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

 

Signs of an Auckland Real Estate Stand Off

Signs of an Auckland Real Estate Stand Off

The latest monthly sales statistics from leading Auckland real estate agency Barfoot and Thompson show there are signs of a stand off developing in the Auckland property market.

Director Peter Thompson says November was another “amazing” month but in the past two weeks the company has noticed the volume of sales has slowed and he believes an element of vendor and buyer resistance is developing.

“I don’t think this is just the normal pre-Christmas slow down. I believe vendors are holding out for maximum return, while at the same time the seasonal influx of listings means purchasers have more choice again and are refusing to be rushed into buying. The result is a bit of a stand off.”

Barfoot and Thompson recorded 1290 unconditional sales during November compared to 1245 the previous month and 1083 in November last year.

The average price climbed again for the fourth month in a row to $367,036 which is over $11,000 more than the previous month. The average price of an Auckland residential property has now increased by more than $44,000 since July this year.

The steady increase in average sale price is also reflected in the number of properties now selling for more than $500,000.

During November 35.4 percent of properties sold were in the over $500,000 bracket compared to 28.3 percent in July this year. The average for this price bracket throughout 2001 was 24.8 percent.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Serious Fraud Office: Commences Enquiries Into Allegations Of COVID-19 Wage Subsidy Fraud
The Serious Fraud Office has commenced a number of enquiries into alleged abuse of the Government’s COVID-19 Wage Subsidy. Director Julie Read said the allegations relate to multiple complex cases of potential fraud that have been referred to the agency following extensive investigations ... More>>



Environment: Preliminary Environmental Data On New Zealand’s Air Quality Released Today

The Ministry for the Environment and Stats NZ have published the Our air 2021: preliminary data release today. We are currently working to revise the Our air 2021 report to incorporate analysis of the World Health Organization (WHO) 2021 air quality guidelines that were released on 23 September 2021... More>>


Statistics: Food Prices Rise For Sixth Consecutive Month
Food prices rose 0.5 percent in September 2021 compared with August 2021, mainly influenced by higher prices for grocery food and meat, poultry, and fish, Stats NZ said today. September’s movement is the sixth consecutive monthly rise. After adjusting for seasonality, prices rose 0.9 percent... More>>



Reserve Bank: Robust Balance Sheets Yield Faster Economic Recovery

Stronger balance sheets for households, businesses, financial institutions and the government going into the pandemic contributed towards maintaining a sound financial system and yielding a faster economic recovery than following previous deep recessions... More>>


Transpower: Releases Independent Report Into Events Of August 9
Transpower’s Chief Executive Alison Andrew has today released an independent report into the grid emergency of August 9 when insufficient generation was available to meet demand, leading to some customers being disconnected... More>>

Bayleys: Latest Lockdown Adds Further Fuel To Industrial Property Market

The recent construction shutdown resulting from Auckland’s Covid 19’s lockdown restrictions has put additional pressure on an industrial property market that is already struggling to keep pace with demand... More>>