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


Auckland house prices stabilise after rapid gains: Barfoot

Auckland house prices stabilise after rapid increase as more properties listed, Barfoot says

By Tina Morrison

Sept. 4 (BusinessDesk) – Auckland house prices have stabilised following a rapid increase in the first quarter of this year, as more properties are listed, according to Barfoot & Thompson, the city’s biggest realtor.

The average sale price slipped 1 percent to $647,647 in August from July and is 0.4 percent lower than June, the firm said. The median price in August fell 4 percent to $561,500 from July and is 4.8 percent down from June. New listings rose 4.5 percent in August, making it the second-biggest month this year.

“After a rapid increase in the first quarter of the year, prices have settled down and there has been no upward pressure on prices for the past two months, “ Barfoot & Thompson managing director Peter Thompson said in a statement. “It added up to an extremely active market, but with prices restrained.”

A shortage of houses in Auckland, the nation’s biggest city, has spurred the government to introduce legislation that would fast-track developments and create special housing areas. Meanwhile, fears of a house price bubble threatening financial stability have prompted the central bank to restrict low equity mortgage lending.

“We have possibly seen the first sign that the pressure on the Auckland housing market is easing,” Westpac Banking Corp. New Zealand chief economist Dominick Stephens said in a note. “This is a step in the right direction for those who are concerned that house prices are rising too quickly, but it is only a small step.”

More evidence of elevated listings over coming months is needed for confirmation that the market has normalised, Stephens said.

At the end of August, Barfoot & Thompson had 2,999 properties on its books, the highest level for three months, the company said.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Stats NZ: Largest Drop In Terms Of Trade In A Decade As Dairy Export Prices Sour

Lower export prices for dairy, meat, and logs in the September 2020 quarter led to the biggest drop in terms of trade since June 2009, Stats NZ said today. Export prices fell in the September 2020 quarter, down 8.3 percent from its highest ever ... More>>


Stats NZ: Election Boosts October Job Numbers

Job numbers were boosted by general election staff in October 2020, along with rises in the manufacturing, retail, and hospitality industries, Stats NZ said today. Filled jobs rose by 27,667 to 2.2 million in October 2020 compared with September, after ... More>>

Government: New Year Border Exception For Seasonal Workers In The Horticulture And Wine Industries

2000 additional RSE workers to enter New Zealand early next year employers must pay these workers at least $22.10 an hour employers will cover costs of managed isolation for the RSE workers RSE workers will be paid the equivalent of 30 hours work a week ... More>>


Media: Discovery, Inc. Completes Acquisition Of New Zealand’s Mediaworks TV Ltd

Auckland, New Zealand, December 1, 2020 - Discovery, Inc. (“Discovery”), the global leader in real-life entertainment, has completed its acquisition of New Zealand’s leading independent free-to-air commercial broadcaster, MediaWorks TV Ltd, now operating ... More>>

Department Of Conservation: Big Year Underway At Albatross Colony

Familiar faces are returning for the new season of Royal Cam, with a big breeding year underway for the toroa/northern royal albatross colony on Otago’s windswept Pukekura/Taiaroa Head. More than 120 albatrosses, a taonga species, have returned ... More>>

Real Estate: ASB Survey Reveals Majority Of Kiwis Expect House Prices To Keep Climbing


House price expectations are soaring as New Zealand’s housing market shifts up a gear. But stretched affordability is putting a dent in perceptions of whether it’s a good time to buy. While Kiwis reveal they do expect interest rates to fall further. ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>