tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, August 13th, 9:40PM

News

rss
Latest Headlines

Grim news in Auckland property market

House sales in Auckland, as recorded by its largest real estate agency, have plummeted, but prices have held up.

Friday, April 4th 2008, 8:00PM

by The Landlord

Barfoot and Thompson says house sales in March are down 56% on the previous year, with just 632 sales, compared to 1,444 for March 2007.

However, prices, on a monthly basis are up slightly. The average sale price for Auckland property increased more than 5% last month The average sale price for March was $522,336, compared to $495,272 in the previous month.

The reality though is that prices are volatile and are down 7.4%on a year-on-year basis. This is the lowest since September 2001.

Part of the reason for the fall has been attributed to Easter falling in March, but that is only one part of the picture. According to Goldman Sachs JB Were these figures show “the housing downturn is in full flight.

It suggests there is plenty more to go and “prices need to fall by 15% to45% to return to fair value, depending on valuation metric used.”

New listings slowed and there is now plenty of inventory hanging over the market. One of the measures economists use is how long it would take to sell the current listings. Previously the numbers was down around 3.8 months, but now it is up to 10.2 months.

Barfoot and Thompson says it “ended the month with high stock levels”. It had 7,379 properties on its books at the close of March, compared to a monthly average of 4,817 for the whole of 2007.

The news on the rental front was more positive. The average weekly rent was up $9 in the past month from $382 to sit at $391.

“This is a likely reflection of landlords passing on interest rate rises and other increased costs to tenants,” Thompson says.

Barfoot & Thompson let 622 houses and units in March, compared to 714 in February and 748 in January.

« Regional review: Our best-kept secretBargain hunters start to appear: Survey »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • It starts with governance
    “Thanks JP, if we know what the rules are we can follow them, if we know what the solutions are we can implement them....”
    13 hours ago by Adviser1
  • Record gold prices 'could go higher'
    “Happy to be made wiser by Gold aficionados, but this years Gold rally seems one of the unexpected and possibly irrational...”
    14 hours ago by Davidvs
  • It starts with governance
    “Hi JP, good analogy of what would be a sensible way to approach the new landscape for March 2021. Governance does not have...”
    18 hours ago by gavin austin adviser business compliance
  • It starts with governance
    “@Adviser1 this is part of the discussion we need to have as an industry. It is also part of the message we have with the...”
    1 day ago by JPHale
  • It starts with governance
    “Thanks Gavin, appreciate your comments. So by engaging a compliance consultant and having the necessary policies, procedures...”
    2 days ago by Adviser1
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 5.50 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 ▼3.85 ▼3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.55 2.65 2.79
Kainga Ora 4.43 ▼2.93 ▼3.07 ▼3.24
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.45 2.99 3.35
SBS Bank 4.54 ▼3.05 3.19 ▼3.25
Lender Flt 1yr 2yr 3yr
SBS Bank Special - ▼2.55 2.69 ▼2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 ▼2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 ▼3.29
TSB Bank 5.34 3.35 3.49 3.79
TSB Special 4.54 2.55 2.69 2.99
Wairarapa Building Society 4.99 3.65 3.69 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.05 3.13 3.12

Last updated: 11 August 2020 8:24am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com