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


Price Realism Settles Across Auckland Housing Market

Price Realism Settles Across Auckland Housing Market

Prices Remain Stable While Choice Improves

The Auckland housing market has adopted a "realistic view" of prices, and for the fourth consecutive month prices have stayed constant.

"While there is keen buyer interest in properties that are for sale, and choice has improved, prices have remained stable," said Peter Thompson, Managing Director of Barfoot & Thompson.

"Our average selling price across 758 homes in August was $531,042.

"This is consistent with our average selling price for the past four months, which has not varied by more than $10,000.

"This is unusual in terms of price movements, and shows just how stable property values are at present.

"Normally the market is weighted to either buyers or sellers. It is not common for it to be balanced like this for such a long time.

"There are eager buyers, and in historical terms not that many homes are for sale, but this is not affecting the prices on which buyers and sellers are reaching agreement.

"Buyers are not prepared to go beyond what they believe a property is worth, while sellers are not accepting what they consider unrealistic offers.

"The difference between August's and July's average price was less than $1000 while the number of homes sold has also been remarkably consistent for the past 5 months.

"In August the difference in the number of homes sold with those for July was 20.

"The number of new listings in August compared to July was an increase of 22.1 percent to 1282. Given the approach of Spring, and the historically low level of new listings in July, this does not represent a major leap in new listings.

At the end of August Barfoot & Thompson had 4764 properties for sale compared to 4830 at the end of July.

Mr Thompson said this August's trading was stronger than in August last year, with the number of homes sold in the comparative months up 19 percent and the average price up 3.9 percent.

"The overriding sentiment of buyers and sellers is one of taking a realistic view of the state of the economy, and applying that to their decision making.

"Overall, this year we are selling between10 percent to15 percent more homes than last year, with modest increases in prices."

Mr Thompson said that the arrival of Spring normally led to more activity in the housing market and he anticipated listings to continue to increase with moderately higher sales volumes.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Maritime Union: Deepening Supply Chain Crisis Requires Action

Maritime Union of New Zealand National Secretary Craig Harrison says the global COVID-19 pandemic exposed pre-existing weaknesses in our logistics sector, and created enormous problems... More>>

Air New Zealand: Employees Recognised With $1,000 Share Award

The efforts Air New Zealand employees made during one of the airline’s toughest years will be recognised via an award of $1,000 worth of company shares to all permanent employees... More>>

Consumer NZ: Bank Complaints On The Rise, Survey Shows

Nearly one in five Kiwis had a problem with their bank in the past year, Consumer NZ’s latest satisfaction survey finds. Consumer NZ chief executive Jon Duffy said the number of bank customers reporting problems had jumped to 18%, up from 11% in 2020... More>>

Mercury: Enters Into Binding Agreements To Acquire Trustpower’s Retail Business

Mercury NZ Limited (Mercury) has announced that it has entered into binding agreements with Trustpower Limited (Trustpower, NZX:TPW) to acquire Trustpower’s retail business for NZ$441 million... More>>


ASB: New Zealanders Missing Out On Hundreds Of Millions In KiwiSaver Government Contributions

New Zealanders have just over a week to ensure they’re eligible for the maximum annual government KiwiSaver contribution... More>>

Stats NZ: GDP Climbs 1.6 Percent In March 2021 Quarter Following December Dip

Gross domestic product (GDP) rose by 1.6 percent in the March 2021 quarter, following a 1.0 percent fall in the December 2020 quarter, Stats NZ said today. "After an easing of economic activity in the December quarter, we’ve seen broad-based growth in the first quarter of 2021... More>>