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

 

Prospect Of Rising Auckland Property Prices Has Returned

Prospect Of Rising Auckland Property Prices Has Returned

The prospect of Auckland house prices continuing to increase throughout the year has returned with March’s average sale price reaching $866,782, and the median price reaching $798,000.

“March is always one of the busiest sales months of the year, and a good indicator of where prices are tracking for the remainder of the year,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“In March the average sales price was the third highest on record, within $10,000 of the all-time high in November last year, and 5.4 percent higher than last month.

“The median price at $798,000 is the second highest on record, within $2000 of the all-time high in December last year, and up 8.1 percent on February’s median price.

“When prices are this strong in March the trend is for prices to hold steady through the year.

“As it has been for the past two years, lack of supply remains the main price driver.

“New listings in the month at 1874 were solid but by month end the number of available listings at 3093 was a decline of 6.8 percent on the number the month previously.

“There has been a definite increase in the number of properties being sold under the hammer at auction, indicating keen buyer competition for available properties.

“Although a record number of building permits are being issued, and new homes are springing up everywhere, Auckland is simply not building homes fast enough to keep up with the growing population.

“Statistics NZ reported that in February alone the population of Auckland increased by about 3000 people. Based on the Auckland average occupancy for houses of three people to a property, theoretically 1000 additional properties would have had to become available in the month to house such growth.

“In March we sold 474 properties for in excess of $1 million, the highest number ever in one month and it represented more than a third of all properties sold.

“At the other end of the scale, 146 properties, or 10.9 percent of properties, sold for under $500,000.”

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Government: Delivering Lower Card Fees To Business

Commerce and Consumer Affairs Minister David Clark has today announced the Government’s next steps to reduce merchant service fees, that banks charge businesses when customers use a credit or debit card to pay, which is estimated to save New Zealand businesses ... More>>

SEEK NZ Employment Report: April 2021

OVERVIEW OF APRIL 2021: STATE OF THE NATION: April, for the second consecutive month, saw the highest number of jobs ever advertised on seek.co.nz. Applications per job ad fell 9% month-on-month (m/m). SEEK job ads were up by 12% m/m. SEEK job ads were ... More>>

Commerce Commission: Warns Genesis Over Business Billing Errors

The Commerce Commission has issued a warning to Genesis Energy Limited about billing errors concerning electricity line charges to business customers. Genesis reported the errors to the Commission. The Commission considers that Genesis is likely to ... More>>

Stats: Lower Job Security Linked To Lower Life Satisfaction

People who feel their employment is insecure are more likely than other employed people to rate their overall life satisfaction poorly, Stats NZ said today. New survey data from the March 2021 quarter shows that 26 percent of employed people who thought ... More>>

The Conversation: The Outlook For Coral Reefs Remains Grim Unless We Cut Emissions Fast — New Research

A study of 183 coral reefs worldwide quantified the impacts of ocean warming and acidification on reef growth rates. Even under the lowest emissions scenarios, the future of reefs is not bright. More>>

The Conversation: Why Now Would Be A Good Time For The Reserve Bank Of New Zealand To Publish Stress Test Results For Individual Banks

Set against the backdrop of an economy healing from 2020’s annus horribilis , this week’s Financial Stability Report (FSR) from the Reserve Bank (RBNZ) was cautiously reassuring: the country’s financial system is sound, though vulnerabilities remain. More>>