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

 

Strong Performance From Auckland Housing Market At Year End

The Auckland housing market is ending the calendar year strongly with sales numbers in November their highest in six months, and with the average price at its highest in 12 months.

“Trading activity increased strongly in October, and November’s sales have built on that momentum,” said Kiri Barfoot, Director, Barfoot & Thompson.

“The average sales price for the month at $937,792 is the highest it has been since December 2017 and is $24,000 higher than it was in November last year.

“Combined with sales for the month of 941, the highest they have been in a month since May, and you have a balanced and stable housing market.

“Buyers and sellers are putting speculation around future trading conditions aside and acting with confidence at current market prices.

“The median price for the month at $850,750 is down 1.1 percent on October’s median price but is up nearly 1 percent on the average median price for the past three months and is 2.5 percent higher than it was at this time last year.

“New listings for the month at 1606 were down on what is traditionally one of the stronger months for listing but were still excellent considering the record setting number of listings in October.

“At month end we had 4853 properties on our books, right in line with those at the end of October and at the end of November last year.

“With stable prices and a solid number of properties to choose from we anticipate trading in the run in to Christmas will be strong.

“During November 11 percent of all sales were of properties that sold for under $500,000, highlighting the growing attraction of the apartments and town houses now reaching the market. At the end of last year sales in this price bracket was rapidly diminishing.

“This emphasises the growing opportunities for first time and modest income families to enter the housing market.

“With the upcoming relaxation by the Reserve Bank on the level of mortgage deposit rates and the trading banks continuing to offer record low mortgage lending rates, the opportunities for first time buyers to enter the market have rarely been better in the past decade.

“At the other end of the market properties in the $1 million plus bracket continued to sell well, with them representing just over a third of all property sales in the month.

“A little over 6 percent of all sales in the month fetched more than $2 million.

“As in October, November lifestyle and rural sales did not match the uplift in activity seen in the residential market.

“Sales and prices were steady but without matching the closing rate of those being achieved in the residential market.

“Lifestyle property in the Pukekohe region priced in the $1milion to $1.5 million bracket was the one bright spot in this market.”

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Westpac: Sets Out Plan To Go Cheque-Free

Westpac NZ has announced details of its plan to phase out cheques, after signalling in May that it would be supporting a move to other forms of payment. Cheques will cease to be available as a means of payment after 25 June 2021. Westpac NZ General ... More>>

ALSO:

NZTA: Major New Zealand Upgrade Programme Projects Go To Tender

Two major New Zealand Upgrade Programme projects are beginning tenders for construction. The New Zealand Upgrade Programme is a $6.8 billion investment to get our cities moving, to save lives and boost productivity in growth areas. The first Auckland ... More>>

Reserve Bank: RBNZ Seeks To Preserve Benefits Of Cash

The Reserve Bank – Te Pūtea Matua is taking on a new role of steward of the cash system “to preserve the benefits of cash for all who need them”, Assistant Governor Christian Hawkesby told the Royal Numismatics Society of New Zealand annual conference ... More>>

ALSO:

Economy: Double-Dip Recession Next Year, But Housing Rolls On

New Zealand's economy is expected to slip back into recession early next year as delayed job losses, falling consumer spending, and the absence of international tourists bites into growth. More>>

ALSO:

Microsoft New Zealand: Microsoft Expands “Highway To A Hundred Unicorns” Initiative To Support Startups In Asia Pacific

New Zealand, 14 October 2020 – Today Microsoft for Startups launches the Highway to a Hundred Unicorns initiative in Asia Pacific to strengthen the region’s startup ecosystem. This follows the initiative’s success in India, where 56 startups were ... More>>

Fonterra: Farmers Taking Another Step Towards New Zealand’s Low Emissions Food Production

They’re hot off the press and intended to help take the heat out of climate change. Fonterra farmers are already among the world’s most sustainable producers of milk and now have an additional tool in their sustainability toolbox. Over the last few ... More>>

ALSO:



Courts: Businessman Eric Watson Sentenced To A Four-Month Jail Term

New Zealand businessman Eric Watson has been sentenced to a four-month jail term in the UK for contempt of court, TVNZ reports. More>>

OECD: Area Employment Rate Falls By 4.0 Percentage Points, To 64.6% In Second Quarter Of 2020

The OECD area employment rate – the share of the working-age population with jobs – fell by 4.0 percentage points, to 64.6%, in the second quarter of 2020, its lowest level since the fourth quarter of 2010. Across the OECD area, 560 million persons ... More>>

Spark: Turns On 5G In Auckland And Offers A Glimpse Into The Future Of Smart Cities

Spark turned on 5G in downtown Auckland today and has partnered with Auckland Transport (AT) to showcase some of the latest in IoT (Internet of Things) technology and demonstrate what the future could look like for Auckland’s CBD with the power of 5G. 5G is ... More>>

Stats NZ: Monthly Migration Remains Low

Since the border closed in late-March 2020, net migration has averaged about 300 a month, Stats NZ said today. In the five months from April to August 2020, overall net migration was provisionally estimated at 1,700. This was made up of a net gain ... More>>

University of Canterbury: Proglacial Lakes Are Accelerating Glacier Ice Loss

Lake Tasman, New Zealand | 2016 | Photo: Dr Jenna Sutherland Meltwater lakes that form at glacier margins cause ice to recede much further and faster compared to glaciers that terminate on land, according to a new study. But the effects of these glacial ... More>>

ALSO:

Dairy: Fonterra Sells China Farms

Fonterra has agreed to sell its China farms for a total of $555 million (RMB 2.5 billion*1), after successfully developing the farms alongside local partners. Inner Mongolia Natural Dairy Co., Ltd, a subsidiary of China Youran Dairy Group Limited ... More>>

ALSO: