six months and are being affected by the higher number of apartment sales now taking place.

“Property in the top price ranges continue to find buyers with nearly a third of all the homes sold in the month being for $1 million or more, and of these, 13 percent sold for more than $2 million.

“The prices being achieved for rural and lifestyle properties in August did not show the same upward lift as residential property. While rural and lifestyle listings remain in short supply appraisals have become more active as vendors consider their options with the coming of spring.”

AugustLast Month Previous 3 Months* August 2017
Average Price
$928,266 $912,487
+1.7%
$919,931
+0.9%
$918,966
+1%
Median Price
$840,000 $810,000
+3.7%
$813,000
+3.3%
$810,000
+3.7%
Sales
795 830
-4.2%
920
-13.6%
777
+2.3%
New Listings
1331
1057
+25.9%
1241
+7.3%
1260
+5.6%
Month-End Available Stock
4022 4115
-2.3%
4317
-6.8%
3993
+0.7%
*Average for 3 months

-end-

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Tax Bill Passes, Drops: “An End To Unnecessary Secondary Tax”

“The changes mean Inland Revenue will more closely monitor the tax paid by wage and salary earners through the year. If it appears the worker is being over taxed, Inland Revenue will suggest a more suitable PAYE tax code tailored to that worker.” More>>

ALSO:

Ethiopian Airline Crash: Boeing 737 Max Aircraft Operations Temporarily Suspended

New Zealand’s Civil Aviation Authority has suspended the operation of Boeing 737 MAX aircraft to or from New Zealand. Currently this affects only one operator, Fiji Airways. There are no other airlines that fly this aircraft type to New Zealand. More>>

ALSO:

Sorting Out DNA: Crime-Busting Software Wins Top Science Prize

Software developed in New Zealand that has contributed to identifying suspects in tens of thousands of criminal cases around the world has won the 2018 Prime Minister’s $500,000 Science Prize. More>>

ALSO:

In The High Court: IRD Wins Tax Avoidance Case

Inland Revenue has won a High Court case against Eric Watson’s Cullen Group over a nearly $52 million tax debt. More>>

ALSO:

Insurers Withdraw From Market: Plea For EQC Rethink

A consumer watchdog wants the government to rethink the Earthquake Commission (EQC) as more people are pushed out of getting property and contents insurance. More>>

ALSO:

Women's Day: New Zealand Rated Third Best In OECD For Working Women

New Zealand has been rated among the top countries in the world for working women. The Women in Work Index rated New Zealand third in the OECD and it was the only country outside Europe to make the top 10. More>>

ALSO: