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October slow, but prices rebound

The Auckland residential property market has just experienced the slowest October for at least 10 years, yet the average sale price rebounded by more than $24,000 from the previous month, according to the latest figures from Auckland real estate agency Barfoot & Thompson (B&T).

Thursday, November 6th 2008, 4:14PM

by The Landlord

There were 503 sales recorded for the month, compared to 796 in October last year. The average sale price increased from $495,873 in September to $520,039 in October.

Managing Director Peter Thompson believes the market was impacted by the series of significant announcements relating to the fall-out from the international credit crisis, coupled with the normal pre-election hesitancy.

“The impact was clearly on volume rather than price. There was an overall slowdown in the market during October, but we are hopeful that some of the uncertainty will be resolved by the general election this weekend. We would certainly be looking to the winning party to establish a Government as quickly as possible to provide some reassurance in the wider economy.”

Thompson says those properties that did sell were achieving good prices. “It’s particularly noticeable at the upper end of the market where there were 27 sales between $1m and $2m and another three sales between $2m and $4m.”

B&T experienced a record October in terms of rentals. There were 691 properties let during the month – making it the busiest October since 2002.

The average weekly rent for October was $385.

Thompson says, “The level of activity in the rentals area of our business suggests there is a group of potential buyers out there who are holding off at the moment and choosing to rent instead.”

Government figures show building consents fell 0.8% in September, excluding apartments, Statistics New Zealand said on October 30. The trend for the number of new dwellings, including apartments, has fallen 41% since mid-2007 to the lowest since January 1983.

« Will Ha have the last laugh?REINZ residential highlights – October 2008 »

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Lender Flt 1yr 2yr 3yr
AIA 4.55 3.55 3.89 3.99
AIA Special - 3.05 3.39 3.69
ANZ 4.44 3.29 3.45 3.85
ANZ Special - 2.79 2.95 3.35
ASB Bank 4.45 3.35 3.19 3.85
ASB Bank Special - 2.85 2.69 3.35
Bluestone 4.44 4.44 4.29 4.34
BNZ - Classic - ▼2.79 ▼2.69 ▼2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 ▼3.39 ▼3.29 ▼3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 2.80 3.15 3.19
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.80 2.89 3.50
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC ▼4.40 ▼2.95 ▼2.95 ▲3.69
Kainga Ora 4.43 ▼3.29 ▼3.39 ▼3.85
Kiwibank 4.40 3.74 4.14 4.40
Kiwibank - Capped - - - -
Kiwibank - Offset 4.40 - - -
Kiwibank Special - 2.65 2.79 3.25
Liberty 5.69 - - -
Lender Flt 1yr 2yr 3yr
Napier Building Society - - - -
Nelson Building Society 4.95 3.75 3.99 -
Pepper Essential 5.18 - 4.98 4.98
Resimac 3.49 3.45 3.39 3.69
RESIMAC Special - - - -
SBS Bank 4.54 4.85 5.05 5.49
SBS Bank Special - 2.99 3.05 3.69
The Co-operative Bank - Owner Occ 4.40 ▼2.79 ▼2.95 ▼3.39
The Co-operative Bank - Standard 4.40 ▼3.29 ▼3.45 ▼3.89
TSB Bank 5.34 3.59 ▼3.59 4.19
TSB Special 4.54 2.79 ▼2.79 3.39
Lender Flt 1yr 2yr 3yr
Wairarapa Building Society 4.99 3.95 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.79 ▼2.69 ▼2.79
Median 4.55 3.32 3.39 3.69

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