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

 

Auckland Housing Prices Shrug Off Winter Concerns

Auckland house prices shrugged off the normal winter downturn, concerns about increasing prices and warnings of possible future interest rate rises in July.

“Mounting concerns about the prices being paid and possible future interest rate increases did nothing to dampen July trading,” said Peter Thompson, Managing Director of Barfoot & Thompson.

Sales for the month were a healthy 1235, with the average and median prices paid being more than 20 percent higher than they were 12 months ago.

“The average price at $1,183,602 was 3.5 percent higher than June’s average and was 5.3 percent higher than what we have been averaging for the past three months.

“The median price at $1,101,000 was down 0.7 percent on that for June, but 2.2 percent higher than the average median price for the previous three months.

“The winter months are normally a time when market activity slows, and prices and sales can edge lower.

“However, there are no signs of that occurring this year.

“At month end we had only 2629 on our books, our lowest for any month in more than 5 years, and our lowest in the middle of winter in modern times.

“Although new listings at 1349 in July were down modestly in comparison to recent months, they were in line with those in July for most of the past 10 years.

“The market is not suffering a lack of new listings. They are holding up well. We are simply selling all that we list promptly, at premium prices to a large pool of committed buyers.

“High prices are not proving a deterrent to top end property, and we sold 118 homes for more than $2 million in the month – more than double the number we sold in June last year.

“The rural and lifestyle markets also experienced solid trading activity, posting more than $106 million in sales for the month.

“Vendors in these markets tend to wait for spring to list but the high number of buyers in the rural and lifestyle markets at present has seen many vendors bringing forward their sales intentions, leading to an excellent level of new listings.

“For winter, the prices being paid are at premium levels.”

 

Barfoot& Thompson knows Auckland best.It is the city’s leading real estate company, selling around one in three Auckland residential homes, significantly ahead of all other competitor brands.

 

July Previous Month Previous 3 Month Average July 2020 
Average Price   
$1,183,602

$1,143,328

+3.5%

$1,123,798

+5.3%

$979,189

+20.9%

Median Price    
$1,101,000

$1,109,000

-0.7%

$1,077,000

+2.2%

$890,000

+23.7%

Sales    
1235

1243

-0.6%

1182

+4.5%

1095

+12.8%

New Listings   

1349

1485

-9.2%

1554

-13.2%

1518

-11.1%

Month-End Stock   
2629

2864

-8.2%

3107

-15.4%

3873

-32.1%

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Westpac NZ: Warns About Sophisticated New Scam
Westpac NZ is warning New Zealanders about a sophisticated new scam that involves a fake Westpac investment prospectus.
The prospectus is formatted to resemble a Westpac document and includes professional-looking imagery... More>>



Campaign For NZ Coastal Tankers : Says Fuel Security At Risk

Three unions representing New Zealand shipping crews are mounting a united campaign to protect New Zealand’s fuel security and save New Zealand coastal tankers... More>>



Tourism: Travel Bubble With Cook Islands Resumes

Cook Islands tourism restarts today, ending a five-month border closure due to COVID-19. Graeme West, General Manager Australasia for Cook Islands Tourism Corporation, said today’s first flight of quarantine-free travel from New Zealand to the Cook Islands is very significant... More>>


Insurance Council of New Zealand: September South Island Windstorm Cost $36.5 M Raises 2021 Extreme Weather Claims Total To $321.6 M

Gale force winds and storms between 9 and 13 September 2021 resulted in insurers supporting communities to the tune of $36.5 m. This is a significant rise, of $16.7 m, on preliminary figures for the event and lifts the end of year total for all extreme weather events in 2021 to $321.6 m... More>>


Statistics: Building Consents Hit New Highs In November
There were a record 48,522 new homes consented in the year ended November 2021, Stats NZ said today. This was up 26 percent compared with the year ended November 2020... More>>

Fonterra: Revises Milk Collection Forecast
Fonterra Co-operative Group Limited today revised the forecast for its 2021/22 New Zealand milk collections to 1,500 million kilograms of milk solids (kgMS), down from its opening forecast of 1,525 million kgMS... More>>